COLT SECURITIZATION DEPOSITOR, LLC ABS-15G
Exhibit 99.3
Exception Grades
Run Date - 6/8/2026 2:30:07 PM
| XXXX Loan ID | Customer Loan ID | Seller Loan ID | Deal 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 |
| XXXX | XXXX | XXXX | 4350120673 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | One unit has XXXX (vs minimum 500) | The qualifying DTI on the loan is at least 10% less than the guideline maximum. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 10.39389% Guideline Maximum DTI: 55.00000% Loan to Value: 51.48741% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120673 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Mortgage Broker Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Mortgage Broker Fee increased from XXXX to XXXX, an increase of XXXX, without a valid changed circumstance document in file. No cure provided. | Reviewer Comment (XXXX-06-03): XXXX Received Valid COC dated XXXX along wIth revised CD. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120673 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Credit Report Fee increased from XXXX to XXXX, an increase of XXXX, without a valid changed circumstance document in file. No cure provided. | Reviewer Comment (XXXX-06-03): Sufficient cure provided. Full cure amount for tolerance violation was provided at or before closing (on final CD) resulting in a cleared exception. Seller Comment (XXXX-06-02): (Rate Lock) Cure was applied at closing |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120673 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Loan originated as Primary residence, yet URLA declarations indicates borrower will not occupy. | Borrower: XXXX XXXX XXXX | Reviewer Comment (XXXX-06-04): Received updated 1003 in trailing docs. Seller Comment (XXXX-06-04): (Rate Lock) Corrected 1003 |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120673 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Reviewer Comment (XXXX-06-03): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | The loan file does not contain verification of the business existence within 120 calendar days prior to the note date. Third party verification provided was not dated. | Reviewer Comment (XXXX-03-10): Received proof of date the third party verification was performed. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | BorrowerXXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | Third party verification for Maximum was not dated. | Reviewer Comment (XXXX-03-18): Screen shot of date document was pulled provided. Seller Comment (XXXX-03-16): (Rate Lock) Please clear other condition was cleared with doc provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided | Missing articles of organization for the borrowing entity. | Reviewer Comment (XXXX-03-10): Received articles in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided | Missing certificate of good standing for the borrowing entity. | Reviewer Comment (XXXX-05-07): Received doc in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) EIN showing sole member (no OA0 and COGs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | Missing operating agreement, articles of organization, and certificate of good standing for the borrowing entity. | Reviewer Comment (XXXX-05-07): Received doc in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) EIN showing sole member (no OA0 and COGs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120534 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing operating agreement for the borrowing entity. | Reviewer Comment (XXXX-05-07): Received doc in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) EIN showing sole member (no OA0 and COGs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120535 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | No evidence that borrower received a copy of appraisal 3 business days to closing. | Reviewer Comment (XXXX-03-05): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-03-04): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120535 | XXXX | XXXX | XXXX | XXXX | 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. | Operating agreement not dated or executed by borrower. | Reviewer Comment (XXXX-05-19): Included rental income in the income calculation. Reviewer Comment (XXXX-05-14): Guidelines require 25% expense Factor, ATR Risk due to excessive DTI. Reviewer Comment (XXXX-03-19): Borrower has single member LLC. Reviewer Comment (XXXX-03-18): Sent to Compliance for ATR exception. Seller Comment (XXXX-03-16): (Rate Lock) OA is not required for bank statement loan. Guides state " Operating agreement, Articles of Incorporation, or equivalent stating ownership percentage" and doc provided shows 100% Reviewer Comment (XXXX-03-11): Operating Agreement not dated or executed by borrower. Seller Comment (XXXX-03-10): (Rate Lock) Doc applies for a single member, therefore would not need to be signed and dated |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | 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 | |||||
| XXXX | XXXX | XXXX | 4350120535 | XXXX | XXXX | XXXX | XXXX | 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. | Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk. | Reviewer Comment (XXXX-05-19): Included rental income in the income calculation. Seller Comment (XXXX-05-15): (Rate Lock) You need to include rental income from the investment property. This is what brings the DTI into tolerance. Reviewer Comment (XXXX-05-14): Guidelines require 25% expense Factor, ATR Risk due to excessive DTI. Reviewer Comment (XXXX-03-19): Borrower has single member LLC. Reviewer Comment (XXXX-03-18): Sent to Compliance for ATR exception. Seller Comment (XXXX-03-16): (Rate Lock) OA is not required for bank statement loan. Guides state " Operating agreement, Articles of Incorporation, or equivalent stating ownership percentage" and doc provided shows 100% Reviewer Comment (XXXX-03-11): Operating Agreement not dated or executed by borrower. Seller Comment (XXXX-03-10): (Rate Lock) Doc applies for a single member, therefore would not need to be signed and dated |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120535 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero 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. | Reviewer Comment (XXXX-03-30): XXXX received valid COC document Seller Comment (XXXX-03-28): (Rate Lock) Cert provided Reviewer Comment (XXXX-03-17): XXXX acknowledged that provided COC indicates change in income, DTI, APR, Credit Report, Appraisal Cos, Lender credit. But it does not give sufficient information on why the income was changed on initial CD dated XXXX and was not known prior to or at the time initial disclosures to change in income and to provide supporting information on when lender become aware of the change or Cure would be due to borrower. Cure consists of corrected CD, LOE to borrower, proof of mailing, and copy of refund check. Seller Comment (XXXX-03-16): (Rate Lock) CIC states: "Change in Income, DTI, APR, Credit report, Appraisal cos,Lender Credits" which the change to income affects DTI and pricing. Please clear. Reviewer Comment (XXXX-03-11): XXXX: The COC that was provided in the trailing images was also provided in the original loan package. but it does not give sufficient and specific information on what impacts and why the lender credit was decreased. In order to determine if the changed circumstance is valid more information is necessary on reason for the fee decreased and when lender became aware of the change. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120535 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Investor qualifying total debt ratio discrepancy. | Calculated investor qualifying total debt ratio of 70.95068% exceeds Guideline total debt ratio of 55.00000%. | Business Narrative reflects a Product Business. Product Business with 0 employees required a 25% expense ratio. This increases DTI over allowable. **** Update XXXX***** DTI updated to 70.95% as Expense Factor of 25% applied as per Guidelines for Business Bank Statements. Product Business with 0 employees are to have 25% expense factor per Guidelines. | Reviewer Comment (XXXX-05-19): Included rental income in the income calculation. Seller Comment (XXXX-05-15): (Rate Lock) You need to include rental income from the investment property. This is what brings the DTI into tolerance. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero Percent Fee Tolerance exceeded for Lender Credits. Final Lender Credit of XXXX exceeds tolerance of $-XXXX with no valid change of circumstances and no cure was provided to borrower. | Reviewer Comment (XXXX-06-01): XXXX Received Valid COC dated XXXX along with CD. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit with no valid change of circumstances and no cure was provided to borrower. | Reviewer Comment (XXXX-06-01): XXXX Received Valid COC dated XXXX along with CD. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Reviewer Comment (XXXX-06-01): XXXX received XXXX CD received 3 business days prior to consummation. Reviewer Comment (XXXX-05-29): Document provided was not signed by the borrower. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | No Defined Cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX XXXX Third Party Verification | The file is missing verification that the business is currently active dated within 120 calendar days prior to the note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Guidelines Representative FICO: 660 Representative FICO: 798 |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | The file is missing verification that the business is currently active dated within 120 calendar days prior to the note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Guidelines Representative FICO: 660 Representative FICO: 798 |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to The file is missing verification that the business is currently active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-04): Loan is Non-QM. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | The file is missing verification that the business is currently active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-04): Lender exception with comp factors and preclose alternate documentation provided. Downgraded and waived. Reviewer Comment (XXXX-06-04): Regraded to EV2-B with comp factors including bank statements - latest of which was within 60 days prior to closing with 12 business deposits. Reviewer Comment (XXXX-06-03): UW used CPA letter that confirmed employment but did not state currently active. Also used bank statements latest of which was within 60 days prior to closing with 12 business deposits. Verification is dated post close that shows active. Residual income XXXX, required is XXXX; Reserves 124.38 months, required 6 months; 749 FICO (138 over required). Reviewer Comment (XXXX-05-29): Business listing provided is dated post-closing. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120866 | XXXX | XXXX | XXXX | XXXX | 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.) | The file is missing verification that the business is currently active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-04): Lender exception with comp factors and preclose alternate documentation provided. Downgraded and waived. Reviewer Comment (XXXX-06-04): Regraded to EV2-B with comp factors including bank statements - latest of which was within 60 days prior to closing with 12 business deposits. Reviewer Comment (XXXX-06-03): UW used CPA letter that confirmed employment but did not state currently active. Also used bank statements latest of which was within 60 days prior to closing with 12 business deposits. Verification is dated post close that shows active. Residual income XXXX, required is XXXX; Reserves 124.38 months, required 6 months; 749 FICO (138 over required). |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120562 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: HUD/CD not provided | Final HUD document is not signed by borrower | Reviewer Comment (XXXX-05-05): Received HUD in trailing docs. Seller Comment (XXXX-05-04): (Rate Lock) Signed HUD not required on BP loan |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120562 | XXXX | XXXX | XXXX | XXXX | 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 0.92 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.92 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) of 1.00 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 758 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120562 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing was not within 90 days prior to note date. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 758 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-28): (Rate Lock) Added exception for being dated post close Reviewer Comment (XXXX-05-26): Guidelines require a certificate of good standing. Please review. Seller Comment (XXXX-05-25): (Rate Lock) This is a DSCR loan - not required |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120559 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 673 is less than Guideline representative FICO score of 680. | FICO score of 673 is less than the guideline minimum of 680 for 80% LTV. | Reviewer Comment (XXXX-04-30): Received lender correspondence that FICO score requirement was 660 minimum at origination. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided | EIN for the borrowing business entity is missing from the file. | Reviewer Comment (XXXX-05-05): Document provided. Reviewer Comment (XXXX-04-29): EIN for the borrowing business entity, XXXX Rentals was not provided. Exception remains. Seller Comment (XXXX-04-28): (Rate Lock) The bottom of page 1 shows Officials and states the borrowers name and then it states owned 100 Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | D | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | Document date is missing from third party verification verifying business start date. | Reviewer Comment (XXXX-05-05): Received document in trailing docs. Reviewer Comment (XXXX-04-29): The State document with entity details is missing document date. Please provide electronic history of when this was pulled, if available. Seller Comment (XXXX-04-28): (Rate Lock) The bottom of page 1 shows Officials and states the borrowers name and then it states owned 100 Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | EIN for the borrowing business entity is missing from the file. | Reviewer Comment (XXXX-05-05): Business entity document provided. Reviewer Comment (XXXX-04-29): EIN for the borrowing business entity, XXXX Rentals was not provided. Exception remains. Seller Comment (XXXX-04-28): (Rate Lock) The bottom of page 1 shows Officials and states the borrowers name and then it states owned 100 Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing an operating agreement for borrower's bank statement income employment. Unable to verify borrower's business ownership percentage. | Reviewer Comment (XXXX-05-14): Verified on XXXX. Cert in file. Reviewer Comment (XXXX-05-14): Officers are not required to be owners. Please provide Operating Agreement or other documentation showing % of ownership. Reviewer Comment (XXXX-04-29): The State document with entity details is missing document date. Please provide electronic history of when this was pulled, if available. Seller Comment (XXXX-04-28): (Rate Lock) The bottom of page 1 shows Officials and states the borrowers name and then it states owned 100 Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. Reviewer Comment (XXXX-04-22): Required ownership percentage for XXXX. Provided ownership percentage for borrowing business entity, XXXX rentals, shows guarantor does not wholly own borrowing entity. Please provide corporate resolution for borrowing business entity and operating agreement or equivalent for XXXX. Reviewer Comment (XXXX-04-22): Ownership %ge provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Operating agreement | Loan file is missing an operating agreement for borrower's bank statement income employment. Unable to verify borrower's business ownership percentage. | Reviewer Comment (XXXX-04-30): Received business listing showing ownership percentage in trailing docs. Reviewer Comment (XXXX-04-29): The State document with entity details is missing document date. Please provide electronic history of when this was pulled, if available. Seller Comment (XXXX-04-28): (Rate Lock) The bottom of page 1 shows Officials and states the borrowers name and then it states owned 100 Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. Reviewer Comment (XXXX-04-22): Required ownership percentage for XXXX. Provided ownership percentage for borrowing business entity, XXXX rentals, shows guarantor does not wholly own borrowing entity. Please provide corporate resolution for borrowing business entity and operating agreement or equivalent for XXXX. Reviewer Comment (XXXX-04-22): Ownership %ge provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120537 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Operating agreement | Required ownership percentage for XXXX. Provided ownership percentage for borrowing business entity, XXXX rentals, shows guarantor does not wholly own borrowing entity. Please provide corporate resolution for borrowing business entity and operating agreement or equivalent for XXXX. | Reviewer Comment (XXXX-04-30): Received business listing showing ownership percentage in trailing docs. Reviewer Comment (XXXX-04-29): The State document with entity details is missing document date. Please provide electronic history of when this was pulled, if available. Borrower owns 90% of XXXX; please provide Corporate Resolution. Reviewer Comment (XXXX-04-27): Document was not provided in trailing docs. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | A | A | N/A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception approved to allow 2 tradelines reporting for 12 months on credit. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.29 is greater than the minimum required DSCR of 1.00. 2 Years mortgage history at 0x30. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-21): The attached lender exception shows 12 comp factors Reviewer Comment (XXXX-04-24): File lacks compensating factors to downgrade and waive. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception approved to allow LLC ownership change mid-application. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.29 is greater than the minimum required DSCR of 1.00. 2 Years mortgage history at 0x30. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-21): Please downgrade to EV 2as credit exception has been given. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Investor Occupancy is 78.30% versus requirement up to 60%. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.29 is greater than the minimum required DSCR of 1.00. 2 Years mortgage history at 0x30. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-21): EV 2 Seller Comment (XXXX-05-21): Please downgrade to EV as credit exception has been given. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | HOA offers registration services, which is an ineligible characteristic per XXXX guidelines. Minimum lease term is 14 days. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.29 is greater than the minimum required DSCR of 1.00. 2 Years mortgage history at 0x30. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-21): EV2 Seller Comment (XXXX-05-21): Please downgrade to EV as credit exception has been given. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception reflects business entity ownership percentages change. Document missing in file. | Reviewer Comment (XXXX-05-26): Received operating agreement in trailing docs. Seller Comment (XXXX-05-21): See attached new operating agreement |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120834 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow 1-month reserves, guideline require 3 months. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.29 is greater than the minimum required DSCR of 1.00. 2 Years mortgage history at 0x30. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-21): Please down Grade to EV 2 as exception was granted. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120541 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a rent free borrower purchasing an investment property. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 748 Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-14): (Rate Lock) corrected exception provided Reviewer Comment (XXXX-04-06): Lender exception form shows Reserves as one of the comp factors. Calculated reserves are 7.99 months, which do not exceed guideline minimum by at least 4 months. Please provide updated lender exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120541 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX, XXXXXXXX Statement | File is missing insurance verification for properties on XXXX St and XXXX St and the mortgage statement for XXXX Ln. | Reviewer Comment (XXXX-05-22): Sttaement provided. Reviewer Comment (XXXX-05-22): Mortgage statement provided for XXXX XXXX St is dated XXXX. Please provide the most recent statement. . Seller Comment (XXXX-05-21): (Rate Lock) Updated 1003 - removed XXXX St - and uploaded XXXX for the updated refi Reviewer Comment (XXXX-05-20): Please provide an updated 1003 application and XXXX St documents. Seller Comment (XXXX-05-18): (Rate Lock) The XXXX address is not reflected on the VOM as it did not close, please confirm just XXXX is needed Reviewer Comment (XXXX-05-14): Insurance verification for properties XXXX St provided. XXXX St documents are from XXXX, more recent documents required. The mortgage statement for XXXX Ln not provided. Seller Comment (XXXX-05-14): (Rate Lock) docs provided; XXXX did not close at the time of UW this loan. Reviewer Comment (XXXX-04-13): Please provide document which shows that property expenses are paid by business, Exception remains. Seller Comment (XXXX-04-09): (Rate Lock) Docs not needed as these are owned by LLCs |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120541 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Certificate of Good Standing within 120 days prior to note date for the borrowing entity was not provided in file. File is missing insurance verification for properties on XXXX St and XXXX St and the mortgage statement for XXXX Ln. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous Miscellaneous |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 748 Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. Real Estate Investment experience. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-14): COGS is dated post close. Guidelines require verification prior to closing. Seller Comment (XXXX-05-14): (Rate Lock) COGs provided Reviewer Comment (XXXX-05-13): COGs provided was done XXXX, loan closed XXXX. Unable to determine if business was in good standing during loan origination. Additionally, proof showing property expenses are paid by the business was not provided. Seller Comment (XXXX-05-12): (Rate Lock) Guidelines do not require the COGs to be pulled within a certain timeframee Reviewer Comment (XXXX-04-13): Please provide Certificate of Good Standing within 120 days prior to note date for the borrowing entity was not provided in file also provide document which shows that property expenses are paid by business, Exception remains. Seller Comment (XXXX-04-09): (Rate Lock) Docs not needed as these are owned by LLCs |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120553 | XXXX | XXXX | XXXX | XXXX | Property | Credit | General | Credit | The property type differs between the valuation documents in file. Unable to verify the property type. Ineligible per guidelines. | The property type differs between the two appraisal documents. Recent appraisal documents show units as "three" and oldest appraisal documents show units as "two". Provide the oldest appraisal document with corrected units. | Reviewer Comment (XXXX-05-05): Received updated appraisal in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | A | A | C | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120540 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of good standing within 90 days prior to closing was not provided. | Reviewer Comment (XXXX-04-08): COGS provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120540 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Access letter from the partner allowing the use of business funds by the borrower for XXXX LLC was not provided. | Reviewer Comment (XXXX-05-12): Letter provided. Seller Comment (XXXX-05-12): (Rate Lock) Correction - this account is used - and the LOE includes the bank account information, but the name of the business was not stated on it - please review Seller Comment (XXXX-05-12): (Rate Lock) This account is not needed Reviewer Comment (XXXX-04-08): Access letter provided is for the borrowing entity and XXXX XXXX. Access letter for XXXX LLC still missing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120688 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for subject being zoned rural on greater than 10 acres. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Borrower has verified disposable income of at least XXXX0.00. |
DTI: 34.61676% Guideline Maximum DTI: 55.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | B | B | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120688 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Type:Primary/XXXX) | Reviewer Comment (XXXX-05-21): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-19): (Rate Lock) Lender accepts Ev2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120688 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Type:Secondary/XXXX) | Reviewer Comment (XXXX-05-21): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-19): (Rate Lock) Lender accepts Ev2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Borrower has owned current business less than 2 years. File is missing verification of previous employment to verify work in the same field for at least 4 years. | Reviewer Comment (XXXX-05-22): WVOE provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX VVOE - Employment Only | Borrower has owned current business less than 2 years. File is missing verification of previous employment to verify work in the same field for at least 4 years. | Reviewer Comment (XXXX-05-22): WVOE provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Requirement: Investor Qualifying Residual income discrepancy. | Calculated investor qualifying disposable income of XXXX is less than AUS required disposable income of XXXX. | Residual income is less than the required XXXX. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Guidelines Representative FICO: 660 Representative FICO: 785 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-06-03): (Rate Lock) This has been removed as a comp factor Reviewer Comment (XXXX-06-03): Borrower has not worked in the same job more than 3 years. Please update comp factors. Reviewer Comment (XXXX-04-27)XXXXlculated residual income is XXXX. Required residual income per guidelines is XXXX. Seller Comment (XXXX-04-24): (Rate Lock) Min Residual income is XXXX0 per guidelines - can also add additional for each dependent. Residual income is XXXX5.66 |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation discrepancy due to Borrower's has owned current business less than 2 years. File is missing verification of previous employment to verify work in the same field for at least 4 years. | Reviewer Comment (XXXX-05-22): WVOE provided. System cleared. Reviewer Comment (XXXX-04-29): CPA letter provided shows CPA prepared tax returns for borrower from XXXX to XXXX. Please provide verification of employment at The XXXX which was from XXXX to XXXX. Verification should reflect dates of employment. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | 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. | Borrower's has owned current business less than 2 years. File is missing verification of previous employment to verify work in the same field for at least 4 years. | Reviewer Comment (XXXX-05-22): WVOE provided. System cleared. Reviewer Comment (XXXX-04-27): CPA letter provided is for XXXX Education. Please provide evidence of employment for The XXXX as it is borrower's most recent prior employment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120755 | XXXX | XXXX | XXXX | XXXX | 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.) | Borrower's has owned current business less than 2 years. File is missing verification of previous employment to verify work in the same field for at least 4 years. | Reviewer Comment (XXXX-05-22): WVOE provided. System cleared. Reviewer Comment (XXXX-04-27): CPA letter provided is for XXXX Education. Please provide evidence of employment for The XXXX as it is borrower's most recent prior employment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120610 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Subject is a non warrantable condo. | Reviewer Comment (XXXX-04-30): Guidelines allow |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120610 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for floors XXXX being a hotel. HOA shares amenities with the hotel. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120610 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for subject being a XXXX condo refinance. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120610 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for borrower not having a 12-month housing history when subject is an investment property. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120610 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for Permanent Resident card expired. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-05): XXXX received PCCD, LOE and proof of mailing. Seller Comment (XXXX-05-05): (Rate Lock) PCCD provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | For account XXXX, access letter from other members was provided. However, third-party verification that use of business funds will not have a negative impact on business was not provided. Third-party verification of ownership percentages of business entity was also not provided. Ownership percentages cannot be determined using the owners of the business. Access letter from other members was not provided for account XXXX. Third-party verification of ownership percentages is also required. | Reviewer Comment (XXXX-05-05): Received evidence of access to funds in trailing docs. Seller Comment (XXXX-05-05): (Rate Lock) Again, the CPA letter provided shows borrowers ownership and no negative impact Reviewer Comment (XXXX-04-13): Please provide third-party verification of ownership percentages and access letters from other members for XXXX XXXX, and XXXX Inc. Also provide third-party verification that use of business funds will not have a negative impact on the businesses. Seller Comment (XXXX-04-09): (Rate Lock) Proof of ownership % and no negative impact provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | For account XXXX, access letter from other members was provided. However, third-party verification that use of business funds will not have a negative impact on business was not provided. Third-party verification of ownership percentages of business entity was also not provided. Ownership percentages cannot be determined using the owners of the business. Access letter from other members was not provided for account XXXX. Third-party verification of ownership percentages is also required. | Reviewer Comment (XXXX-05-05): Received evidence of access to funds in trailing docs. Seller Comment (XXXX-05-05): (Rate Lock) Again, the CPA letter provided shows borrowers ownership and no negative impact Reviewer Comment (XXXX-04-13): Please provide third-party verification of ownership percentages and access letters from other members for XXXX XXXX, and XXXX Inc. Also provide third-party verification that use of business funds will not have a negative impact on the businesses. Seller Comment (XXXX-04-09): (Rate Lock) Proof of ownership % and no negative impact provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | 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. | Loan Designation discrepancy due to missing asset documents. | Reviewer Comment (XXXX-05-05): Received access letter from other partners. Seller Comment (XXXX-05-05): (Rate Lock) 1003 removing business assets; there is over XXXXK left and not needed. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing asset documents. | Reviewer Comment (XXXX-05-05): Received access letter from other partners. Seller Comment (XXXX-05-05): (Rate Lock) 1003 removing business assets; there is over XXXXK left and not needed. Reviewer Comment (XXXX-04-23): Access letter provided, however borrower owns 25% of the company, the letter received is from a partner that owns 33% of the company. Guidelines require access letter from all partners |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to missing asset documents. | Reviewer Comment (XXXX-05-05): Received access letter from other partners. Seller Comment (XXXX-05-05): (Rate Lock) 1003 removing business assets; there is over XXXXK left and not needed. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General ATR Provision Investor and Non QM DTIs match and both significantly exceed Guidelines | Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of 49.45459% significantly exceeds the guideline maximum of 43.00%. (DTI Exception requires compelling compensating factors to consider regrading to EV2-B.) | DTI exceeds maximum allowable of 43% for borrower living rent free. | Reviewer Comment (XXXX-05-05): Borrower 2 has housing history reported on the credit report. Seller Comment (XXXX-05-05): (Rate Lock) The other borrower had a housing history. The 43% limit should not apply. It is reflected on XXXX's credit |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120615 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Investor qualifying total debt ratio discrepancy. | Calculated investor qualifying total debt ratio of 49.45459% exceeds Guideline total debt ratio of 43.00000%. | Calculated investor qualifying total debt ratio of 49.45459% exceeds Guideline total debt ratio of 43.00000%. | Reviewer Comment (XXXX-05-05): Verified borrower 2 has a housing history. Seller Comment (XXXX-05-05): (Rate Lock) The other borrower had a housing history. The 43% limit should not apply. It is reflected on XXXX's credit |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120597 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The insured name on the hazard declaration page provided does not match the vesting name. | Reviewer Comment (XXXX-05-11): Received updated HOI in trailing docs. Seller Comment (XXXX-05-11): (Rate Lock) Updated HOI provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120597 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrowers living rent free may be considered on a case-by-case basis. Attestation from the homeowner will be required. Attestation was not provided. | Reviewer Comment (XXXX-05-11): Received letter ion trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) letter provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120555 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Appraisal / Valuation Report Date: XXXX | The city name on Note and SI is XXXX. Appraisal shows city as XXXX. | Reviewer Comment (XXXX-05-22): Appraisal provided with updated address. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120555 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | The city name on Note and SI is XXXX. Flood certificate shows city as XXXX. | Reviewer Comment (XXXX-04-15): Flood certificate with updated city provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120555 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | The city name on Note and SI is XXXX. Hazard Insurance policy shows city as XXXX. | Reviewer Comment (XXXX-06-04): Processor certification and zip code lookup provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120555 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The borrower does not have a primary residence payment history. Lives rent-free. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. Miscellaneous |
Reserves: 18.39 Guideline Requirement: 12.00 Loan to Value: 54.05403% Guideline Maximum Loan to Value: 75.00000% Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-03-31): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120600 | XXXX | XXXX | XXXX | XXXX | 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 0.75 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.75 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00 | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 727 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-11): PITIA is XXXX. Reserves required for 6 months is XXXX. Total cash-out being used for reserves is XXXX. XXXX/XXXX = 9.12. Months reserves available is 9.12 months. Seller Comment (XXXX-05-07): (Rate Lock) Please provide calculation Reviewer Comment (XXXX-05-01): Please provide updated lender exception reflecting calculated PITIA reserves. Lender exception form provided shows calculated PITIA reserves of 11 months, and Due Diligence Calculated PITIA months reserves are 9.27. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120551 | XXXX | XXXX | XXXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within XXXX and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Title Evidence: Preliminary; StateXXXX |
The Title Commitment or Preliminary Title Policy amount is blank. If the commitment or prelim does not state a coverage amount, an exception must be set. | Reviewer Comment (XXXX-04-20): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-17): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120551 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing third-party verification to verify that the business was active within 120 days of the Note Date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-04-24): The CPA letter does not indicate the business is open and active. The State ofXXXXsearch is more than 4 months prior. Seller Comment (XXXX-04-23): (Rate Lock) letter provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120551 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | Loan file is missing third-party verification to verify that the business was active within 120 days of the Note Date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-04-24): The CPA letter does not indicate the business is open and active. The State ofXXXXsearch is more than 4 months prior. Seller Comment (XXXX-04-23): (Rate Lock) letter provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120539 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Ave, XXXXXXXX Insurance Verification | File is missing proof of hazard insurance for XXXX Ave property. | Reviewer Comment (XXXX-06-03): HOI policy provided. Seller Comment (XXXX-06-02): (Rate Lock) HOI provided Reviewer Comment (XXXX-05-13): Loan Registry Section of the Fraud Report reflects a XXXX loan for XXXX Ave and provides our individual borrower as the borrower on that loan. Title can be deeded to an LLC, however the Loan Registry and the monthly statement for mortgage account ending XXXX reflect the individual as responsible. Please provide the Note showing the property in LLC only, or the payment history that would satisfy Guidelines for the liability being paid by another and able to be excluded. Seller Comment (XXXX-05-11): (Rate Lock) 1008 provided including the payments Reviewer Comment (XXXX-04-20): Please provide proof that the housing payments are being paid by the business for exclusion. Seller Comment (XXXX-04-16): (Rate Lock) vested owner shows under the borrowers LLC on both properties per Fraud Reviewer Comment (XXXX-04-13): Mortgage statement shows borrower pays for the mortgage. The Insurance verification is only required to accurately calculate the property's PITIA since the HOI is not escrowed. Seller Comment (XXXX-04-09): (Rate Lock) Not required since the vested owner shows under the borrowers LLC on both properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120539 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX, XXXXXXXX Insurance Verification | File is missing proof of hazard insurance for XXXX property. | Reviewer Comment (XXXX-05-13): Property vested in LLC. Note reflects the LLC as only borrower. PIT counted against borrower when not needed. Seller Comment (XXXX-05-11): (Rate Lock) 1008 provided including the payments Reviewer Comment (XXXX-04-20): Please provide proof that the housing payments are being paid by the business for exclusion. Seller Comment (XXXX-04-16): (Rate Lock) vested owner shows under the borrowers LLC on both properties per Fraud Reviewer Comment (XXXX-04-13): Property is listed as borrower owned on the 1003, please provide proof that borrower does not pay for the property expenses. Seller Comment (XXXX-04-09): (Rate Lock) Not required since the vested owner shows under the borrowers LLC on both properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Borrower's assets are insufficient to satisfy reserve requirements. Borrower owns 80% of the company and file is missing an access letter from partner to allow the use of business funds. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has been employed in the same industry for more than 5 years. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 723 Borrower has been employed in the same industry for more than 5 years. 0 X 30 X 12 credit history. |
XXXX | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Seller Comment (XXXX-05-28): (Rate Lock) approved exception provided. please dwngrade and waive |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 2.22 is less than Guideline PITIA months reserves of 6.00. | Borrower's assets are insufficient to satisfy reserve requirements. Borrower owns 80% of the company and file is missing an access letter from partner to allow the use of business funds. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has been employed in the same industry for more than 5 years. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 723 Borrower has been employed in the same industry for more than 5 years. 0 X 30 X 12 credit history. |
XXXX | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Seller Comment (XXXX-05-28): (Rate Lock) approved exception provided. please dwngrade and waive |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Borrower owns 80% of the company and file is missing an access letter from partner to allow the use of business funds. | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Seller Comment (XXXX-05-28): (Rate Lock) approved exception provided. please dwngrade and waive |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Borrower owns 80% of the company and file is missing an access letter from partner to allow the use of business funds. | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Seller Comment (XXXX-05-28): (Rate Lock) approved exception provided. please dwngrade and waive |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to insufficient assets to satisfy reserve requirement and access letter missing for use of business funds. | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Seller Comment (XXXX-05-28): (Rate Lock) approved exception provided. please dwngrade and waive Reviewer Comment (XXXX-05-20): Document provided is dated post-close. Reviewer Comment (XXXX-05-13): Please provide pre-close documentation that was relied upon to show borrower has full access to business funds. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to insufficient assets to satisfy reserve requirement and access letter missing for use of business funds. | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Reviewer Comment (XXXX-05-04): Asset letter dated post close. Please provide per close documentation. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Rd, XXXXXXXX Insurance Verification | Hazard insurance policy missing for XXXX address. | Reviewer Comment (XXXX-04-23): Statement provided. Seller Comment (XXXX-04-21): (Rate Lock) Tax and Ins escrows are included in monthly payment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing a third party verification showing that the business has been in existence for at least 2 years. | Reviewer Comment (XXXX-04-23): TPV provided. Seller Comment (XXXX-04-21): (Rate Lock) doc provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | 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. | Hazard insurance policy missing for XXXX address. | Reviewer Comment (XXXX-05-28): Received lender exception to use post-close dated access letter. Reviewer Comment (XXXX-05-20): Exception will be cleared when the exceptions for the assets requirement has been cleared. Seller Comment (XXXX-05-19): (Rate Lock) tax statement provided Reviewer Comment (XXXX-05-04): Statement says taxes and/or, unable to determine if it encompasses hazard as well. Reviewer Comment (XXXX-04-23): Assets insufficient. Seller Comment (XXXX-04-21): (Rate Lock) Tax and Ins escrows are included in monthly payment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | Loan file is missing a third party verification showing that the business has been in existence for at least 2 years. | Reviewer Comment (XXXX-04-23): TPV provided. Seller Comment (XXXX-04-21): (Rate Lock) doc provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120861 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception for post-dated access letter. | Borrower has been employed in the same industry for more than 5 years. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Guidelines Representative FICO: 660 Representative FICO: 723 0 X 30 X 12 credit history. |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||||
| XXXX | XXXX | XXXX | 4350120603 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-15): XXXX received a valid COC. Seller Comment (XXXX-05-14): (Rate Lock) Cert provided Reviewer Comment (XXXX-05-12): XXXX received rebuttal comment which seems a valid information was received to lender from appraiser but to verify the same, please provide conversation log or appraiser comment or email log. This can be considered as valid COC if all TRID timing requirements are met. Seller XXXX was accepted. This order's fee will be increased from XXXX to XXXX. Vendor Reason: additional fee, million dollar property. The invoice is when the appraiser was made aware and the lender. We are compliant with re-disclosing the increase in fee and no cure is needed. Reviewer Comment (XXXX-05-06): XXXX received appraisal invoice which shows the fee was charged for complex property but it does not provide detailed information as to what the complexities in the property which are not known and when was the appraiser has identified the same. Additionally, the COC dated XXXX in file also not provides the sufficient reason for change. Please provide more information regarding property complexity or cure would be due to the borrower. Seller Comment (XXXX-05-05): (Rate Lock) Invoice shows order date of XXXX when lender was made aware. Increase in fee is due to complexity fee charged |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | 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 | |||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Requirement: Investor Qualifying Residual income discrepancy. | Calculated investor qualifying disposable income of XXXX is less than AUS required disposable income of XXXX. | Calculated investor qualifying disposable income of XXXX is less than AUS required disposable income of XXXX. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has worked in the same position for more than 3 years. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Reviewer Comment (XXXX-04-27): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-24): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Legal / Regulatory / Compliance | Anti-Predatory Violation | Federal Defect | (Fed High Cost Provision) Federal High-Cost Mortgage Loan (Financed Points and Fees) | Truth in Lending Act (HOEPA): Mortgage loan financed Points and Fees. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Legal / Regulatory / Compliance | Anti-Predatory Violation | Federal Defect | (Fed High Cost Provision) Federal High-Cost Mortgage Loan (Late Charge) | Truth in Lending Act (HOEPA): Mortgage loan contains a late charge that exceeds the greater of 4% of the amount past due or grace period of less than 15 days. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Federal Defect | (Fed High Cost) Federal High-Cost Mortgage Loan (Points and Fees) | Truth in Lending Act (High-Cost Mortgage): Points and Fees on subject loan of 5.01840% is in excess of the allowable maximum of 5.00000% of the Federal Total Loan Amount. Points and Fees of XXXX on a Federal Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .01840%). Non-Compliant High Cost Loan. | Points and Fees on subject loan of 5.01840% is in excess of the allowable maximum of 5.00000% of the Federal Total Loan Amount. Points and Fees of XXXX on a Federal Total Loan Amount of XXXX vs. an allowable total of XXXX | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | (1) Signed letter from borrower indicating their choice to either (a) accept refund and make loan non-high-cost or (b) keep loan as high-cost and make loan compliant; (2) Assuming option (a) is selected, a copy of refund check and proof of mailing; (3) Assuming option (b) is selected, proof of cure for each of the prohibited practices violations noted. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Legal / Regulatory / Compliance | Anti-Predatory Violation | Federal Defect | (Fed High Cost Provision) Federal High-Cost Mortgage Loan (Counseling Requirement) | Truth in Lending Act (HOEPA): Borrower did not receive pre-loan counseling. | Waterfall due to testing as HOEPA High-Cost Mortgage Loan. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. Reviewer Comment (XXXX-04-30): There are different Undiscounted Rates listed on the Compliance Ease vs XXXX, and no Undiscounted Rate Price provided on the Compliance Ease. Please provide a statement of the Undiscounted Rate and the Undiscounted Rate Price. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High Risk Home Loan (Consumer Caution Notice Not Provided) | XXXX High Risk Home Loan: Borrower not provided with Consumer Caution Notice. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | See any available cure under XXXX High-Risk threshold exception. | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Provision) XXXX High Risk Home Loan (Impermissible Financing of Points and Fees) | XXXX High Risk Home Loan: Lender financed points and fees not permissible. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | See any available cure under XXXX High-Risk threshold exception. | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Late Charge | (State High Cost Provision) XXXX High Risk Home Loan (Late Charge) | XXXX High Risk Home Loan: Mortgage loan contains an impermissible late charge greater than 4%. | XXXX High Risk Home Loan: Mortgage loan contains an impermissible late charge greater than 4%. | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | See any available cure under XXXX High-Risk threshold exception. | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High Risk Home Loan (Mortgage Awareness Program ("MAP") Not Provided) | XXXX High Risk Home Loan: Borrower not notified of right to participate in Mortgage Awareness Program ("MAP"). | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. Reviewer Comment (XXXX-05-14): Right to Participate not provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | See any available cure under XXXX High-Risk threshold exception. | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost) XXXX High Risk Home Loan (Points and Fees) | XXXX High Risk Home Loan Act: Points and Fees on subject loan of 5.01840% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .01840%). Non-Compliant High Cost Loan. | XXXX High Risk Home Loan Act: Points and Fees on subject loan of 5.01840% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. Reviewer Comment (XXXX-04-30): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: XXXX High Risk Home Loan Act: Points and Fees on subject loan of 5.08459% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .08459%). Non-Compliant High Cost Loan. Reviewer Comment (XXXX-04-30): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: XXXX High Risk Home Loan Act: Points and Fees on subject loan of 5.01840% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .01840%). Non-Compliant High Cost Loan. Reviewer Comment (XXXX-04-29): Cure Period Expired. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Within 30 days of closing, provide: (1) Lender Attestation to AMC attesting the lender has not received any notice from borrower of the failure; (2) Letter of Explanation; (3) refund of amount over the high-risk threshold maximum; and (4) proof of mailing (must be in transit with courier). (Limited Use Bona Fide Errors - Compliance and Client Approval Required) Within 60 days of discovery, provide: (1) Legal opinion from originating lender with loan-specific details on how a high-cost loan was made despite procedures to prevent and confirms (i) the failure constitutes a bona fide error for the jurisdiction in which the property is located, and (ii) that the lender has not received any notice from the borrower of the failure; (2) procedures or explanation of controls in place to prevent such errors; (3) client written approval accepting use of the bona fide error cure; (4) Letter of Explanation to borrower; (5) refund of amount over the high-risk threshold maximum; and (6) proof of mailing (must be in transit with courier). Note, a cure may not be accepted if the seller/lender has certified a fix has been made to their system and the same issue continues to occur after the fix has been put into place. |
C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | XXXX SB 1894 | XXXX Lending Database Program (SB 1894) - Certificate of Compliance or Exemption not attached to mortgage for recording. | Reviewer Comment (XXXX-06-04): Certificate provided. Reviewer Comment (XXXX-06-04): Please provide a certificate of compliance authorizing county Recorder of Deeds to record the mortgage. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Legal / Regulatory / Compliance | Anti-Predatory Violation | Federal Defect | (Fed High Cost Disclosure) Federal High-Cost Mortgage Loan (Notice to Assignee) | Truth in Lending Act (HOEPA): Required Statement was not provided to purchaser or assignee for loan that was sold or assigned. (Note: This notice only applies when selling or assigning a HOEPA loan and may not be found in the file for loans that have not been previously sold) | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Legal / Regulatory / Compliance | Anti-Predatory Violation | Federal Defect | (Fed High Cost Disclosure) Federal High-Cost Mortgage Loan (HOEPA Disclosure Not Provided) | Truth in Lending Act (HOEPA): HOEPA disclosure was not provided to the Borrower | Reviewer Comment (XXXX-06-03): Waiver for HOEPA threshold provided. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120538 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | TILA - Incorrect Right To Cancel Form Used - H-8 Used on Same Lender Refinance (Circuit 2, 5, 7, 8, 9, 10 or DC) | Truth in Lending Act: Notice of Right to Cancel was not executed on the proper Model Form for a refinancing by the same creditor. The H-8 form was used, the H-9 form should have been used. | Reviewer Comment (XXXX-05-22): XXXX received wet signed H-9 RTC form with signature 3 business days prior to updated RTC expiration date. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | 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 | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120655 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX XXXX, XXXX XXXX, XXXX Insurance Verification | Insurance verification is missing for XXXX St. | Reviewer Comment (XXXX-05-19): HOI provided. Seller Comment (XXXX-05-15): (Rate Lock) HOI provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120655 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Third-party verification within 120 days prior to note date that business is currently active was not in file. | Reviewer Comment (XXXX-06-05): Corp filing provided. Dated within 120 days of Note. Seller Comment (XXXX-06-04): (Rate Lock) Doc provided confirming active Reviewer Comment (XXXX-05-22): Third party verification that business is active is still missing. Exception remains. Reviewer Comment (XXXX-05-19): Third party verification that business is active was not provided. Exception remains. Reviewer Comment (XXXX-05-11): The CPA letter states the CPA FIRM and License is in good standing, not the borrower's business. Seller Comment (XXXX-05-07): (Rate Lock) CPA states it is in good standing, which makes it active. This is acceptable for a third party VOE Reviewer Comment (XXXX-05-07): CPA letter provided did not indicate that the business is still active. The business Instagram page is not a reliable source to prove business is active. Seller Comment (XXXX-05-05): (Rate Lock) VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120655 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | Third-party verification within 120 days prior to note date that business is currently active was not in file. | Reviewer Comment (XXXX-06-05): Corp filing provided. Dated within 120 days of Note. Seller Comment (XXXX-06-04): (Rate Lock) Doc provided confirming active Reviewer Comment (XXXX-05-11): The CPA letter states the CPA FIRM and License is in good standing, not the borrower's business. Seller Comment (XXXX-05-07): (Rate Lock) CPA states it is in good standing, which makes it active. This is acceptable for a third party VOE Reviewer Comment (XXXX-05-07): CPA letter provided did not indicate that the business is still active. The business Instagram page is not a reliable source to prove business is active. Seller Comment (XXXX-05-05): (Rate Lock) VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120547 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Appraisal / Valuation Report Date: XXXX | The appraisal report shows the city as XXXX, Note and Security Instrument show XXXX City. | Reviewer Comment (XXXX-04-30): Updated appraisal provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120547 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | Hazard Insurance shows the city as XXXX, Note and Security Instrument show XXXX City. | Reviewer Comment (XXXX-05-13): Address updated. Seller Comment (XXXX-05-11): (Rate Lock) HOI provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120547 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | Flood certificate shows the city as XXXX, Note and Security Instrument show XXXX City. | Reviewer Comment (XXXX-04-29): Amended Flood certificate provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120547 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing within 90 days prior to the note was not provided. Search in file was not dated. | Reviewer Comment (XXXX-04-23): COGS provided. Seller Comment (XXXX-04-21): (Rate Lock) Docs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120561 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation does not support the value used to qualify. Sec ID: 7 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-12): Field Review Provided. Reviewer Comment (XXXX-04-28): The Appraisal Desk Review Report provided is not complete. Valuation value, comparable XXXX and effective date of appraisal are not reflected on Appraisal. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | A | A | A | A | C | B | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120561 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal | Appraisal Reconciliation | Appraisal | Secondary valuation via Desk Review or Field Review does not support the value used to qualify. | Desk Review or Field Review value is missing. | Reviewer Comment (XXXX-05-12): Field Review Provided. Reviewer Comment (XXXX-04-28): The Appraisal Desk Review Report provided is not complete. Valuation value, comparable XXXX and effective date of appraisal are not reflected on Appraisal. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | A | A | A | A | C | B | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120561 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. Sec ID: 22 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-12): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | A | A | A | A | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | A | A | A | A | C | B | N/A | N/A | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120546 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Insufficient Coverage | Hazard Insurance | The Hazard Insurance Policy effective date is after the funds disbursed. | Hazard Insurance Policy Effective Date XXXX; Disbursement Date: XXXX; Note Date: XXXX; Transaction Date: XXXX | Hazard Policy effective date is after the Note date. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Housing payment history is 0x30x24 or better. | XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-07): (Rate Lock) exception provided Reviewer Comment (XXXX-04-30): Guidelines do not say certificate confirmation that there were no claims on the property can be used. Seller Comment (XXXX-04-30): (Rate Lock) cert confirmation provided there has been no claims on the property Reviewer Comment (XXXX-04-17): Hazard Policy effective date of XXXX is after funding date of XXXX. Seller Comment (XXXX-04-16): (Rate Lock) Final SS confirms loan funded XXXX date HOI was effective |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120546 | XXXX | XXXX | XXXX | XXXX | 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 0.78 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR less than 1.00 for a first time investor. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Housing payment history is 0x30x24 or better. | XXXX | Reviewer Comment (XXXX-04-06): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120627 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for minimum square footage of 500 square feet not being met. Subject unit 1 is a GLA with XXXX square feet. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Reserves: 28.96 Guideline Requirement: 6.00 Loan to Value: 43.26923% Guideline Maximum Loan to Value: 75.00000% The DSCR of 1.47 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120668 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. Sec ID: 22 | Note Date: XXXX; Lien Position: 1 | CDA does not support the appraised value from primary appraisal. | Reviewer Comment (XXXX-05-12): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-08): (Rate Lock) EV2 accept please waive |
XXXX | 2 | A | A | A | A | A | A | A | A | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | B | B | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120668 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow subject property with GLA not supported by any of the comparable XXXX as well as having lower bedroom count. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 104.84 Guideline Requirement: 6.00 Loan to Value: 55.93923% Guideline Maximum Loan to Value: 80.00000% |
XXXX | Reviewer Comment (XXXX-05-07): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | B | B | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120668 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided | Missing Articles of Formation for borrowing business entity. | Reviewer Comment (XXXX-05-12): Articles provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | B | B | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120570 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Lender approved exception for appraisal made subject to an opening constructed via an archway or doorway so that all areas of the subject can be accessible from the interior of the dwelling. | Reviewer Comment (XXXX-05-04): Lender exception with comp factors applied. Seller Comment (XXXX-04-30): (Rate Lock) Can we downgrade and clear ? |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | B | C | B | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120570 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. (0) | Ten percent tolerance was exceeded by XXXX due to an increase in the Survey fee. No valid COC was provided, nor was evidence of cure found in the file. Provide a post-close Closing Disclosure disclosing the tolerance cure, a copy of the refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changes made. | Reviewer Comment (XXXX-05-08): XXXX received corrected PCCD and LOE. Reviewer Comment (XXXX-05-06): Re-open: XXXX received corrected PCCD but missing LOE to borrower to accompanying CD. LOE is required for remediations. Reviewer Comment (XXXX-05-06): XXXX received corrected PCCD and LOE moving the fee from section B to C. Seller Comment (XXXX-05-05): (Rate Lock) CD with fee incorrect place provided Reviewer Comment (XXXX-05-01): XXXX received a rebuttal comment; however, the survey fee was initially disclosed in Section C under “Borrower Can Shop for the Service.” On the final Closing Disclosure, the fee was disclosed in Section B under “Borrower Cannot Shop for the Service.” As a result, the fee was calculated under the 10% tolerance categoryXXXXusing it to exceed the allowable 10% tolerance. A valid Change of Circumstance (COC) for the increased fee or a cure to the borrower is required. Seller Comment (XXXX-04-30): (Rate Lock) Borrower shopped for survey fee based on the XXXX SSPL |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | A | B | C | B | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120570 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Will Not Have Escrow - Reason | TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on XXXX incorrectly disclosed whether the loan will have an escrow account. (Final/XXXX) | Final Closing Disclosure provided on XXXX did not disclose the reason why loan does not have an escrow. | Reviewer Comment (XXXX-05-08): XXXX received Letter of Explanation & Corrected Closing Disclosure. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Letter of Explanation & Corrected Closing Disclosure | C | B | A | B | C | B | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120570 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for appraisal made subject to an opening constructed via an archway or doorway so that all areas of the subject can be accessible from the interior of the dwelling. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Loan to Value: 30.82967% Guideline Maximum Loan to Value: 80.00000% DTI: 19.18324% Guideline Maximum DTI: 50.00000% Guidelines Representative FICO: 660 Representative FICO: 784 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | B | C | B | C | A | Non QM | Non QM | No | |||||||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Please provide a copy of the final title policy or an addendum to the report verifying title insurance of at least the loan amount. | Reviewer Comment (XXXX-04-23): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-22): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 3.23 is less than Guideline PITIA months reserves of 6.00. | Calculated PITIA months reserves of 3.23 is less than Guideline PITIA months reserves of 6.00. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Loan to Value: 32.92553% Guideline Maximum Loan to Value: 70.00000% DTI: 14.45353% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 746 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | 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. | Loan Designation discrepancy due to insufficient reserves. | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to insufficient reserves. | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | ODs exceed maximum allowable of 5. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Loan to Value: 32.92553% Guideline Maximum Loan to Value: 70.00000% DTI: 14.45353% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 746 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided Reviewer Comment (XXXX-04-07): Two compensating factors were provided for 4 exceptions. Please provided additional comp factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to insufficient reserves. | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Assets are insufficient to cover reserves. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Loan to Value: 32.92553% Guideline Maximum Loan to Value: 70.00000% DTI: 14.45353% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 746 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided Reviewer Comment (XXXX-04-07): Two compensating factors were provided for 4 exceptions. Please provided additional comp factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow payoff of seller's loan of XXXX. The deed dated XXXX shows transfer of property to the borrower for XXXXk. There was no cash payment made to the previous owner. Instead, the borrower will be paying the previous owner's loan. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Loan to Value: 32.92553% Guideline Maximum Loan to Value: 70.00000% DTI: 14.45353% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 746 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided Reviewer Comment (XXXX-04-07): Two compensating factors were provided for 4 exceptions. Please provided additional comp factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | ODs exceed maximum allowable of 5. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
Guidelines Representative FICO: 660 Representative FICO: 746 DTI: 14.45353% Guideline Maximum DTI: 55.00000% |
XXXX | Reviewer Comment (XXXX-05-05): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120699 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender requested exception to allow a loan amount greater than the acquisition cost. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Loan to Value: 32.92553% Guideline Maximum Loan to Value: 70.00000% DTI: 14.45353% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 746 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): (Rate Lock) Updated CFs provided Reviewer Comment (XXXX-04-07): Two compensating factors were provided for 4 exceptions. Please provided additional comp factors. Reviewer Comment (XXXX-04-07): Lender exception shows a loan amount of XXXX; loan amount is XXXX. Please correct lender exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120631 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Presale is less than 20% Ownership Occupancy (6%) for non-warrantable condo. | Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly mortgage payment has decreased by at least 20%. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Documentation Type: 12mo Bank Statement Disposable Income: XXXX Prior Housing Expense: XXXX Proposed Housing Expense: XXXX Reserves: 85.85 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 16.38% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 700 Representative FICO: 784 |
XXXX | Reviewer Comment (XXXX-04-10): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120631 | XXXX | XXXX | XXXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within XXXX and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Title Evidence: Preliminary; StateXXXX |
Preliminary title policy amount is blank. | Reviewer Comment (XXXX-04-15): Supplemental report provided. Seller Comment (XXXX-04-13): attached Seller Comment (XXXX-04-13): Seller requests buyer review: Lender accepts finding |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120631 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Desk Review / Valuation Report Date: XXXX | Note address is XXXX Dr XXXX, Desk review address XXXX XXXX Dr XXXX. | Reviewer Comment (XXXX-05-05): CDA with updated address provided. Seller Comment (XXXX-05-01): ATTACHED Reviewer Comment (XXXX-04-27)XXXXnnot downgrade and waive. Please provide corrected document. Seller Comment (XXXX-04-22): Lender accepts the finding, requests a downgrade based on comp factors Reviewer Comment (XXXX-04-15): Address verification provided does not verify that XXXX Dr XXXX per note is same as address on valuation of XXXX XXXX Dr XXXX. Seller Comment (XXXX-04-15): attached address verf |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120631 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | Note address XXXX Dr XXXX, which is different from Flood certificate address XXXX Dr XXXX. | Reviewer Comment (XXXX-04-29): Corrected Flood certificate provided. Seller Comment (XXXX-04-28): updated flood cert Reviewer Comment (XXXX-04-27)XXXXnnot downgrade and waive. Please provide corrected document. Seller Comment (XXXX-04-22): Lender accepts the finding, requests a downgrade based on comp factors Reviewer Comment (XXXX-04-15): Address verification provided does not verify that XXXX Dr XXXX per note is same as address on Flood certificate of XXXX Dr XXXX. Seller Comment (XXXX-04-15): attached Seller Comment (XXXX-04-13): Seller requests buyer review: Lender accepts finding |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120631 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Evidence of borrower's receipt of the appraisal was not provided. | Reviewer Comment (XXXX-04-16): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-15): Lender accepts finding, pls waive Reviewer Comment (XXXX-04-15): Evidence of borrower's receipt of the appraisal was not provided. Client can elect to waive. Seller Comment (XXXX-04-15): Address verified Seller Comment (XXXX-04-13): Seller requests buyer review: Lender accepts finding |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120623 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. Sufficient or excess cure was provided to the borrower at Closing. (0) | Reviewer Comment (XXXX-04-28): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Final CD evidences Cure | C | B | C | A | B | B | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120623 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX, XXXXXXXX Insurance Verification | Insurance verification is missing for XXXX. | Reviewer Comment (XXXX-05-05): Received mortgage statement in trailing docs. Reviewer Comment (XXXX-05-04): The mortgage statement reflects escrow but does not show which items are escrowed. Insurance verification required to verify escrow of XXXX on the mortgage statement. Seller Comment (XXXX-05-01): (Rate Lock) This is only 1 property that is escrowed - please see the address on the MTG statement Reviewer Comment (XXXX-04-30): Escrow in mortgage statement does not indicate which of the housing payments are escrowed. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | A | B | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120623 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Provided Prior to Date Performed | ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements. (Type:Primary/XXXX) | Reviewer Comment (XXXX-04-30): Client accepts EV2 Grade and elects to Waive Seller Comment (XXXX-04-30): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | A | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120606 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 75.00000% exceeds Guideline loan to value percentage of 70.00000%. | Lender approved exception to allow LTV of 75% versus maximum 70% for rural property. | 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 XXXX. The qualifying DSCR on the loan is greater than the guideline minimum. |
The DSCR of 1.15 is greater than the minimum required DSCR of 1.00. | XXXX | Reviewer Comment (XXXX-05-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120606 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 75.00000% exceeds Guideline combined loan to value percentage of 70.00000%. | Lender approved exception to allow CLTV of 75% versus maximum 70% for rural property. | 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 XXXX. The qualifying DSCR on the loan is greater than the guideline minimum. |
The DSCR of 1.15 is greater than the minimum required DSCR of 1.00. | XXXX | Reviewer Comment (XXXX-05-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120663 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | Hazard Insurance and Flood Certificate are reflecting address "XXXX XXXX XXXX" whereas Note is reflecting "XXXX XXXX". | Reviewer Comment (XXXX-05-18): Received updated flood certificate in trailing docs. Seller Comment (XXXX-05-14): (Rate Lock) Cert provided Reviewer Comment (XXXX-05-13): FLOOD certificate reflects a different address to the Note. Seller Comment (XXXX-05-11): (Rate Lock) Document reflects both, therefore they are one in the same and both is acceptable. Reviewer Comment (XXXX-05-11): Flood certificate only has one address listed which does not match the Note address. Reviewer Comment (XXXX-05-11): Document reflects both addresses. Seller Comment (XXXX-05-07): (Rate Lock) Tax cert provided showing both addresses therefore one in the same and both are acceotable |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Evidence of borrower's receipt of the appraisal was not provided. | Reviewer Comment (XXXX-04-22): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Interim Closing Disclosure Timing Regular APR Change | TILA-RESPA Integrated Disclosure – Corrected Closing Disclosure issued on XXXX contains a change in APR and a complete Closing Disclosure was not received by borrower at least three (3) business days prior to consummation. | Reviewer Comment (XXXX-04-21): XXXX received earlier electronic receipt proof |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | No Defined Cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Subject is a non warrantable condo. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 25.46 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 41.02% Borrower's Own Funds Amount: XXXX DTI: 28.92271% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 796 |
XXXX | Reviewer Comment (XXXX-04-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall exception due to missing income document. | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Reviewer Comment (XXXX-04-22): The CPA letter does not contain the verbiage that states the business is active. Seller Comment (XXXX-04-20): (Rate Lock) CPA letter supports business is active |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall exception due to missing income document. | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Reviewer Comment (XXXX-04-22): The CPA letter does not contain the verbiage that states the business is active. Seller Comment (XXXX-04-20): (Rate Lock) CPA letter supports business is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing verification that the business is open and active within 120 days of closing. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 25.46 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 41.02% Borrower's Own Funds Amount: XXXX DTI: 28.92271% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 796 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-04-22): The CPA letter does not contain the verbiage that states the business is active. Seller Comment (XXXX-04-20): (Rate Lock) CPA letter supports business is active |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall exception due to missing income document. | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Reviewer Comment (XXXX-05-21): Document provided is dated post-close. Please provide a pre-closing documentation showing business was active within 120 days prior to closing. Reviewer Comment (XXXX-04-22): The CPA letter does not contain the verbiage that states the business is active. Seller Comment (XXXX-04-20): (Rate Lock) CPA letter supports business is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120756 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX XXXX XXXX Third Party Verification | Loan file is missing verification that the business is open and active within 120 days of closing. CPA letter did not indicate business is active. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 25.46 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 41.02% Borrower's Own Funds Amount: XXXX DTI: 28.92271% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 796 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-21): Document provided is dated post-close. Please provide a pre-closing documentation showing business was active within 120 days prior to closing. Reviewer Comment (XXXX-04-22): The CPA letter does not contain the verbiage that states the business is active. Seller Comment (XXXX-04-20): (Rate Lock) CPA letter supports business is active |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120549 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | Note shows city name as City of XXXX (XXXX Area), Hazard Insurance shows the city name as only XXXXs. | Reviewer Comment (XXXX-06-04): XXXX and zip match as well as mailing address on Tax Cert. XXXXs is suburb of XXXX. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120549 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Note shows city name as City of XXXX (XXXX Area), Appraisal shows the city name as only XXXXs. | Reviewer Comment (XXXX-06-03): Updated appraisal provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120549 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | Note shows city name as City of XXXX (XXXX Area)XXXXood Certificate shows the city name as only XXXXs. | Reviewer Comment (XXXX-06-04): XXXX and zip match as well as mailing address on Tax Cert. XXXXs is suburb of XXXX. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120549 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Preliminary in file. | The Title Policy Amount of XXXX in the title supplemental report is less than the note amount of XXXX. | Reviewer Comment (XXXX-04-15): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-14): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow cash deposit of XXXX on XXXX for closing and reserves. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
DTI: 22.68563% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-04-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Closing Disclosure Issue Date Not Provided | TILA-RESPA Integrated Disclosure: Closing Disclosure estimated to be provided on XXXX did not disclose the actual Date Issued. Unable to conclusively determine Final Closing disclosure to use to test for compliance with applicable TRID timing requirements, TRID fee tolerance testing or accuracy of disclosures at or before consummation due to missing Issue Date. Tested using an estimated Date Issued based on best information available. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-13): XXXX received LOE. Seller Comment (XXXX-05-12): (Rate Lock) Please clear as attestation provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Good Faith Redisclosure | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Estimated Taxes, Insurance And Assessments | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX did not disclose an Estimated Taxes, Insurance, and Assessments payment. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): XXXX received rebuttal comment. As per file the final CD which is wet signed by borrower but missing issue date, interest rate and incomplete page# 5. If this is an title CD and used only for the balancing purpose we need an lender attestation with explaining the same. Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Finance Charge | TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XXXX did not disclose the Finance Charge. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID XXXX, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed amount, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Homeowners Insurance Included In Escrow Test | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX incorrectly disclosed whether Homeowners Insurance is included in escrow. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Incomplete | TILA-RESPA Integrated Disclosure: Incomplete Closing Disclosure was signed by borrower and cannot be excluded from testing. Corresponding exceptions for inaccurate disclosures and under/over disclosures resulting from use of incomplete Closing Disclosure are valid and will need to be cured (if curable). (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | If complete CD was provided to consumer at consummation, provide copy of complete CD with all pages for review. If complete CD was not provided to the consumer at consummation, inaccurate disclosures and under/over disclosures resulting from incomplete closing disclosure will require a cure. Provide the following: Letter of Explanation notifying borrower or error, Complete CD with accurate disclosures, copy of refund for any required restitution, and Proof of Delivery (Proof of receipt and reopened rescission also required if transaction is rescindable and material disclosures are inaccurate) |
C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Loan Term | TILA-RESPA Integrated Disclosure - General Information: Final Closing Disclosure provided on XXXX did not disclose the Loan Term. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Mortgage Insurance Payment | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX did not disclose the mortgage insurance payment for payment stream 1. (ProjSeq:1/3154547) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Payment Calculation Years | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX did not disclose a range of years. (ProjSeq:1/3154547) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Principal and Interest | TILA-RESPA Integrated Disclosure - Loan Terms: Final Closing Disclosure provided on XXXX did not disclose the Principal and Interest Payment. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Projected P&I Payment Min Payment Fixed Rate Initial Payment | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX did not disclose the periodic principal and interest payment for payment stream 1. (ProjSeq:1/3154547) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Property Taxes Included In Escrow | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on XXXX incorrectly disclosed whether property taxes are included in escrow. (Final/XXXX) | Final Closing Disclosure is incomplete. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Total Of Payments | TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XXXX did not disclose the Total of Payments. (Final/XXXX) | Final Closing Disclosure provided on XXXX did not disclose the Total of Payments. | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. Reviewer Comment (XXXX-05-08): XXXX received an email between title and lender stating signed CD missing information on page 5 was escrow prepared and for balancing. However, we did not receive the lender's attestation requested to finalize addressing the issue. Lender should attest the following as previously requested: Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-05-07): (Rate Lock) email from title provided Reviewer Comment (XXXX-04-22): CD with missing Date Issued, Doc ID 0437, and has blank information on page 1 & page 5 loan calculations, but was wet signed by borrower at consummation on XXXX. XXXX received rebuttal that this is an escrow CD not prepared by lender. Lender should provide a written executed attestation confirming the incomplete CD was generated and inadvertently included by the settlement agent solely for the purpose of disclosing fees, notwithstanding the fact that the lender did not authorize or assign the settlement agent responsibility for issuing a CD, and the lender-issued XXXX CD at consummation e-signed by the consumer on XXXX @ XXXX am is the final CD that contains all disclosures required under 1026.19(f). Seller Comment (XXXX-04-21): (Rate Lock) This is an escrow CD, not prepared by the lender, please confirm if you need written confirmation on this. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed equivalent amount, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Seller Closing Disclosure Fees seller paid fees do not match Consumer's Final CD | TILA-RESPA Integrated Disclosure: the Seller's final CD total seller paid fee amounts do not match the values used for compliance testing. (Final/XXXX) | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming final CD and CD signed by borrower that was incomplete was not issued to borrower by lender and settlement agent had borrower sign their CD copy at closing. |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Letter of Explanation & Corrected Closing Disclosure | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. (0) | Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower | Reviewer Comment (XXXX-05-13): XXXX received LOE. Reviewer Comment (XXXX-05-13): XXXX received corrected Closing disclosure. However, the LOE to borrower was not located in trailing documents. Please provide LOE to borrower to complete remediation. Seller Comment (XXXX-05-11): (Rate Lock) Borrower shopped for survey fee; updated CD provided Reviewer Comment (XXXX-05-05): The fee in question is the Survey fee disclosed as XXXX on the Final CD but as XXXX on the Initial LE. Seller Comment (XXXX-05-05): (Rate Lock) Please advise which fees in the calculation? |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 89.98997% exceeds Guideline loan to value percentage of 80.00000%. | LTV exceeds guideline max of 80% for a borrower living rent free. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
DTI: 22.68563% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-04-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 89.98997% exceeds Guideline combined loan to value percentage of 80.00000%. | LTV exceeds guideline max of 80% for a borrower living rent free. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
DTI: 22.68563% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-04-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120545 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Interim Closing Disclosure Timing Regular APR Change | TILA-RESPA Integrated Disclosure – Corrected Closing Disclosure issued on XXXX contains a change in APR and a complete Closing Disclosure was not received by borrower at least three (3) business days prior to consummation. | incomplete CD not issued to borrower | Reviewer Comment (XXXX-05-12): XXXX received lender attestation confirming incomplete CD was completed by settlement, not issued to borrower, lender did not authorize and signed at closing not previously disclosed |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | No Defined Cure | C | B | B | B | C | A | A | A | Non QM | Non QM | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120714 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Fraud Report not provided | The provided fraud report is incomplete. Please provide the complete set of fraud reports with all pages. | Reviewer Comment (XXXX-05-12): Complete Fraud Report provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120714 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: HUD/CD not provided | The provided Closing Statement is estimated. Please provide the executed final HUD-1 or Closing Statement. | Reviewer Comment (XXXX-05-12): Final Closing Statement provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120714 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Borrower is a first time home buyer and ineligible per guidelines. | Borrower: XXXX XXXX | Lender approved exception for first time homebuyer. A FTHB is ineligible per guidelines. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. Miscellaneous |
Loan to Value: 47.69231% Guideline Maximum Loan to Value: 70.00000% Guidelines Representative FICO: 700 Representative FICO: 806 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-08): (Rate Lock) Comp factor has been updated Reviewer Comment (XXXX-05-07): Lender Exception indicates DSCR above 1.1 to use as a Compensating Factor. Calculated DSCR is 1.06. 1007 used for calculation of rental income. Please provide updated Comp Factor. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120705 | XXXX | XXXX | XXXX | XXXX | 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 0.98 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR of 0.98 is less than the guideline minimum of 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Guidelines Representative FICO: 660 Representative FICO: 786 Loan to Value: 53.15110% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-07): (Rate Lock) corrected form provided Reviewer Comment (XXXX-05-05): DSCR under loan details on the Exception approval form is shown as 0.977, however the guideline exception description on the same form shows a DSCR of 0.929. Please update the exception form to reflect correct DSCR on the Guideline Exception Description. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120554 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero 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. | Reviewer Comment (XXXX-04-17): XXXX received COC dated 03/17 with supporting rate lock document for the pricing changed to decrease the lender credit. Seller Comment (XXXX-04-16): (Rate Lock) LC provided Reviewer Comment (XXXX-04-10): XXXX received Changed Circumstance dated XXXX, but it does not give specific and sufficient information on what new information was received in product or program that changed to impact the pricing and reduced the lender credit. In order to determine if the changed circumstance is valid more information is necessary on reason for the pricing changed and when lender became aware of the change. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Seller Comment (XXXX-04-09): (Rate Lock) CIC provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120554 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Pt, XXXXXXXX Insurance Verification | Missing Insurance verification for XXXX Pt address. Statement indicates mortgage is escrowed, however, it does not indicate whether it is taxes, insurance, or both. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 12.43 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 748 |
XXXX | Reviewer Comment (XXXX-04-23): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-04-23): Please provide insurance verification. From the statement and calculations, only taxes are escrowed. Insurance was then not included in DTI. Reviewer Comment (XXXX-04-16): Exception is for missing Insurance verification. Please provide insurance policy for the XXXX property. Seller Comment (XXXX-04-15): (Rate Lock) From the PDR of the property the taxes are XXXX/12=858.81?which matches the full escrow payment. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120554 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a rural property with XXXX acres and land value exceeds 35% of total property value. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
Guidelines Representative FICO: 660 Representative FICO: 748 Reserves: 12.43 Guideline Requirement: 6.00 Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-04-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120554 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to use dispute resolved documentation from creditor vs obtaining a credit supplement from XXXX for XXXX dispute. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 748 Reserves: 12.43 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-04-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120554 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Loan file missing purchase contract addendum, reflecting decrease in purchase price. | Reviewer Comment (XXXX-05-13): Received XXXX contract addendum in trailing docs. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within XXXX and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Title Evidence: Preliminary; StateXXXX |
Provide a copy of the final title policy or an addendum to the report verifying title insurance of at least the loan amount. | Reviewer Comment (XXXX-04-24): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-22): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX, XXXXXXXX HOA Verification | HOA Verification for XXXX XXXX is missing from file. | Reviewer Comment (XXXX-05-04): Evidence of no HOA provided. Seller Comment (XXXX-05-01): (Rate Lock) Please clear no HOA and VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | Document Date was not provided on third party verification, Business Search. | Reviewer Comment (XXXX-05-04): Date SOS search pulled provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due missing document date on third party verification and HOA Verification for XXXX St. | Reviewer Comment (XXXX-05-04): Evidence of no HOA provided. Date SOS search pulled provided. Seller Comment (XXXX-05-01): (Rate Lock) Please clear no HOA and VOE provided |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due missing document date on third party verification and HOA Verification for XXXX St. | Reviewer Comment (XXXX-05-04): Evidence of no HOA provided. Date SOS search pulled provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due missing document date on third party verification and HOA Verification for XXXX St. | Reviewer Comment (XXXX-04-24): No HOA. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120592 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Waterfall due missing document date on third party verification and HOA Verification for XXXX St. | Reviewer Comment (XXXX-05-04): Evidence of no HOA provided. Date SOS search pulled provided. Seller Comment (XXXX-05-01): (Rate Lock) Please clear no HOA and VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120609 | XXXX | XXXX | XXXX | XXXX | 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 0.82 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | 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 XXXX. Miscellaneous Borrower's Experience/Track Record |
Reserves: 30.80 Guideline Requirement: 6.00 Low revolving credit utilization. Oldest tradeline 09/1995. No derogatory accounts listed on credit in the past 12 months. Per Fraud report borrower has a history of owning multiple properties. |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-28): (Rate Lock) Updated exception with additional CFs provided Reviewer Comment (XXXX-05-27): The only comp factor provided is reserves. No additional comp factors provided to downgrade and waive the 2 exceptions in file. Seller Comment (XXXX-05-27): (Rate Lock) Additional comp factors added Reviewer Comment (XXXX-05-05): Please provide additional compensating factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120609 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 662 is less than Guideline representative FICO score of 700. | FICO of 662 is less than minimum requirement of 680. | 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 XXXX. Miscellaneous Borrower's Experience/Track Record |
Reserves: 30.80 Guideline Requirement: 6.00 Low revolving credit utilization. Oldest tradeline 09/1995. No derogatory accounts listed on credit in the past 12 months. Per Fraud report borrower has a history of owning multiple properties. |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-28): (Rate Lock) Updated exception with additional CFs provided Reviewer Comment (XXXX-05-27): The only comp factor provided is reserves. No additional comp factors provided to downgrade and waive the 2 exceptions in file. Seller Comment (XXXX-05-27): (Rate Lock) Additional comp factors added Reviewer Comment (XXXX-05-05): Please provide additional compensating factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120567 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower (father) is living rent-free with B2 (son) when the loan is an investment property. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 76.07 Guideline Requirement: 6.00 DTI: 43.79096% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 751 |
XXXX | Reviewer Comment (XXXX-04-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120567 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception to allow reuse of a purchase appraisal for a cash-out refinance (delayed financing). | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 76.07 Guideline Requirement: 6.00 DTI: 43.79096% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 751 |
XXXX | Reviewer Comment (XXXX-04-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120567 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Delayed Financing indicated and Delayed Financing Guidelines are not met. | Per the approval, the loan closed and was priced as a cash-out refinance. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 76.07 Guideline Requirement: 6.00 DTI: 43.79096% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 751 |
XXXX | Reviewer Comment (XXXX-04-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120567 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Provide evidence of ownership percentage for each of the borrowers of "XXXX." as shown on the bank statements. The CPA letter states the borrowers are owners of XXXX Inc. | Reviewer Comment (XXXX-05-11): Received lender correspondence showing business name on the bank statement should be XXXX XXXX inc. Reviewer Comment (XXXX-04-30): Funds generated by borrowing entity are deposited into a different business account, XXXX. No evidence of ownership of XXXX. was provided. Seller Comment (XXXX-04-29): (Rate Lock) The CPA letter states each is a 50% owner of the business, what more is needed? |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR | Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail. | Loan designation discrepancy due to missing lease agreements for the borrower's rental properties. | Reviewer Comment (XXXX-05-05): Property is a STR property. Year end summary and Paystubs used to verify WVOE income. Seller Comment (XXXX-05-05): (Rate Lock) There are no lease agreements as this was short term rental and management approved to use a 12 month look back. Short term rental non-subject: - 3661 XXXX - XXXX = XXXX - expenses from management company to be conservative = XXXX / 12 = XXXX/mo. Will use 75% of this per guidelines. This property is managed by XXXX so allowing use of the third party lookback. They also sent XXXX YTD but that hasn't rented much as it's so early in the year. Per internet lookup XXXX has not issued permits for STR's since XXXX, therefore not requiring. Spoke with management about all of this and in agreement. XXXX - rental in XXXX = XXXX = XXXX /12 = XXXX/mo. Will use 75%. Have look back for XXXX and have XXXX and Feb, more than supporting amount being used. Have all STR documents required in file as well. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM status | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Income and Assets - REO 25% Method | Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (25% Method) using reasonably reliable third-party records. (XXXX Dr (XXXX)/25% Vacancy Method) | Waterfall due to missing lease agreements for the borrower's rental properties. | Reviewer Comment (XXXX-05-05): Property is a STR property. Year end summary and Paystubs used to verify WVOE income. Seller Comment (XXXX-05-05): (Rate Lock) There are no lease agreements as this was short term rental and management approved to use a 12 month look back. Short term rental non-subject: - 3661 XXXX - XXXX = XXXX - expenses from management company to be conservative = XXXX / 12 = XXXX/mo. Will use 75% of this per guidelines. This property is managed by XXXX so allowing use of the third party lookback. They also sent XXXX YTD but that hasn't rented much as it's so early in the year. Per internet lookup XXXX has not issued permits for STR's since XXXX, therefore not requiring. Spoke with management about all of this and in agreement. XXXX - rental inXXXX= XXXX = XXXX /12 = XXXX/mo. Will use 75%. Have look back for XXXX and have XXXX and Feb, more than supporting amount being used. Have all STR documents required in file as well. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Income and Assets - REO 25% Method | Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (25% Method) using reasonably reliable third-party records. (XXXX XXXX XXXX/25% Vacancy Method) | Waterfall due to missing lease agreements for the borrower's rental properties. | Reviewer Comment (XXXX-05-05): Property is a STR property. Year end summary and Paystubs used to verify WVOE income. Seller Comment (XXXX-05-05): (Rate Lock) There are no lease agreements as this was short term rental and management approved to use a 12 month look back. Short term rental non-subject: - 3661 XXXX - XXXX = XXXX - expenses from management company to be conservative = XXXX / 12 = XXXX/mo. Will use 75% of this per guidelines. This property is managed by XXXX so allowing use of the third party lookback. They also sent XXXX YTD but that hasn't rented much as it's so early in the year. Per internet lookup XXXX has not issued permits for STR's since XXXX, therefore not requiring. Spoke with management about all of this and in agreement. XXXX - rental inXXXX= XXXX = XXXX /12 = XXXX/mo. Will use 75%. Have look back for XXXX and have XXXX and Feb, more than supporting amount being used. Have all STR documents required in file as well. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing lease agreements for the borrower's rental properties. | Reviewer Comment (XXXX-05-05): Property is a STR property. Year end summary and Paystubs used to verify WVOE income. Seller Comment (XXXX-05-05): (Rate Lock) There are no lease agreements as this was short term rental and management approved to use a 12 month look back. Short term rental non-subject: - 3661 XXXX - XXXX = XXXX - expenses from management company to be conservative = XXXX / 12 = XXXX/mo. Will use 75% of this per guidelines. This property is managed by XXXX so allowing use of the third party lookback. They also sent XXXX YTD but that hasn't rented much as it's so early in the year. Per internet lookup XXXX has not issued permits for STR's since XXXX, therefore not requiring. Spoke with management about all of this and in agreement. XXXX - rental inXXXX= XXXX = XXXX /12 = XXXX/mo. Will use 75%. Have look back for XXXX and have XXXX and XXXX, more than supporting amount being used. Have all STR documents required in file as well. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied. | Waterfall due to missing lease agreements for the borrower's rental properties. | Reviewer Comment (XXXX-05-05): Property is a STR property. Year end summary and Paystubs used to verify WVOE income. |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120591 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | Incorrect Right To Cancel Form Used - H-9 Used on Non Same Lender Refinance | Truth in Lending Act: Notice of Right to Cancel was not executed on the proper Model Form for a refinance by a creditor that is not considered the original creditor. The H-9 form was used, the H-8 form should have been used. | Form H-9 for same lender refinance was used. Form H-8 should have been used. | Reviewer Comment (XXXX-05-11): Received Letter of Explanation, Proof of Delivery, and Re-opened Rescission using the correct model form in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) Doc provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | |||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: CPA Letter / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | CPA letter and SOS search of business entity were not dated. | Reviewer Comment (XXXX-05-12): Dates for doc pulls/receipt provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to CPA letter and SOS search of business entity not being dated. | Reviewer Comment (XXXX-05-12): Dates for doc pulls/receipt provided. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to CPA letter and SOS search of business entity not being dated. | Reviewer Comment (XXXX-05-12): Dates for doc pulls/receipt provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | Incorrect Right To Cancel Form Used - H-9 Used on Non Same Lender Refinance | Truth in Lending Act: Notice of Right to Cancel was not executed on the proper Model Form for a refinance by a creditor that is not considered the original creditor. The H-9 form was used, the H-8 form should have been used. | H-9 format of Right to Cancel was used instead of H-8; this is not a same lender refinance. | Reviewer Comment (XXXX-05-13): Client Provided the following: Letter of Explanation, Proof of Delivery, and Re-opened Rescission using the correct model form Reviewer Comment (XXXX-05-12): This can be cured on XXXX midnight when rescission is complete. Reviewer Comment (XXXX-05-12): Client provided the following: Letter of Explanation, Proof of Delivery, and Re-opened Rescission using the correct model form |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | C | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | CPA letter and SOS search of business entity were not dated. | Reviewer Comment (XXXX-05-12): Dates for doc pulls/receipt provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to CPA letter and SOS search of business entity not being dated. | Reviewer Comment (XXXX-05-12): Dates for doc pulls/receipt provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120650 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | The coverage is short by XXXX. Please provide sufficient coverage. RCE was not provided in the file. | Reviewer Comment (XXXX-05-12): RCE provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120722 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. Require updated title commitment or supplement report in the file. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-11): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120865 | XXXX | XXXX | XXXX | XXXX | 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 provided does not show business is active. | Reviewer Comment (XXXX-06-03): Non-QM Reviewer Comment (XXXX-06-03): UW used a business name search to evidence the business was active along with the business bank statements. Due to the business search not evidencing the business was active an exception is needed for an updated document to be used that clearly reflects the business is currently active. Seller Comment (XXXX-05-29): Per client email - UW used a business name search to evidence the business was active along with the business bank statements. Due to the business search not evidencing the business was active an exception is needed for an updated document to be used that clearly reflects the business is currently active. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Second Home | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120865 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Third party verification provided does not show business is active. | Reviewer Comment (XXXX-06-03): Bank statement dated within 18 days of the Application date and 44 days prior to the Note date reflecting approximately XXXX business deposits. Pre-closing search completed showing business registered with Dept of Treasury and NJ Portal Business Search, but neither specifically stating Active or Suspended. Lender Exception requested to allow searches with bank statement as verification. Post close Cert of Good Standing in file. XXXXk in monthly residual, 35% down, 78 mon reserves, 764 score, approx. 47 mon 0x30 mtg. Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-06-03): . Reviewer Comment (XXXX-06-03): EV2-B with post-close lender exception documenting pre-close considerations. System cleared. Reviewer Comment (XXXX-06-03): EV2-B with post-close lender exception documenting pre-close considerations. Reviewer Comment (XXXX-06-03): UW used a business name search to evidence the business was active along with the business bank statements. Due to the business search not evidencing the business was active an exception is needed for an updated document to be used that clearly reflects the business is currently active. Reviewer Comment (XXXX-06-01): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk. Seller Comment (XXXX-05-29): Per client email - UW used a business name search to evidence the business was active along with the business bank statements. Due to the business search not evidencing the business was active an exception is needed for an updated document to be used that clearly reflects the business is currently active. Reviewer Comment (XXXX-05-11): This has been elevated to the Compliance department. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120865 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | Third party verification provided does not show business is active. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | Reviewer Comment (XXXX-06-03): Bank statement dated within 18 days of the Application date and 44 days prior to the Note date reflecting approximately XXXX business deposits. Pre-closing search completed showing business registered with Dept of Treasury and XXXX Portal Business Search, but neither specifically stating Active or Suspended. Lender Exception requested to allow searches with bank statement as verification. Post close Cert of Good Standing in file. XXXXk in monthly residual, 35% down, 78 mon reserves, 764 score, approx. 47 mon 0x30 mtg. Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-29): Per client email - UW used a business name search to evidence the business was active along with the business bank statements. Due to the business search not evidencing the business was active an exception is needed for an updated document to be used that clearly reflects the business is currently active. Reviewer Comment (XXXX-05-11): This has been elevated to the Compliance department. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120865 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Income/Asset Guideline Deficiency - ATR Impact | Ability to Repay (Dodd-Frank 2014): Ability to Repay (Dodd-Frank 2014): There are one or more guideline deficiencies related to income and/or asset doc requirements which may impact the borrower's ability to repay. (Exception is eligible to be regraded with compensating factors.) | Lender Exception with Compensating Factors provided. Downgraded and Waived. | Reviewer Comment (XXXX-06-03): Lender exception with comp factors provided. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Second Home | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120665 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Total cash-out discrepancy. | HUD-1 total cash-out of XXXX is greater than Guideline total cash-out of XXXX. | HUD-1 total cash-out of XXXX is greater than guideline total cash-out of XXXX. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous The qualifying DSCR on the loan is greater than the guideline minimum. |
Reserves: 107.18 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 712 Housing payment history is 0x30x24 or better. The DSCR of 1.06 is greater than the minimum required DSCR of 1.00. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120682 | XXXX | XXXX | XXXX | XXXX | Compliance | Loan Package Documentation | Application / Processing | Missing, Incorrect, or Incomplete Final or Initial 1003 | Missing Document: Missing Lender's Initial 1003 | Reviewer Comment (XXXX-05-07): Received 1003 in trailing docs. Seller Comment (XXXX-05-05): attached |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | A | A | A | N/A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120682 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Total cash-out discrepancy. | HUD-1 total cash-out of XXXX is greater than Guideline total cash-out of XXXX. | HUD-1 total cash-out of XXXX is greater than Guideline total cash-out of XXXX. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-04): Please provide updated lender exception reflecting calculated PITIA reserves. Lender exception form provided shows calculated PITIA reserves of 126 months, and Due Diligence Calculated PITIA months reserves are 120.53. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120682 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | P&L prepared by company CFO and not 3rd party, guidelines require CPA/EA/CTEC. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-12): There is an exception in the file which allows this |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120620 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Partnership (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty>, Borrower: XXXX XXXX // Employment Type: Employment / Income Type: S-Corp (>= 25%) / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | All business entity search documents provided in file are not dated. Verification of businesses' existence within 120 days prior to note date required. | Reviewer Comment (XXXX-05-05): Received proof of business look up date in trailing docs. Seller Comment (XXXX-05-05): (Rate Lock) VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120620 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certification of Good Standing for borrowing entity was not provided. | Reviewer Comment (XXXX-05-11): Received document in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) docs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120620 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Corporate Resolution for borrowing entity was not provided. | Reviewer Comment (XXXX-05-11): Received document in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) docs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120620 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Operating Agreement for borrowing entity was not provided. | Reviewer Comment (XXXX-05-11): Received document in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) docs provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120620 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | All business entity search documents provided in file are not dated. Verification of businesses' existence within 120 days prior to note date required. | Reviewer Comment (XXXX-05-05): Received proof of business look up date in trailing docs. Seller Comment (XXXX-05-05): (Rate Lock) VOE provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120560 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (ClientXXXX/XXXX) | File is missing evidence of receipt for preliminary appraisal report dated XXXX. From CDA report it was verified that there is preliminary appraisal dated XXXX. | Reviewer Comment (XXXX-04-30): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-04-30): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120560 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Will Not Have Escrow - Reason | TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on XXXX incorrectly disclosed whether the loan will have an escrow account. (Final/XXXX) | Final closing disclosure did not disclose the reason for not having an escrow account. | Reviewer Comment (XXXX-05-27): Letter of Explanation & Corrected Post Closing Disclosure provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Letter of Explanation & Corrected Closing Disclosure | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120560 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Loan Discount Points increased from XXXX to XXXX without any valid changed circumstances, no cure was provided. There is a changed circumstances letter dated XXXX but it did not mention any reason for change or what fees were changed. | Reviewer Comment (XXXX-05-19): XXXX received valid COC document Seller Comment (XXXX-05-18): (Rate Lock) CIC provided shows date CIC submitted Reviewer Comment (XXXX-05-13): XXXX received email log confirming the pricing was changed due to change in rate but from the document we are unable to identify when the change was requested. Please provide COC with date of change and reason for change or supporting document to confirm the date of change. Reviewer Comment (XXXX-04-30): File is missing a valid change of circumstance as to why Loan Discount Point fees increased from XXXX to XXXX on Closing Disclosure issued XXXX. For Fee Tolerance Refund, please provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD. Seller Comment (XXXX-04-30): (Rate Lock) Lock confirmation provided for pricing |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120621 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | Credit Report: Original // Borrower: XXXX XXXX | Fraud report is missing in the file. | Reviewer Comment (XXXX-05-11): Received fraud report in trailing docs Seller Comment (XXXX-05-07): (Rate Lock) fraud provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120621 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Fraud Report not provided | Fraud Report is missing in the file. | Reviewer Comment (XXXX-05-11): Received fraud report in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) fraud provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120621 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | RESPA | RESPA Disclosure - Affiliated Business Arrangement Disclosure Not Provided Within 3 Business Days of Application | RESPA Disclosure Rule: Creditor did not provide Affiliated Business Arrangement Disclosure to applicant within three (3) business days of application. | Affiliated Business Arrangement Disclosure to applicant within three business days of application. | Reviewer Comment (XXXX-05-11): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-07): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120621 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Type:Primary/XXXX) | Reviewer Comment (XXXX-05-11): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-07): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120556 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Two 30-day late payments were recorded. However, both are from when the prior owner, XXXX XXXX, was in charge of the company. She resigned on XXXX. | The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record |
The DSCR of 1.26 is greater than the minimum required DSCR of 1.00. Borrower is a seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. |
XXXX | Reviewer Comment (XXXX-04-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120556 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Cash out with less than 6 months ownership. The LLC has owned the property since XXXX. The borrower just bought in on XXXX. | The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record |
The DSCR of 1.26 is greater than the minimum required DSCR of 1.00. Borrower is a seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. |
XXXX | Reviewer Comment (XXXX-04-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120569 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | VOM shows two 30-day late payments; however, both are from when the prior member was in charge of the company. She resigned on XXXX. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record |
The DSCR of 1.32 is greater than the minimum required DSCR of 1.00. Strong investment history with multiple investment properties owned in the subject area. |
XXXX | Reviewer Comment (XXXX-04-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120569 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Cash out with less than six months ownership. The LLC has owned the property since XXXX; however, the borrower just bought it on XXXX. | The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record |
The DSCR of 1.32 is greater than the minimum required DSCR of 1.00. Strong investment history with multiple investment properties owned in the subject area. |
XXXX | Reviewer Comment (XXXX-04-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120542 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-22): XXXX Received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD. Reviewer Comment (XXXX-05-15): Prior to XXXX the appraiser was already working on it on XXXX effect appraisal and paid for XXXX by the borrower. Cure required. Reviewer Comment (XXXX-04-20): XXXX received email log to confirm the increase in appraisal fee on XXXX but as per file the fee was increased on CD dated XXXX which is XXXX day from the date of change received. Please provide more information to validate when lender has confirmed the increase in fee and disclosed to borrower timely within 3 business days or cure would be required. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120542 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 85.00000%. | Calculated loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 85.00000%, 5% reduction due to property in declining market. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 700 Representative FICO: 763 |
XXXX | Reviewer Comment (XXXX-04-21): Received security instrument signed by both owners in trailing docs. Reviewer Comment (XXXX-04-13): Lender Exception document not received in file for LTV and CLTV discrepancy. Exception Remains. Seller Comment (XXXX-04-12): (Rate Lock) Updated to reflect NO for rural property Reviewer Comment (XXXX-04-08): The updated exception comment provided still shows Rural. Please correct. Seller Comment (XXXX-04-07): (Rate Lock) Exception updated Reviewer Comment (XXXX-04-06): Lender exception provided shows property is rural. Appraisal does not show property is rural Please provided corrected lender exception document in order to downgrade and waive. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120542 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 90.00000% exceeds Guideline combined loan to value percentage of 85.00000%. | Calculated combined loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 85.00000%, 5% reduction due to property in declining market. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 700 Representative FICO: 763 |
XXXX | Reviewer Comment (XXXX-04-21): Received security instrument signed by both owners in trailing docs. Reviewer Comment (XXXX-04-13): Lender Exception document not received in file for LTV and CLTV discrepancy. Exception Remains. Seller Comment (XXXX-04-12): (Rate Lock) Updated to reflect NO for rural property Reviewer Comment (XXXX-04-08): The updated exception comment provided still shows Rural. Please correct. Seller Comment (XXXX-04-07): (Rate Lock) Exception updated Reviewer Comment (XXXX-04-06): Lender exception provided shows property is rural. Appraisal does not show property is rural Please provided corrected lender exception document in order to downgrade and waive. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120629 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Subject transaction is an investment purchase. The borrower is living rent free and per guidelines, investment properties are ineligible when a borrower is living rent free. | Borrower has verified disposable income of at least XXXX0.00. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 24.07 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 723 |
XXXX | Reviewer Comment (XXXX-05-05): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120629 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Borrower's business assets were used to qualify for the loan, however, a cash flow analysis is missing from the file. | Reviewer Comment (XXXX-05-06): Underwriter justification was provided on 1008. Reviewer Comment (XXXX-05-05): 1008 shows underwriter reviewed business statements and determined that the use of business funds will not have a negative impact on the business. Please provide the review. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120689 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to accept CPA letter and P&L without attestation from the tax preparer that she prepared the borrower's tax returns. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has worked in the same position for more than 3 years. Borrower has been employed in the same industry for more than 5 years. |
Loan to Value: 65.00000% Guideline Maximum Loan to Value: 80.00000% DTI: 32.65169% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 796 Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Home Improvement | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120574 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Please provide Corporate Resolution reflecting borrower has authority to bind the company on all owner's behalf. | Reviewer Comment (XXXX-06-03): Corporate resolution provided. Seller Comment (XXXX-06-02): (Rate Lock) uploaded please review |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120574 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | Corporate Resolution is missing in file for the borrowing business entity. | Reviewer Comment (XXXX-06-01): Corporate resolution provided. Reviewer Comment (XXXX-04-21): Please provide Corporate Resolution reflecting borrower has authority to bind the company on all owner's behalf. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120574 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Access letter from business partner allowing use of business funds is missing from the file. | Reviewer Comment (XXXX-06-05): LOE provided. Reviewer Comment (XXXX-06-04): Please provide verification of spouse's percentage ownership in business by way of an operating agreement or equivalent. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120574 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Access letter from business partner allowing use of business funds is missing from the file. | Reviewer Comment (XXXX-06-05): LOE provided. Reviewer Comment (XXXX-06-04): Please provide verification of spouse's percentage ownership in business by way of an operating agreement or equivalent. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR | Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail. | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Schedule E provided. System cleared. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | Lender to provide updated ATR/QM status | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Income and Assets - REO Schedule E Method Test | Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (Schedule E Method). File does not contain most recent year Tax Transcripts, signed and dated 1040's or Schedule E. (XXXX XXXX/Schedule E) | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. | Reviewer Comment (XXXX-05-08): Schedule E provided. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied. | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Schedule E provided. System cleared. |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX,XXXX,XXXXInsurance Verification, Schedule E Only | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. | Reviewer Comment (XXXX-05-08): Schedule E provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXXXXXX XXXX, MorristonXXXX Insurance Verification | Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Acceptable document provided in PDF, Priority loan, closest associated, date loaded XXXX. Reviewer Comment (XXXX-05-08): Insurance verification missing for primary residence. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Acceptable document provided in PDF, Priority loan, closest associated, date loaded XXXX. Reviewer Comment (XXXX-05-08): Insurance verification missing for primary residence. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | 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.) | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Acceptable document provided in PDF, Priority loan, closest associated, date loaded XXXX. System cleared. Reviewer Comment (XXXX-05-08): Insurance verification missing for primary residence. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | 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. | Rental income worksheet shows Schedule E was used to calculate rental income for XXXX XXXX. The Schedule E was not provided in file. Insurance Verification was not provided for primary residence. | Reviewer Comment (XXXX-05-08): Acceptable document provided in PDF, Priority loan, closest associated, date loaded XXXX. Reviewer Comment (XXXX-05-08): Insurance verification missing for primary residence. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for rural property > 23 acres. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120633 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for subject being a log cabin. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120589 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Vacation Rental Website Listing not provided | Reviewer Comment (XXXX-04-28): Received listing in trailing docs. Seller Comment (XXXX-04-24): ATTACHED |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120589 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Short term rental income and vacant properties are not permitted on refinance transactions. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record Miscellaneous |
he representative FICO score exceeds the guideline minimum by 22 points. Borrower's Experience/Track Record. The borrower has: 7 Years of Experience. Mortgage history 0x30 last 36 months. |
XXXX | Reviewer Comment (XXXX-04-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120589 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Document Error | Hazard Insurance | Hazard Insurance policy does not list Lender or Servicer and its successors and assigns, per guideline requirements. | Hazard insurance policy does not list Lender or Servicer, including successors and assigns. | Reviewer Comment (XXXX-04-30): Received Insurance declaration showing the Lender. Seller Comment (XXXX-04-28): ATTACHED MORTGAGEE CLAUSE Seller Comment (XXXX-04-28): CORRECTION RF IS THE LENDER NAME Seller Comment (XXXX-04-28): RH IS THE LENDER NAME - PLS CLR Seller Comment (XXXX-04-28): attached Reviewer Comment (XXXX-04-28): Hazard insurance policy provided does not list Lender or Servicer, including successors and assigns. Seller Comment (XXXX-04-24): ATTACHED |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120589 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Allow Short term rental based on 30 day or more rentals through XXXX without short term rental permit held since borrower rents 30+ days (no nightly or weekly rentals). | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record Miscellaneous |
he representative FICO score exceeds the guideline minimum by 22 points. Borrower's Experience/Track Record. The borrower has: 7 Years of Experience. Mortgage history 0x30 last 36 months. |
XXXX | Reviewer Comment (XXXX-04-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120557 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Reviewer Comment (XXXX-04-29): Received articles of organization showing business was just formed. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120557 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Reviewer Comment (XXXX-05-11): Received Operating Agreement in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120557 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Reviewer Comment (XXXX-05-11): Received Operating Agreement in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120557 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | Operating agreement, corporate resolution, and certificate of good standing missing for borrowing business entity. | Reviewer Comment (XXXX-05-13): Received docs in trailing docs. Seller Comment (XXXX-05-12): (Rate Lock) All docs provided please clear. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120557 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | CPA letter shows business has been operational since XXXX, borrower disclosed start date for business as XXXX on the 1003 application. Please provide documentation verifying the actual start date of the business. | Reviewer Comment (XXXX-04-29): Received business filing information on trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Property is greater than 10 acres. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has verified disposable income of at least XXXX0.00. |
DTI: 26.53291% Guideline Maximum DTI: 55.00000% Documentation Type: 12mo Bank Statement Disposable Income: XXXX |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing an operating agreement to verify borrower's business ownership percentage. | Reviewer Comment (XXXX-05-07): Proof of ownership provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing income document. | Reviewer Comment (XXXX-05-07): Proof of ownership provided. System cleared. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to missing income document. | Reviewer Comment (XXXX-05-07): Proof of ownership provided. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to missing income document. | Reviewer Comment (XXXX-05-07): Proof of ownership provided. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120637 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Operating agreement | Loan file is missing an operating agreement to verify borrower's business ownership percentage. | Reviewer Comment (XXXX-05-07): Proof of ownership provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120596 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 655 is less than Guideline representative FICO score of 660. | Representative FICO score of 655 is less than guideline representative FICO score of 660. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Loan to Value: 46.29630% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-05-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120572 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Certificate not provided | Reviewer Comment (XXXX-04-30): Received business purpose certificate in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-05): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-01): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | Missing date on third-party verification, SOS Entity Summary Information. | Reviewer Comment (XXXX-05-05): Document with date provided. Seller Comment (XXXX-05-01): (Rate Lock) Cert provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | 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. | Loan Designation discrepancy due to missing date on third-party verification, SOS Entity Summary Information. | Reviewer Comment (XXXX-05-05): Document with date provided. System cleared. Seller Comment (XXXX-05-01): (Rate Lock) Cert provided |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing date on third-party verification, SOS Entity Summary Information. | Reviewer Comment (XXXX-05-05): Document with date provided. System cleared. Seller Comment (XXXX-05-01): (Rate Lock) Cert provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-01): XXXX received Letter of Explanation, Proof of Delivery, Refund check & Corrected CD Reviewer Comment (XXXX-05-11): XXXX received rebuttal, however appraisal fee was not disclosed on initial LE and got added on LE dated XXXX. Cure of XXXX or valid COC is required. Cure documents consist of PCCD, LOE, proof of mailing & copy of refund check. Seller Comment (XXXX-05-07): (Rate Lock) Please advise correct cure amount; if XXXX was disclosed there should not be a cure of XXXX needed Reviewer Comment (XXXX-05-04): XXXX Appraisal fee added on LE dated XXXX to XXXX and again increased on LE dated XXXX to XXXX without valid COC. Receiving invoice is not acceptable reason. In order to determine if the changed circumstance is valid more information is necessary on reason fee increase/added and when lender became aware of the change. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Seller Comment (XXXX-05-01): (Rate Lock) invoice provided with a date of XXXX and we re-disclosed same day |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Amount Financed Test | TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XXXX disclosed an Amount Financed disclosed an inaccurate Amount Financed. The disclosed Amount Financed in the amount of XXXX is over disclosed by XXXX compared to the calculated Amount Financed of XXXX and the disclosed Finance Charge is not accurate within applicable tolerances for Amount Financed to be considered accurate (fee amounts included in Amount Financed and Finance Charge calculations are based on Closing Disclosure dated XXXX). (Final/XXXX) | The disclosed Amount Financed in the amount of XXXX is over-disclosed by XXXX compared to the calculated Amount Financed of XXXX. | Reviewer Comment (XXXX-06-03): XXXX received additional breakdown of title-services fees which were fees for title issuance and excludable under 4c7 Seller Comment (XXXX-06-02): (Rate Lock) title eamil provided showing breakdown of fee Reviewer Comment (XXXX-05-19): Document Prep, Processing and Handling fees would be tested as finance charges. Fee purpose dictates inclusion or exclusion based on 1026.4(c)(7). Please provide an explanation of fee purpose for pre and post close gaps and an itemization for break out of fees to complete testing. Seller Comment (XXXX-05-18): (Rate Lock) The original disclosure was based on the best information reasonably available at the time. Title has provided an itemized breakdown of the services included in the Title Services Fee. Based on the description provided, the fees are generally not considered APR fees. Reviewer Comment (XXXX-05-04): XXXX received rebuttal of XXXX finance charge amount. However, the Final CD being tested is the XXXX CD. Consummation date was XXXX (notary date) and the XXXX CD is tested as the Final CD which only disclosed Finance Charge at XXXX and was XXXX underdisclosed. Compliance report reflects the same finance charges as XXXX and showed a finance charge of XXXX which matches to XXXX's calculation. The final CD however, was dislcosed with a lower finance charge and cure due to borrower. Corrected CD, LOE to borrower, copy of cure refund of XXXX, proof of mailing and proof of reopening rescission to all consumers as this is a material disclosure violation on a rescindable transaction. Seller Comment (XXXX-05-01): (Rate Lock) CD from 4/2 has finance charge of XXXX |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Finance Charge | TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XXXX disclosed an inaccurate Finance Charge on page 5 that does not match the actual Finance Charge for the loan. The disclosed Finance Charge in the amount of XXXX is under disclosed by XXXX compared to the calculated Finance Charge of XXXX which exceeds the XXXX threshold (fee amounts included in Finance Charge calculation are based on Closing Disclosure dated XXXX). (Final/XXXX) | The disclosed Finance Charge in the amount of XXXX is under-disclosed by XXXX compared to the calculated Finance Charge of XXXX which exceeds the XXXX threshold. | Reviewer Comment (XXXX-06-03): XXXX received additional breakdown of title-services fees which were fees for title issuance and excludable under 4c7 Seller Comment (XXXX-06-02): (Rate Lock) title eamil provided showing breakdown of fee Reviewer Comment (XXXX-05-19): Document Prep, Processing and Handling fees would be tested as finance charges. Fee purpose dictates inclusion or exclusion based on 1026.4(c)(7). Please provide an explanation of fee purpose for pre and post close gaps and an itemization for break out of fees to complete testing. Seller Comment (XXXX-05-18): (Rate Lock) The original disclosure was based on the best information reasonably available at the time. Title has provided an itemized breakdown of the services included in the Title Services Fee. Based on the description provided, the fees are generally not considered APR fees. Reviewer Comment (XXXX-05-04): XXXX received rebuttal of XXXX finance charge amount. However, the Final CD being tested is the XXXX CD. Consummation date was XXXX (notary date) and the XXXX CD is tested as the Final CD which only disclosed Finance Charge at XXXX and was XXXX underdisclosed. Compliance report reflects the same finance charges as XXXX and showed a finance charge of XXXX which matches to XXXX's calculation. The final CD however, was dislcosed with a lower finance charge and cure due to borrower. Corrected CD, LOE to borrower, copy of cure refund of XXXX, proof of mailing and proof of reopening rescission to all consumers as this is a material disclosure violation on a rescindable transaction. Seller Comment (XXXX-05-01): (Rate Lock) CD from 4/2 has finance charge of XXXX |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed amount, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Guidelines limit the NSF/ODs to 5 per 12-month period. The borrower has 11 over the past 12 months. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 21.61 Guideline Requirement: 6.00 Loan to Value: 52.88462% Guideline Maximum Loan to Value: 70.00000% |
XXXX | Reviewer Comment (XXXX-04-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120616 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | RESPA | RESPA Disclosure - Affiliated Business Arrangement Disclosure Not Provided Within 3 Business Days of Application | RESPA Disclosure Rule: Creditor did not provide Affiliated Business Arrangement Disclosure to applicant within three (3) business days of application. | Reviewer Comment (XXXX-05-05): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-01): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120634 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Security Instrument - Subject Lien not provided | Available Security Instrument - Subject Lien does not have a signature date. | Reviewer Comment (XXXX-05-13): Signed and Notarized copy provided. |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120634 | XXXX | XXXX | XXXX | XXXX | 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 0.76 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Lender requested an exception which was approved because the DSCR score is less than 1. | The Loan to Value (LTV) 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. Miscellaneous |
Loan to Value: 60.00000% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 706 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120568 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Appraisal was made subject to, and Form 442 was not found in images. | Reviewer Comment (XXXX-05-05): Received pictures of smoke detectors in trailing docs along with a lender exception to accept the photos as proof. Reviewer Comment (XXXX-05-04): Documentation provided is not sufficient to verify the 'subject to' was met. Please provide 1004D/442 for verification that all required smoke detector installations were made. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | C | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120568 | XXXX | XXXX | XXXX | XXXX | 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 0.94 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.94 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) of 1.00. | 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 XXXX. Miscellaneous |
Reserves: 12.28 Guideline Requirement: 6.00 Low revolving credit utilization. No lates in past 2 years. |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-01): (Rate Lock) Compensating factors updated Reviewer Comment (XXXX-04-22): Insufficient compensating factors provided for the 2 exceptions. Please provide additional compensating factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | C | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120568 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 671 is less than Guideline representative FICO score of 680. | FICO score of 671 with a DSCR score under 1% is not permitted. | 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 XXXX. Miscellaneous |
Reserves: 12.28 Guideline Requirement: 6.00 Low revolving credit utilization. No lates in past 2 years. |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-01): (Rate Lock) Compensating factors updated Reviewer Comment (XXXX-04-22): Insufficient compensating factors provided for the 2 exceptions. Please provide additional compensating factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | C | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120568 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception to accept smoke detector photos for verification that all required smoke detector installations were made. | 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 XXXX. Miscellaneous |
Reserves: 12.28 Guideline Requirement: 6.00 Low revolving credit utilization. No lates in past 2 years. |
XXXX | Reviewer Comment (XXXX-05-05): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | C | A | N/A | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120607 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided | 24 Month Chain of Title is missing in the file. | Reviewer Comment (XXXX-05-08): Affidavit of heirship provided. Reviewer Comment (XXXX-05-07): 24 months property history report is required. |
XXXX | 1 | C | A | C | A | C | A | C | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120878 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Not Provided Timely | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to applicant within three (3) business days of application or determination of first lien status. | Reviewer Comment (XXXX-05-15): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | A | A | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120712 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Borrower is a first time home buyer and ineligible per guidelines. | Borrower: XXXX XXXX XXXX | Lender approved exception for borrower being a fist time homebuyer. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Reserves: 15.38 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 782 The DSCR of 1.15 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-07): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120595 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a first time homebuyer living rent free. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 177.69 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-04-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120595 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Guidelines require the borrower to explain the hardship for the use of a POA, describing why the borrower was unable to execute documents in person. This was not provided in file. | Reviewer Comment (XXXX-05-11): Received LOE in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) Doc provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120737 | XXXX | XXXX | XXXX | XXXX | 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 0.93 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous Borrower's Experience/Track Record |
Housing payment history is 0x30x24 or better;. Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history |
XXXX | Reviewer Comment (XXXX-05-15): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120613 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Insured name on hazard declaration page does not match vesting. | Reviewer Comment (XXXX-05-05): Received evidence that insured name was changed to name reflected on vesting. Reviewer Comment (XXXX-05-04): Vesting is in XXXX XXXX LLC and insured on HOI policy is XXXX XXXX Corp. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120628 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a first time homebuyer. | 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 XXXX. The representative FICO score exceeds the guideline minimum by XX points. The qualifying DSCR on the loan is greater than the guideline minimum. |
The representative FICO score exceeds the guideline minimum by 22 points. The DSCR of 1.03 is greater than the minimum required DSCR of 1.00. |
XXXX | Reviewer Comment (XXXX-05-07): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-01): Compensating factor provided does not apply to the loan, please provide additional comp factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120604 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow borrower with C09 employment authorization & R B1/B2 visas. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. DTI: 18.68355% Guideline Maximum DTI: 55.00000% Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | B | B | B | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120693 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower has loans with the same lender that exceeds XXXX million. Total of 5 loans is XXXX. | Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
DTI: 7.36221% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 748 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120690 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower has loans with the same lender that exceeds XXXX million. Total of 5 loans is XXXX. | Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
DTI: 15.58738% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 748 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120573 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Investor Qualification Method not Matching ATR | Ability to Repay (Dodd-Frank 2014): The Qualification Method used by the lender does not match the ATR payment calculation methods under 1026.43(c)(5). | Note rate used on an interest only loan. | Reviewer Comment (XXXX-05-05): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-01): (Rate Lock) EV2 ACCEPT please clear |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | A | A | B | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120694 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Loans to the same borrower exceed XXXX million. Total 5 loans XXXX. All properties new builds, vacant. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
DTI: 14.00859% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 748 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120598 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for DSCR below 1.00. | Reviewer Comment (XXXX-05-04): Lender states exception was canceled, removed from loan exceptions. Seller Comment (XXXX-05-01): (Rate Lock) Exception cancelled Reviewer Comment (XXXX-04-29)XXXXlculated DSCR is 1.01. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120691 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to proceed with loans for the same borrower that exceed XXXX million. Total of 5 loans is XXXX. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
DTI: 6.90531% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 748 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120695 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The aggregate total of all loans exceeded XXXXM UPB locked at one time. Closing Disclosures provided in file for other loans. | Borrower has verified disposable income of at least XXXX0.00. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
DTI: 15.56860% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 748 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Loan Discount Points fee of XXXX not disclosed to borrower until final Closing Disclosure. No valid change in circumstance or cure provided. | Reviewer Comment (XXXX-05-29): Situamc Received lock document showing lock extended on XXXX. Seller Comment (XXXX-05-28): (Rate Lock) LC provided for pricing Reviewer Comment (XXXX-05-20): XXXX received COC and CD dated XXXX for change in loan amount but the loan amount was decreased on CD while the discount points are significantly increased from XXXX to XXXX only loan amount change is not a valid reason for change. Please provide more information as to what other factors has changed that resulted in worsen the pricing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | 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). | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | C | B | C | B | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-03): XXXX Received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD. Seller Comment (XXXX-06-02): (Rate Lock) PCCD provided |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days from transaction date of XXXX. | Truth in Lending Act: Subject loan transaction disbursed on XXXX, prior to three (3) business days from transaction date of XXXX. | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Calculated PITIA months reserves of 5.87 is less than Guideline PITIA months reserves of 6.00. The 1003 does not show business assets were used. Please provide additional assets. An updated 1003 and CPA/CFA are required if business assets are to be used. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 5.87 is less than Guideline PITIA months reserves of 6.00. | Calculated PITIA months reserves of 5.87 is less than Guideline PITIA months reserves of 6.00. The 1003 does not show business assets were used. Please provide additional assets. An updated 1003 and CPA/CFA are required if business assets are to be used. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to insufficient assets to cover reserves. | Reviewer Comment (XXXX-05-28): Loan is Non-QM. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to insufficient assets to cover reserves. | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Reviewer Comment (XXXX-05-28): Regraded to EV2-B with comp factors. Reviewer Comment (XXXX-05-28): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk. Reviewer Comment (XXXX-05-27): Exception has been elevated for further review. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120864 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to insufficient assets to cover reserves. | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. System cleared. Reviewer Comment (XXXX-05-28): Regraded to EV2-B with comp factors. Reviewer Comment (XXXX-05-27): Exception has been elevated for further review. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120624 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Investment purchase when borrower lives rent free. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Loan to Value: 65.00000% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. DTI: 25.51600% Guideline Maximum DTI: 43.00000% Guidelines Representative FICO: 660 Representative FICO: 703 |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120624 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Use of market rent to offset subject PITIA when borrower does not have a primary housing expense. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
Loan to Value: 65.00000% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 703 DTI: 25.51600% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120635 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a cash out refinance with less than 6 months ownership. LLC has owned the property since XXXX, however, the borrower just bought in XXXX. | The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record Miscellaneous |
The DSCR of 1.35 is greater than the minimum required DSCR of 1.00. Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history Housing payment history is 0x30x24 or better; |
XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | B | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120635 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. Sec ID: 22 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-21): Received CDA that reflects the Appraisal appraised value in trailing docs. |
XXXX | 1 | A | A | A | A | A | A | A | A | B | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | B | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120735 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Reviewer Comment (XXXX-05-14): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | A | A | A | A | A | A | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120626 | XXXX | XXXX | XXXX | XXXX | 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 0.76 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Lender approved exception for DSCR less than 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Reserves: 59.23 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 813 Loan to Value: 60.00000% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-04-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120626 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | Borrower does not own current residence and thus casts doubt on business purpose of loan. | 1003 indicates borrower's primary residence is sold. | Reviewer Comment (XXXX-06-05): Final 1003 reflects Pending. Reviewer Comment (XXXX-06-04): On page 3 of the 1003, the address XXXX XXXX XXXX E which is borrower's primary residence has the status as "Sold" Seller Comment (XXXX-06-04): (Rate Lock) Please advise where it says sold, as it states 'to be sold'. Reviewer Comment (XXXX-06-04): Please provide evidence of borrower's primary residence as 1003 shows their primary residence is sold. Seller Comment (XXXX-06-03): (Rate Lock) Property is listed for sale but not pending sale.? Property is the corrected current residence signed at closing.? Reviewer Comment (XXXX-05-13): Provide corrected 1003 with primary residence updated. Seller Comment (XXXX-05-11): (Rate Lock) Because the borrower owns several other properties located at XXXX XXXX XXXX XXXX it shows they have a history of investment properties. For that reason we didn't see any doubt that they will be using this property for business purposes. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | Loan file did not contain evidence of the business being active dated within 120 calendar days prior to the note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. Miscellaneous |
Loan to Value: 46.53244% Guideline Maximum Loan to Value: 80.00000% Guidelines Representative FICO: 660 Representative FICO: 742 Borrower has worked in same industry more than 5 years. |
XXXX | Reviewer Comment (XXXX-06-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to Loan file did not contain evidence of the business being active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-02): Loan is Non-QM. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Loan file did not contain evidence of the business being active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived by Compliance. Reviewer Comment (XXXX-06-02): Regraded to EV2-B with comp factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Income/Asset Guideline Deficiency - ATR Impact | Ability to Repay (Dodd-Frank 2014): Ability to Repay (Dodd-Frank 2014): There are one or more guideline deficiencies related to income and/or asset doc requirements which may impact the borrower's ability to repay. (Exception is eligible to be regraded with compensating factors.) | Loan file did not contain evidence of the business being active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived by Compliance. Reviewer Comment (XXXX-06-02): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: 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.) Reviewer Comment (XXXX-06-02): Regraded to EV2-B with comp factors. Reviewer Comment (XXXX-05-27): Exception has been elevated for further review. Reviewer Comment (XXXX-05-26): Document provided was obtained after the loan closed. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Zero 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 (XXXX-05-11): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120874 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file did not contain evidence of the business being active dated within 120 calendar days prior to the note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. Miscellaneous |
Loan to Value: 46.53244% Guideline Maximum Loan to Value: 80.00000% Guidelines Representative FICO: 660 Representative FICO: 742 Borrower has worked in same industry more than 5 years. |
XXXX | Reviewer Comment (XXXX-06-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-26): Document provided was obtained after the loan closed. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120588 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Rural property on DSCR purchase. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 18.03 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 732 |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120641 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | Hazard Insurance coverage is short by XXXX. Please provide updated coverage or Replacement Cost Estimator. | Reviewer Comment (XXXX-05-13): more recent RCE provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Property is non warrantable condominium | Reviewer Comment (XXXX-05-05): Allowed per guidelines. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR | Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail. | Loan Designation discrepancy due to missing VVOE for both of the borrower's employments. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM status | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Employment - W-2 | Ability to Repay (Dodd-Frank 2014): Unable to verify current Wages/W-2 employment status using reasonably reliable third-party records. (XXXX,XXXX XXXX RM/SW LP/Wages) | Waterfall due to missing VVOE for both of the borrower's employments. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Employment - W-2 | Ability to Repay (Dodd-Frank 2014): Unable to verify current Wages/W-2 employment status using reasonably reliable third-party records. (XXXX,XXXX XXXX's/Wages) | Waterfall due to missing VVOE for both of the borrower's employments. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied. | Waterfall due to missing VVOE for both of the borrower's employments. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to missing VVOE for both of the borrower's employments. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 85.00000% exceeds Guideline loan to value percentage of 75.00000%. | Lender approved exception for LTV of 85% for non-warrantable condominium in a declining market. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 776 |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-08): (Rate Lock) Please downgrade and clear/waive |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 85.00000% exceeds Guideline combined loan to value percentage of 75.00000%. | Lender approved exception for CLTV of 85% for non-warrantable condominium in a declining market. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 776 |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-08): (Rate Lock) Please downgrade and clear/waive |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | VVOE within 10 business days prior to closing for both of the borrower's employments was not provided. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Verification(s) of employment is not within 10 business days of the Note. | Borrower: XXXX XXXX XXXX // Employment Type: Employment / Income Type: Wages / Start Date: XXXX | VVOE within 10 business days prior to closing for both of the borrower's employments was not provided. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Verification(s) of employment is not within 10 business days of the Note. | Borrower: XXXX XXXX XXXX // Employment Type: Employment / Income Type: Wages / Start Date: XXXX | Borrower's employment was not verified within 10 business days prior to closing. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | VVOE within 10 business days prior to closing for both of the borrower's employments was not provided. | Reviewer Comment (XXXX-05-12): Paystubs provided within 10 days of Note date. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120707 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX XXXX VVOE - Employment Only | Borrower's employment was not verified within 10 business days prior to closing. | Reviewer Comment (XXXX-05-12): Paystub dated within 10 days of Note date provided. Seller Comment (XXXX-05-08): (Rate Lock) Paystubs provided within 20 days of note date, confirming borrower is active |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120565 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Final Lender Credit of $-XXXX exceeds tolerance of $-XXXX. File does not contain a valid Changed Circumstance for this fee, no evidence of cure in file. | Reviewer Comment (XXXX-05-08): XXXX received COC and email confirmation from lender for change in DTI. Seller Comment (XXXX-05-07): (Rate Lock) Confirmation from LD provided Reviewer Comment (XXXX-04-29): Upon review we don't have enough information to conclude the changes are valid. The XXXX VCC indicates the, "Lender Credits changed..." but don't indicate why the lender credit changed. Because the section of the VCC indicating the change is a borrower request was checked we would expect additional supporting documentation of what the borrower requested and why. TRID Grid 4.0, Additional Considerations, Row 14, Changed of Circumstance addresses what can be considered sufficient and insufficient cause for a change. specifically, under Appraisal Fee Insufficient information states the following in regard to an appraisal fee: "Insufficient – Market fluctuations; or Borrower Requested change (with no additional documentation); or Loan Program/Investor Change (with no additional information); or Appraisal Rush or Reinspection order/invoice received (with no additional information)" which would indicate the CFPB would expect more detail in regard to a borrower requested change. If the lender can provide more detail in regard to the change to fees and lender credits on XXXX we would be happy to take another look at the exceptions. Seller Comment (XXXX-04-29): (Rate Lock) CIC provided and lock confirmation to show change in pricing |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | |||||
| XXXX | XXXX | XXXX | 4350120809 | XXXX | XXXX | XXXX | XXXX | 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 0.81 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 17.88 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 773 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120639 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing dated within 90 days prior to closing was not provided. | Reviewer Comment (XXXX-05-13): Received COGS in trailing docs. Seller Comment (XXXX-05-12): (Rate Lock) COGs provided Reviewer Comment (XXXX-05-11): Certificate of good standing is required for the business entity. Seller Comment (XXXX-05-07): (Rate Lock) not needed; borrowers vested as themselves |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120890 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Waterfall due to missing two months bank statements to verify assets required. | Reviewer Comment (XXXX-06-01): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120890 | XXXX | XXXX | XXXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within XXXX and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Title Evidence: Preliminary; StateXXXX |
The Title Commitment or Preliminary Title Policy amount was not provided. | Reviewer Comment (XXXX-06-01): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-29): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120890 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 0.00 is less than Guideline PITIA months reserves of 6.00. | Loan file is missing bank statements for required assets. | Reviewer Comment (XXXX-06-01): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120890 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Documented qualifying Assets for Closing of XXXX is less than Cash From Borrower XXXX. | Loan file is missing bank statements for required assets. | Reviewer Comment (XXXX-06-01): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120890 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Ct, XXXXsXXXX, Address: XXXX St, XXXXXXXX, Address: XXXX XXXX XXXX Ave, XXXXXXXX Statement Statement Statement |
Reviewer Comment (XXXX-06-01): Received mortgage statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120799 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Document Error | Hazard Insurance | Hazard Insurance policy does not list Lender or Servicer and its successors and assigns, per guideline requirements. | Reviewer Comment (XXXX-05-26): Loan is a correspondent loan and it lists the broker on the policy. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120799 | XXXX | XXXX | XXXX | XXXX | 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 0.84 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.84 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 758 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120681 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Flood | FEMA Disaster Issue: The most recent valuation inspection is dated prior to a FEMA disaster. | Most Recent Valuation Inspection Date: XXXX; Disaster Name: SEVERE STORMSXXXXOODING, LANDSLIDES, AND MUDSLIDES; Disaster Declaration Date: XXXX; Disaster End Date: XXXX |
Reviewer Comment (XXXX-05-13): Received post-disaster inspection in trailing docs. Seller Comment (XXXX-05-12): attached Reviewer Comment (XXXX-04-24): The property was inspected prior to the declared disaster. A Property Disaster Inspection will need to be completed. A CDA does not inspect the property. Seller Comment (XXXX-04-23): Please advise exactly what is needed to clear exceptionXXXXn the appraiser add a comment to the appraisal? Seller Comment (XXXX-04-22): attached XXXX |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120681 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Non-warrantable with outstanding repairs. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. The Loan to Value (LTV) 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. |
Reserves: 33.17 Guideline Requirement: 3.00 Loan to Value: 53.03030% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-04-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120681 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Investor occupancy is 94.31% vs maximum guideline requirement of 60%. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. The Loan to Value (LTV) 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. |
Reserves: 33.17 Guideline Requirement: 3.00 Loan to Value: 53.03030% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-04-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120681 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Document Error | Hazard Insurance | Hazard Insurance policy does not list Lender or Servicer and its successors and assigns, per guideline requirements. | Reviewer Comment (XXXX-04-24): Update provided with required verbiage. Seller Comment (XXXX-04-22): attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120672 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Reconciliation | Property - Appraisal | Appraisal is required to be in name of Lender | Valuation Type: Appraisal / Valuation Report Date: XXXX | Appraisal Transfer Letter was not found in file. | Reviewer Comment (XXXX-05-06): Guidelines met |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | B | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120672 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Federal HPML | TIL Higher Priced Mortgage Loan Safe Harbor Test | TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-11): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | B | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120672 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Transfer Tax Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-12): Sufficient cure provided. Full cure amount for tolerance violation was provided at or before closing (on final CD) resulting in a cleared exception. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | B | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120672 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow 2x30x12 rental payment history. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. DTI: 33.00119% Guideline Maximum DTI: 55.00000% |
XXXX | Reviewer Comment (XXXX-05-06): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | B | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120672 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax. Fee Amount of XXXX exceeds tolerance of XXXX. Sufficient or excess cure was provided to the borrower at Closing. XXXX | Reviewer Comment (XXXX-05-12): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | C | B | B | B | C | B | B | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120711 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Reviewer Comment (XXXX-05-07): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | B | B | B | B | A | A | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120711 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for ineligible property type. Subject is a barndominium on XXXX acres. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Borrower has verified disposable income of at least XXXX0.00. |
Reserves: 84.35 Guideline Requirement: 6.00 Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120651 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Reviewer Comment (XXXX-05-12): XXXX received CD dated XXXX Seller Comment (XXXX-05-11): (Rate Lock) ICD provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | No Defined Cure | C | A | A | A | C | A | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120651 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-19): XXXX received valid COC document Seller Comment (XXXX-05-18): (Rate Lock) The initial order was submitted XXXX after ILE was sent, and was update after. Therefore this is compliant as we re-disclosed within the timeframe of knowing and no cure is needed. Please clear Reviewer Comment (XXXX-05-13): XXXX Received Email communication stating property value being over XXXXM; however, property value was known from initial LE and fee should have been disclosed from Initial LE. In order to determine if the changed circumstance is valid more information is necessary on reason fee increase and when lender became aware of the change. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | |||||
| XXXX | XXXX | XXXX | 4350120658 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. Sec ID: 22 | Note Date: XXXX; Lien Position: 1 | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-11): (Rate Lock) EV2 accept please waive |
XXXX | 2 | A | A | A | A | A | A | A | A | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | A | A | A | A | B | B | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120581 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | This deal has a five year declining prepayment penalty and loan amount is under the XXXX requirement for prepayment penalty permitted in XXXX. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. | Loan to Value: 61.42857% Guideline Maximum Loan to Value: 75.00000% |
XXXX | Reviewer Comment (XXXX-04-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120804 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-22): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120804 | XXXX | XXXX | XXXX | XXXX | 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 0.91 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.91 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 789 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120763 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Rider - Other not provided | Assignment of Leases and Rents Rider | Reviewer Comment (XXXX-05-18): Received document in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120671 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-11): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Second Home | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for 26 Non-Sufficient Funds/Overdrafts in the last 12 months; guidelines allow a maximum of 5. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. DTI: 24.36010% Guideline Maximum DTI: 45.00000% |
XXXX | Reviewer Comment (XXXX-04-23): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Loan Estimate Timing Electronically Provided | TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XXXX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations. (Initial/XXXX) | Initial Loan Estimate provided XXXX and e-sign consent agreement signed XXXX. | Reviewer Comment (XXXX-04-29): XXXX received disclosure summary for LE sent via fulfilment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | Third-party verification confirming 2 years of self-employment and 2 years of business existence was not provided. Additionally, verification that business is currently active must be obtained within 120 days prior to note date. | Reviewer Comment (XXXX-04-29): Received business certificate in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing income documents. | Reviewer Comment (XXXX-05-22): Income documents provided. Exception for reserves downgraded and waived. System cleared. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to missing income documents. | Reviewer Comment (XXXX-05-04): Income documentation provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to missing income documents. *****Update XXXX*** Income documentation received. Additional .45 months reserves required. | Reviewer Comment (XXXX-05-22): Income documents provided. Exception for reserves downgraded and waived. System cleared. Reviewer Comment (XXXX-05-04): *****Update XXXX*** Income documentation received. Additional .45 months reserves required. Update on CD resulted in insufficient assets. Reviewer Comment (XXXX-05-04): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk. Reviewer Comment (XXXX-04-29): Third party verification of business being active provided is not dated. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Third-party verification confirming 2 years of self-employment and 2 years of business existence was not provided. Additionally, verification that business is currently active must be obtained within 120 days prior to note date. *****Update XXXX*** Income documentation received. Additional .45 months reserves required. | Reviewer Comment (XXXX-05-04): Income/Employment verification received. Reviewer Comment (XXXX-04-29): Third party verification of business being active provided is not dated. Reviewer Comment (XXXX-04-29): Received business certificate in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120757 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 5.55 is less than Guideline PITIA months reserves of 6.00. | 6.0 months reserves required, borrower has 5.55. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 24.36010% Guideline Maximum DTI: 45.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||||
| XXXX | XXXX | XXXX | 4350120654 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Mismatch of data related to Occupancy. | Borrower: XXXX XXXX Occupancy: Investment; Declarations/Will borrower occupy: Yes | Subject property is Investment; however, 1003 declarations indicate borrower will occupy the property as primary residence. | Reviewer Comment (XXXX-06-03): Updated 1003 provided. Seller Comment (XXXX-06-02): (Rate Lock) Signed corrected 1003 provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120654 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Bankruptcy Documents not provided | Bankruptcy Document is not provided. | Reviewer Comment (XXXX-05-21): Per Guidelines, Bankruptcy discharged after 3 years is allowed. Seller Comment (XXXX-05-19): (Rate Lock) This was discharged 3+ years nothing needed |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120654 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 85.00000% exceeds Guideline loan to value percentage of 80.00000%. | Max LTV for purchase transactions of a rural property is 80%. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 16.00 Guideline Requirement: 6.00 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120654 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 85.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | Max LTV for purchase transactions of a rural property is 80%. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 16.00 Guideline Requirement: 6.00 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120654 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | Loan file is missing the document date for the third party verification. | Reviewer Comment (XXXX-05-21): Received processor cert in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120617 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Insufficient Coverage | Hazard Insurance | The Hazard Insurance Policy Effective Date is after closing. | Hazard Insurance Policy Effective Date XXXX, Disbursement Date: XXXX | Reviewer Comment (XXXX-05-11): Received HOI policy in trailing docs. Reviewer Comment (XXXX-05-05): HOI provided has a policy effective date that is after the Note and Disbursement date. Seller Comment (XXXX-05-05): (Rate Lock) HOI provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120617 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 653 is less than Guideline representative FICO score of 660. | Lender exception approval required for New report FICO is 653 which does not meet the 660 minimum requirement. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR of 1.1 is greater than the minimum required DSCR of 1.0 | XXXX | Reviewer Comment (XXXX-04-29): Housing payment history is 0x30x24 or better |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120739 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Interim Closing Disclosure Timing Product Change | TILA-RESPA Integrated Disclosure – Corrected Closing Disclosure issued on XXXX contains a change in loan product and a complete Closing Disclosure was not received by borrower at least three (3) business days prior to consummation. | Closing Disclosure dated XXXX contains product as 10-year interest-only, fixed-rate which was not received by the borrower within 3 business days prior to consummation. | Reviewer Comment (XXXX-05-21): Interest Only period reflected in Monthly P&I information on LE & all CD's. LE & initial CD did not relfect the Interest Only feature in Product information, but did include in monthly P&I, rate locks and file documentation confirm there was not a change in product and loan always was 10 yr Int Only Fixed. Seller Comment (XXXX-05-20): (Rate Lock) Initial LE and other CD both reflect I/O payment information - please advise |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | No Defined Cure | C | B | A | A | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120739 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Investor Qualification Method not Matching ATR | Ability to Repay (Dodd-Frank 2014): The Qualification Method used by the lender does not match the ATR payment calculation methods under 1026.43(c)(5). | ATR requires qualification on a Fully amortized payment at the greater of the fully indexed or the note rate, to repay the loan over the remaining term after the I/O period, not the Note Rate as used at origination. | Reviewer Comment (XXXX-05-26): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-25): (Rate Lock) EV2 Accept please waive Reviewer Comment (XXXX-05-22): Client can elect to waive an EV2 exception. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120661 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Please provide Corporate Resolution reflecting borrower has authority to bind the company on all owner's behalf. | Reviewer Comment (XXXX-05-21): IRS letter shows sole member. Seller Comment (XXXX-05-19): (Rate Lock) EIN shows sole member Reviewer Comment (XXXX-05-13): Amended Operating agreement only has the guarantor's signature. Please provide evidence that the other business owner signed their ownership over to the guarantor. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120661 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 80.00000% exceeds Guideline loan to value percentage of 75.00000%. | LTV over max allowed of 75% with bankruptcy less than 36 months ago but more than 24 months. | 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 XXXX. |
Reserves: 157.63 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 100.00% Borrower's Own Funds Amount: XXXX |
XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120661 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 80.00000% exceeds Guideline combined loan to value percentage of 75.00000%. | LTV over max allowed of 75% with bankruptcy less than 36 months ago but more than 24 months. | 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 XXXX. |
Reserves: 157.63 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 100.00% Borrower's Own Funds Amount: XXXX |
XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120696 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Second Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Second Appraisal Fee. Fee amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-27): XXXX received interim CD. Reviewer Comment (XXXX-05-27): Exception has been elevated for further review. Reviewer Comment (XXXX-05-20): XXXX received rebuttal, however COC available in file is dated XXXX and there is no CD available in file within 3 days of COC. Please provide CD within 3 days of COC for further analysis. Also, please provide additional supporting document to verify when UW added the condition. Seller Comment (XXXX-05-19): (Rate Lock) CDA value came in low at XXXXk with a 15.6% variance. Therefore a field review or 2nd appraisal is required to be ordered. The lower of the 2 values will be used. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120696 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Fee amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-20): Cured at closing or within 60 days of consummation prior to TPR review Seller Comment (XXXX-05-19): (Rate Lock) Cure was applied to final CD |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120696 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for XXXX overdrafts in the previous 12 months. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has been employed in the same industry for more than 5 years. Miscellaneous |
Guidelines Representative FICO: 700 Representative FICO: 761 Borrower has been employed in the same industry for more than 5 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120696 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Sufficient cure provided at closing. | Reviewer Comment (XXXX-05-27): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | ||||||||||
| XXXX | XXXX | XXXX | 4350120653 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Requirement: Minimum Loan Amount discrepancy. | Note loan amount of XXXX is less than Guideline minimum loan amount of XXXX. | Note loan amount of XXXX is less than Guideline minimum loan amount of XXXX. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Debt Service Coverage Ratio: 1.59 Guideline Requirement: 1.00 Guidelines Representative FICO: 680 Representative FICO: 780 |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120653 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Operating agreement for borrowing business entity is missing from the file. | Reviewer Comment (XXXX-05-26): Received EIN showing borrower is a sole member in trailing docs. Seller Comment (XXXX-05-25): (Rate Lock) Borrower is sole member |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120653 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Corporate resolution for borrowing business entity is missing from the file. | Reviewer Comment (XXXX-05-26): Received EIN showing borrower is a sole member in trailing docs. Seller Comment (XXXX-05-25): (Rate Lock) Borrower is sole member |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120800 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for borrower with 11 overdrafts in the past 12 months, exceeds maximum allowable. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Reserves: 130.93 Guideline Requirement: 6.00 DTI: 2.09858% Guideline Maximum DTI: 55.00000% Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-22): Per bank statements in file borrower has XXXX NSFs in the past 12 months. Please update lender exception form. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120800 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Waterfall due to missing evidence that the withdrawal of funds from the business account will not have a negative impact on the business. | Reviewer Comment (XXXX-06-03): CFA provided Reviewer Comment (XXXX-05-27): CPA Letter provided does not say the use of funds will not have a negative impact on the business. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120800 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Missing evidence that the withdrawal of funds from the business account will not have a negative impact on the business. | Reviewer Comment (XXXX-06-03): CFA provided Reviewer Comment (XXXX-05-27): CPA Letter provided does not say the use of funds will not have a negative impact on the business. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120736 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Secondary valuation is missing. Sec ID: 2 | Note Date: XXXX; Lien Position: 1 | Secondary valuation is not required in the file. | Reviewer Comment (XXXX-05-19): Received CDA in trailing docs. |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | C | B | D | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120736 | XXXX | XXXX | XXXX | XXXX | 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 0.76 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.76 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower's Experience/Track Record Miscellaneous |
Reserves: 61.15 Guideline Requirement: 6.00 Borrower's Experience/Track Record. The borrower has more than 2 prior investments. Borrower has low revolving credit utilization |
XXXX | Reviewer Comment (XXXX-05-19): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-14): Please provide additional comp factors to waive and downgrade the exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | D | B | C | B | D | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120736 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 692 is less than Guideline representative FICO score of 720. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower's Experience/Track Record Miscellaneous |
Reserves: 61.15 Guideline Requirement: 6.00 Borrower's Experience/Track Record. The borrower has more than 2 prior investments. Borrower has low revolving credit utilization |
XXXX | Reviewer Comment (XXXX-05-19): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-14): Please provide additional comp factors to waive and downgrade the exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | D | B | C | B | D | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120923 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Missing 2nd mortgage statement for the investment property listed on the 1003. The payment history provided does not reflect property address. | Reviewer Comment (XXXX-06-02): The HELOC payment history in file coincides with the dates of the borrower's exit residence. They own no other properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120923 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXXs XXXX, XXXXXXXX Statement | Missing 2nd mortgage statement for the investment property listed on the 1003. The payment history provided does not reflect property address. | Reviewer Comment (XXXX-06-02): The HELOC payment history in file coincides with the dates of the borrower's exit residence. They own no other properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120923 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing 2nd mortgage statement for the investment property listed on the 1003. The payment history provided does not reflect property address. | Reviewer Comment (XXXX-06-02): The HELOC payment history in file coincides with the dates of the borrower's exit residence. They own no other properties. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | A | C | A | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120923 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall due to missing 2nd mortgage statement for the investment property listed on the 1003. The payment history provided does not reflect property address. | Reviewer Comment (XXXX-06-02): The HELOC payment history in file coincides with the dates of the borrower's exit residence. They own no other properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120923 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to missing 2nd mortgage statement for the investment property listed on the 1003. The payment history provided does not reflect property address. | Reviewer Comment (XXXX-06-02): The HELOC payment history in file coincides with the dates of the borrower's exit residence. They own no other properties. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120636 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Requirement: Minimum Loan Amount discrepancy. | Note loan amount of XXXX is less than Guideline minimum loan amount of XXXX. | Note loan amount of XXXX is less than Guideline minimum loan amount of XXXX. | The representative FICO score exceeds the guideline minimum by at least 40 points. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. |
Guidelines Representative FICO: 660 Representative FICO: 759 Debt Service Coverage Ratio: 1.92 Guideline Requirement: 1.00 |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120731 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX, XXXXXXXX Statement | The mortgage statement for XXXX Rd is missing from file. | Reviewer Comment (XXXX-05-22): Received CD in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120731 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has worked in the same position for more than 3 years. |
Guidelines Representative FICO: 660 Representative FICO: 745 Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-22): File is still missing verification of borrower's housing history. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120593 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Secondary valuation is missing. Sec ID: 2 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-11): Received CDA in trailing docs. Seller Comment (XXXX-05-07): (Rate Lock) Provided |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | B | B | D | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120593 | XXXX | XXXX | XXXX | XXXX | 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 0.88 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Lender approved exception for DSCR less than 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Guidelines Representative FICO: 660 Representative FICO: 741 Reserves: 42.41 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-04-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | B | B | D | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120566 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 694 is less than Guideline representative FICO score of 700. | FICO of 694 is less than the guideline minimum of 700 with STR. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Reserves: 115.65 Guideline Requirement: 6.00 The DSCR of 1.09 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-04-23): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120566 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 70.00000% exceeds Guideline loan to value percentage of 65.00000%. | Calculated loan to value percentage of 70.00000% exceeds guideline loan to value percentage of 65.00000% for C/O on rural property. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Reserves: 115.65 Guideline Requirement: 6.00 The DSCR of 1.09 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120566 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 70.00000% exceeds Guideline combined loan to value percentage of 65.00000%. | Calculated combined loan to value percentage of 70.00000% exceeds guideline combined loan to value percentage of 65.00000%. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Reserves: 115.65 Guideline Requirement: 6.00 The DSCR of 1.09 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120776 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Borrower is a first time home buyer and ineligible per guidelines. | Borrower: XXXX XXXX | Approved lender exception provided for first-time home buyer. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Reserves: 110.17 Guideline Requirement: 6.00 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120803 | XXXX | XXXX | XXXX | XXXX | Compliance | TRID | Document Error | TRID | Loan Estimate: Dates are not in chronological order. | Date Issued: XXXX Issue Date: XXXX; Received Date: XXXX; Signed Date: | Loan Estimate provided on XXXX and signed by borrower on XXXX. | Reviewer Comment (XXXX-05-26): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-25): (Rate Lock) EV2 accept please waive Reviewer Comment (XXXX-05-21): XXXX LE, Doc ID XXXX, electronically signed on XXXX. Date stamp on bottom of LE reflects issued XXXX @ XXXX AM PST, but borrower signed earlier date. Exception will remain at the EV2-B grade unless further clarification provided by lender. Seller Comment (XXXX-05-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | A | A | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120801 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 80.00000%. | LTV of 90% exceeds guideline max of 80% for a rural property. | Borrower has verified disposable income of at least XXXX0.00. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Disposable Income: XXXX Reserves: 24.52 Guideline Requirement: 6.00 Guidelines Representative FICO: 680 Representative FICO: 782 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120801 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 90.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | LTV of 90% exceeds guideline max of 80% for a rural property. | Borrower has verified disposable income of at least XXXX0.00. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Disposable Income: XXXX Reserves: 24.52 Guideline Requirement: 6.00 Guidelines Representative FICO: 680 Representative FICO: 782 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120801 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow for unverifiable housing history. | Borrower has verified disposable income of at least XXXX0.00. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Disposable Income: XXXX Reserves: 24.52 Guideline Requirement: 6.00 Guidelines Representative FICO: 680 Representative FICO: 782 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120812 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Borrower is a first time home buyer and ineligible per guidelines. | Borrower: XXXX | Lender exception approved for the borrower being a FTHB and living rent-free. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. |
Guidelines Representative FICO: 660 Representative FICO: 793 The DSCR of 1.23 is greater than the minimum required DSCR of 1.00. |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Association has outstanding repairs. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Reserves: 88.69 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 812 Loan to Value: 63.82979% Guideline Maximum Loan to Value: 80.00000% |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Delinquencies are 23.37% versus guideline maximum of 20%. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Reserves: 88.69 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 812 Loan to Value: 63.82979% Guideline Maximum Loan to Value: 80.00000% |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Association is 95.66% non-owner occupied versus guideline maximum of 60%. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 88.69 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 812 |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Subject does not have a separate room. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 88.69 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 812 |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Trust Agreement not provided | Note is signed as a trustee. Loan file is missing the trust agreement. | Reviewer Comment (XXXX-05-12): Trusts provided. Seller Comment (XXXX-05-08): attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120680 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Ineligible Property Type per the guidelines. | Subject is a Condotel which is not allowed per Guidelines. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Reserves: 88.69 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 812 Loan to Value: 63.82979% Guideline Maximum Loan to Value: 80.00000% |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-20): ATTACHED |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120652 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Legal non-conforming property cannot be rebuilt without variance. | The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. Miscellaneous |
Debt Service Coverage Ratio: 1.78 Guideline Requirement: 1.00 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120608 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Note Addendum - Prepayment not provided | Reviewer Comment (XXXX-05-13): Received document in trailing docs. Seller Comment (XXXX-05-11): (Rate Lock) Doc provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120608 | XXXX | XXXX | XXXX | XXXX | 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 0.90 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than guideline minimum of 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 759 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-11): (Rate Lock) ALL IN Reviewer Comment (XXXX-05-04): Please provide additional compensating factors. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120587 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Rural investment property. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
Reserves: 17.59 Guideline Requirement: 3.00 Mortgage History 3+ years 0X30 The DSCR of 1.48 is greater than the minimum required DSCR of 1.0. FICO score is 748 vs minimum 720 |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120587 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Allow heat sources that are attached to the wall but are individually plugged and therefore not technically permanent. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
Reserves: 17.59 Guideline Requirement: 3.00 Mortgage History 3+ years 0X30 The DSCR of 1.48 is greater than the minimum required DSCR of 1.0. FICO score is 748 vs minimum 720 |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Subject property is designated as a log cabin. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has verified disposable income of at least XXXX0.00. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 29.85697% Guideline Maximum DTI: 45.00000% Guidelines Representative FICO: 680 Representative FICO: 795 Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-04-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall exception due to missing income documents. | Reviewer Comment (XXXX-05-04): CPA letter verification/clarification email provided. Seller Comment (XXXX-05-01): (Rate Lock) ownership from CPA provided |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall exception due to missing income documents. | Reviewer Comment (XXXX-05-04): CPA letter verification/clarification email provided. Seller Comment (XXXX-05-01): (Rate Lock) ownership from CPA provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing an Operating agreement to show borrower's business ownership percentage. | Reviewer Comment (XXXX-05-04): CPA letter verification/clarification email provided. Seller Comment (XXXX-05-01): (Rate Lock) ownership from CPA provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Operating agreement | Loan file is missing an Operating agreement to show borrower's business ownership percentage. | Reviewer Comment (XXXX-05-04): CPA letter verification/clarification email provided. Seller Comment (XXXX-05-01): (Rate Lock) ownership from CPA provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120619 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall exception due to missing income documents. | Reviewer Comment (XXXX-05-04): CPA letter verification/clarification email provided. Reviewer Comment (XXXX-05-04): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk. Seller Comment (XXXX-05-01): (Rate Lock) ownership from CPA provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120605 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Security Instrument - Subject Lien not provided | Reviewer Comment (XXXX-05-11): Received security instrument in trailing docs. |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120815 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for borrower being a first time homebuyer. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. Miscellaneous |
Reserves: 24.07 Guideline Requirement: 6.00 Loan to Value: 51.80723% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 758 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120740 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Employer Identification Number (EIN) not provided | EIN document not provided. | Reviewer Comment (XXXX-05-26): Received W-9 form in trailing docs. Reviewer Comment (XXXX-05-22): Please provide letter from IRS showing EIN. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120660 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Please provide the copy of Corporate Resolution for XXXX LLC. | Reviewer Comment (XXXX-05-21): EIN shows sole member. Seller Comment (XXXX-05-19): (Rate Lock) EIN shows sole member |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120660 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Please provide the copy of Operating Agreement for XXXX LLC. | Reviewer Comment (XXXX-05-21): Provided EIN shows sole member. Seller Comment (XXXX-05-19): (Rate Lock) EIN shows sole member |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120660 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 673 is less than Guideline representative FICO score of 680. | FICO of 673 is less than guideline required minimum of 680 for LTV of 80%. | 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 XXXX. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
The DSCR of 1.03 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120708 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 650 is less than Guideline representative FICO score of 660. | Representative FICO score of 650 is less than guideline representative FICO score of 660. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DSCR on the loan is greater than the guideline minimum. Miscellaneous |
Loan to Value: 50.00000% Guideline Maximum Loan to Value: 75.00000% The DSCR of 1.31 is greater than the minimum required DSCR of 1.00. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120868 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX St, XXXXXXXX Lease Agreement | Lease Agreement and Mortgage Statement documents were not found in file for REO property at XXXX St. | Reviewer Comment (XXXX-06-02): CD provided reflecting newly purchased. Lease not in place yet. Reviewer Comment (XXXX-05-29): Guidelines require a copy of the current lease agreement and Form 1007. Seller Comment (XXXX-05-28): (Rate Lock) Since these were new purchases we used 1007s to come up with market rent Reviewer Comment (XXXX-05-27): EXCEPTION HISTORY - Exception Explanation was updated on XXXX PRIOR Exception Explanation: Lease Agreement, Statement Reviewer Comment (XXXX-05-27): A copy of the current lease or rental agreement is required by guidelines. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120868 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower does not have full 12-month housing payment history. 7 months at primary, remaining 5 months living on the XXXX in an RV with no primary housing expense. Guidelines limit borrowers without a full 12-month housing payment history to an 80% LTV, and when this is not met, investment transactions are rendered ineligible. | Borrower has verified disposable income of at least XXXX0.00. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
Documentation Type: 12mo Bank Statement Disposable Income: XXXX Guidelines Representative FICO: 700 Representative FICO: 787 Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-11): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120868 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Rental income was used to qualify. Loan file is missing mortgage statement and lease agreement for investment property with address XXXX st. | Reviewer Comment (XXXX-06-02): CD provided reflecting newly purchased. Lease not in place yet. Reviewer Comment (XXXX-05-29): Guidelines require a copy of the current lease agreement and Form 1007. Seller Comment (XXXX-05-28): (Rate Lock) Since these were new purchases we used 1007s to come up with market rent Reviewer Comment (XXXX-05-27): CD provided, file still missing lease agreement. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120724 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Will Not Have Escrow - Reason | TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on XXXX incorrectly disclosed whether the loan will have an escrow account. (Final/XXXX) | Final closing disclosure did not mention the reason for not having an escrow account. | Reviewer Comment (XXXX-05-26): XXXX Received Letter of Explanation & Corrected Closing Disclosure. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Letter of Explanation & Corrected Closing Disclosure | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120724 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. Sufficient or excess cure was provided to the borrower at Closing. (0) | Reviewer Comment (XXXX-05-18): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120721 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | XXXX SB XXXX | XXXX Lending Database Program (SB 1894) - Certificate of Compliance or Exemption not attached to mortgage for recording. | Certificate of Compliance or Exemption document is not provided in file. | Reviewer Comment (XXXX-05-26): Received document in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | A | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120721 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Closing Disclosure document is not provided to Borrower at least three business days prior to closing. | Reviewer Comment (XXXX-05-21): XXXX received XXXX Initial CD, 3 business days prior to the consummation. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | No Defined Cure | C | A | A | A | C | A | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120733 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Reviewer Comment (XXXX-05-15): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | A | A | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX St, XXXXXXXX Lease Agreement, Statement, Tax Verification | Rental income was used to qualify. Loan file is missing lease agreement and mortgage statement for the property. | Reviewer Comment (XXXX-06-02): CD provided reflecting newly purchased. Lease not in place yet. Reviewer Comment (XXXX-05-29): Guidelines require lease agreement and 1007. Verification of mortgage payment is not in file. Reviewer Comment (XXXX-05-27): Please provide CD and lease agreement for XXXX. Seller Comment (XXXX-05-26): (Rate Lock) Docs provided were to evidence this was a purchase that just closed XXXX, 1007 was provided Reviewer Comment (XXXX-05-08): Lease agreement and mortgage statement were not provided in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of good standing missing for the borrowing business entity. | Reviewer Comment (XXXX-05-08): Received business listing in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | HOI coverage is insufficient by XXXX. Provide verification of policy with sufficient coverage OR provide copy of insurer's replacement cost estimate supporting current coverage amount. | Reviewer Comment (XXXX-05-27): XXXX checklist provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 85.00000% exceeds Guideline loan to value percentage of 80.00000%. | LTV of 85% exceeds guideline max of 80% for a borrower without a 12 month housing history. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has verified disposable income of at least XXXX0.00. |
Reserves: 44.07 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 787 |
XXXX | Reviewer Comment (XXXX-04-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 85.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | LTV of 85% exceeds guideline max of 80% for a borrower without a 12 month housing history. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has verified disposable income of at least XXXX0.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Guidelines Representative FICO: 660 Representative FICO: 787 Reserves: 44.07 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-04-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | AUS/Guideline Findings: All conditions were not met | Certificate of good standing missing for borrowing business entity. | Reviewer Comment (XXXX-05-08): Received business listing in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120594 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Rental income was used to qualify. Loan file is missing lease agreement and mortgage statement for the property. | Reviewer Comment (XXXX-06-02): CD provided reflecting newly purchased. Lease not in place yet. Reviewer Comment (XXXX-05-29): Guidelines require lease agreement and 1007. Verification of mortgage payment is not in file. Reviewer Comment (XXXX-05-27): Please provide CD and lease agreement for XXXX. Seller Comment (XXXX-05-26): (Rate Lock) Confirm for what property? XXXX and XXXX are new purchase investment properties. Reviewer Comment (XXXX-05-08): Lease agreement and mortgage statement were not provided in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120667 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Type:Primary/XXXX) | No evidence that the borrower received a copy of the appraisal 3 business days prior to closing. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-12): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | A | A | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120667 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | XXXX Prepayment Penalty - Business Entity | XXXX Prepayment Penalty: No prepayment penalties are permissible in the state of XXXX under N.J.S.A. 46:10B-2. | XXXX Prepayment Penalty: No prepayment penalties are permissible in the state of XXXX under N.J.S.A. 46:10B-2. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-12): (Rate Lock) Lender accepts EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | A | A | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120732 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Please provide Corporate Resolution reflecting borrower has authority to bind the company on all owner's behalf. | Reviewer Comment (XXXX-05-20): OA giving borrowing authority provided. Seller Comment (XXXX-05-18): (Rate Lock) Amended OA gives borrower authority |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120725 | XXXX | XXXX | XXXX | XXXX | 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 0.85 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.85 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Loan to Value: 56.09756% Guideline Maximum Loan to Value: 75.00000% Reserves: 112.28 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120725 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Document Error | Hazard Insurance | Hazard Insurance policy does not list Lender or Servicer and its successors and assigns, per guideline requirements. | Hazard Insurance policy does not list Lender or Servicer - including successors and assigns. | Reviewer Comment (XXXX-05-20): HOI policy provided listing Lender - including successors and assigns. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120772 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | NSF exceeds 5 in the most recent 12 months. In total, there appear to be 61 overdrafts/NSFs in the most recent 12 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has verified disposable income of at least XXXX0.00. Miscellaneous |
Loan to Value: 48.93617% Guideline Maximum Loan to Value: 80.00000% DTI: 32.94719% Guideline Maximum DTI: 45.00000% Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120772 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-01): XXXX Received detailed LOE, Copy of check and Proof of Mailing. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120625 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a cash out refinance with less than 6 months seasoning. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 11.98 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 763 |
XXXX | Reviewer Comment (XXXX-04-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120791 | XXXX | XXXX | XXXX | XXXX | 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 0.85 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Lender approved exception for DSCR less than 1.00. | Miscellaneous Borrower's Experience/Track Record |
Housing payment history is 0x30x24 or better. Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-29): (Rate Lock) Assets uploaded for review Reviewer Comment (XXXX-05-22): Please provide updated lender exception. Funds held by 1031 cannot be used to satisfy reserve requirements. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120791 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Reviewer Comment (XXXX-05-29): Received insurance policy in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120791 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 0.00 is less than Guideline PITIA months reserves of 6.00. | Missing asset documentation covering 6 months PITIA reserves. Per guidelines, exchange funds cannot be utilized for reserves. | Reviewer Comment (XXXX-05-29): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120729 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for the appraiser giving the subject a 55% condition rating which falls within the below average condition range. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Reserves: 27.81 Guideline Requirement: 6.00 Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120630 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Short Term DSCR Refinance with only 2 months history versus required 12 months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 123.30 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 768 Mortgage history 12+ years 0*30 |
XXXX | Reviewer Comment (XXXX-05-07): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-05): See attached revised credit exception Reviewer Comment (XXXX-05-04): Please provide updated lender exception reflecting calculated PITIA reserves. Lender exception form provided shows calculated PITIA reserves of 155 months, and Due Diligence Calculated PITIA months reserves are.123.3. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120630 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Guidelines require a minimum of 6 months of rent loss insurance. The hazard declaration page provided does not specify amount or number of months covered. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 123.30 Guideline Requirement: 3.00 Guidelines Representative FICO: 680 Representative FICO: 768 Mortgage history 12+ years 0*30 |
XXXX | Reviewer Comment (XXXX-05-07): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-05): See trailing docs for the revised credit exception showing 120 months reserves. Reviewer Comment (XXXX-05-04): Please provide updated lender exception reflecting calculated PITIA reserves. Lender exception form provided shows calculated PITIA reserves of 155 months, and Due Diligence Calculated PITIA months reserves are.123.3. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120611 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero 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. | Reviewer Comment (XXXX-05-04): XXXX received CD dated XXXX. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120611 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for 10 NSF/ODs in the previous 12 months. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has worked in the same position for more than 3 years. Miscellaneous |
Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better; |
XXXX | Reviewer Comment (XXXX-04-30): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120611 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. (0) | Recording Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-05): XXXX Received Corrected PCCD, LOE and True and Certified final settlement statement. Reviewer Comment (XXXX-05-04): XXXX received rebuttal comment that fees are borrower shopped which is correct and no title fees are included in 10% tolerance category. The 10% fee includes only Recording fee which is increased from XXXX to XXXX on final CD without providing any valid COC. Please provide information as to what changed circumstance occurred (as defined under 1026.19(e)(4)(A)-(F) that resulted in an increase in closing costs or cure would be required. Cure requirements include LOE, corrected CD, proof of mailing and copy of refund check. Seller Comment (XXXX-05-01): (Rate Lock) Borrower shopped for services |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120793 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for subject being on a 30.66 acres lot when guidelines max is 10 acres. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. 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 XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 797 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120726 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Unique Property Type. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 12.73 Guideline Requirement: 6.00 Guidelines Representative FICO: 680 Representative FICO: 745 |
XXXX | Reviewer Comment (XXXX-05-15): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Insurance | Missing Document: Flood Certificate not provided | Flood Certificate was not provided. | Reviewer Comment (XXXX-05-27): Received flood certificate in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX XXXX Third Party Verification | Third-party verification dated within 120 calendar days prior to note is missing for XXXX to verify business is active. | Reviewer Comment (XXXX-05-27): Received business entity doc in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Third-party verification dated within 120 calendar days prior to note is missing for XXXX to verify business is active. | Reviewer Comment (XXXX-05-27): Received business entity doc in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for XXXX NSFs/ODs in the past 12 months for the borrower's businesses. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 27.25031% Guideline Maximum DTI: 45.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to third-party verification dated within 120 calendar days prior to note is missing for XXXX to verify business is active. | Reviewer Comment (XXXX-05-27): Received business entity doc in trailing docs. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Third-party verification dated within 120 calendar days prior to note is missing for XXXX to verify business is active. | Reviewer Comment (XXXX-05-27): Received business entity doc in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120765 | XXXX | XXXX | XXXX | XXXX | 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 dated within 120 calendar days prior to note is missing for XXXX to verify business is active. | Reviewer Comment (XXXX-05-27): Received business entity doc in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120727 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 67.12329% exceeds Guideline loan to value percentage of 65.00000%. | LTV exceeds guideline max of 65%. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 740 Representative FICO: 809 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120727 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for DSCR less than 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 740 Representative FICO: 809 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120727 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 67.12329% exceeds Guideline combined loan to value percentage of 65.00000%. | LTV exceeds guideline max of 65%. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 740 Representative FICO: 809 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-28): XXXX Received Corrected PCCD, LOE and Payment history. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | 2-unit property with an ADU is not permitted per guidelines. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 16.33 Guideline Requirement: 6.00 Loan to Value: 51.69231% Guideline Maximum Loan to Value: 80.00000% DTI: 35.51582% Guideline Maximum DTI: 55.00000% Housing payment history is 0x30x24 or better. Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | 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. | TPV, Business Search provided showing business is active is missing document date. Unable to verify business was active within 120 days prior to note date. | Reviewer Comment (XXXX-05-29): Date provided, system cleared. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | 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.) | TPV, Business Search provided showing business is active is missing document date. Unable to verify business was active within 120 days prior to note date. | Reviewer Comment (XXXX-05-29): Date provided, system cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | TPV, Business Search provided showing business is active is missing document date. Unable to verify business was active within 120 days prior to note date. | Reviewer Comment (XXXX-05-29): Date provided, system cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | TPV, Business Search provided showing business is active is missing document date. Unable to verify business was active within 120 days prior to note date. | Reviewer Comment (XXXX-05-29): Date provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120882 | XXXX | XXXX | XXXX | XXXX | Credit | Income | Income Error | Income | Income document is missing the document date and/or tax year. | Borrower: XXXX XXXX // Employment Type: Employment / Income Type: Bank Statements / Start Date: XXXX // Document: Third Party Verification / Document Date: <empty> / Tax Year: <empty> | TPV, Business Search provided showing business is active is missing document date. Unable to verify business was active within 120 days prior to note date. | Reviewer Comment (XXXX-05-29): Date provided |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120657 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow borrower living rent free with no attestation from owner. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Housing payment history is 0x30x24 or better. | XXXX | Reviewer Comment (XXXX-05-06): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120657 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing dated within 90 days prior to closing was not provided. | Reviewer Comment (XXXX-05-12): COGS provided and dated w/in 30 days of closing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120686 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing not provided in this loan file. | Reviewer Comment (XXXX-05-28): Received COGS in trailing docs. Reviewer Comment (XXXX-05-26): Document provided is dated pre-closing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120686 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception request for FICO scores on credit. Does not meet minimum tradeline requirement. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Guidelines Representative FICO: 660 Representative FICO: 766 Reserves: 221.60 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120686 | XXXX | XXXX | XXXX | XXXX | 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 0.97 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Exception request for DSCR below 1.00 (0.966) with 75% LTV. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Guidelines Representative FICO: 660 Representative FICO: 766 Reserves: 221.60 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120686 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception to use a post-dated Certificate of good standing. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 221.60 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 766 |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120746 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 75.00000% exceeds Guideline loan to value percentage of 70.00000%. | Lender exception was approved at origination to allow LTV of 75% versus max 70%. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 12.62 Guideline Requirement: 3.00 Guidelines Representative FICO: 700 Representative FICO: 741 Mortgage history dating back to 2007 0x30 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): Please down grade to EV 2 as we have a lender exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120746 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 75.00000% exceeds Guideline combined loan to value percentage of 70.00000%. | LTV of 75% exceeds guideline max of 70%. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 12.62 Guideline Requirement: 3.00 Guidelines Representative FICO: 700 Representative FICO: 741 Mortgage history dating back to 2007 0x30 |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-18): Please down grade to EV 2 as we have a lender exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120586 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception to use a new lease agreement along with evidence of security deposit and 1st month to determine DSCR. | The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 700 Representative FICO: 740 Minimum LTV is 70%. Loan LTV is 65% |
XXXX | Reviewer Comment (XXXX-04-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120779 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | VOR provided from individual landlord. Per LOE from borrower, rent is paid in cash and cannot provide checks or bank statements to support VOR as per guidelines. | 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 XXXX. Miscellaneous |
Oldest credit tradeline 5/2015 | XXXX | Reviewer Comment (XXXX-06-03): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-29): Please provide compensating factors. It shows comp factors as none. Seller Comment (XXXX-05-29): (Rate Lock) Comp factors added to exception Reviewer Comment (XXXX-05-20): Compensating factors were not provided. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Articles of Organization/Formation not provided | Articles of Organization/Formation not provided. | Reviewer Comment (XXXX-05-22): Articles of Organization/Formation provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Certificate of Good Standing not provided. | Reviewer Comment (XXXX-05-22): Certificate of Good Standing provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Corporate Resolution not provided. | Reviewer Comment (XXXX-05-22): Both members signed Security Instrument. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Employer Identification Number (EIN) not provided | Employer Identification Number not provided. | Reviewer Comment (XXXX-05-18): EIN provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Operating Agreement not provided. | Reviewer Comment (XXXX-05-22): Operating Agreement provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120643 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Eligibility | Credit | Active Tradeline requirement not met. | Credit Report: Original // Borrower: XXXX XXXX Borrower has 0 Active Tradelines which is less than the minimum required by guidelines. | Lender approved exception to proceed with 2 credit scores and lack of required tradelines. Borrower has 4 trades with 39 months + history, however not within 24 months. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. |
Reserves: 255.18 Guideline Requirement: 6.00 The DSCR of 1.38 is greater than the minimum required DSCR of 1.00. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-08): Lender exception form shows reserves of 267 months whereas calculated reserves are 255.18 months. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120768 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Hazard Insurance Policy missing in Loan file. | Reviewer Comment (XXXX-05-29): Provided hazard policy in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120768 | XXXX | XXXX | XXXX | XXXX | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Title Report missing in Loan file. | Reviewer Comment (XXXX-05-29): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120768 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Title | Title: Evidence of title is missing | Reviewer Comment (XXXX-05-29): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120768 | XXXX | XXXX | XXXX | XXXX | Credit | Hazard Insurance | Document Error | Hazard Insurance | Hazard Insurance policy does not list Lender or Servicer and its successors and assigns, per guideline requirements. | Reviewer Comment (XXXX-06-04): Provided hazard policy in trailing docs. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||||||||
| XXXX | XXXX | XXXX | 4350120789 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | List Price was not provided. | Valuation Type: Appraisal / Valuation Report Date: XXXX | List date and price details were not found in file. | Reviewer Comment (XXXX-06-03): Property is a FSBO. Reviewer Comment (XXXX-05-28): Appraisal shows the subject property has been listed within 12 months of the appraisal. List date and price is required. Seller Comment (XXXX-05-27): (Rate Lock) This is not required - please advise |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Investment | Purchase | B | A | B | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120789 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Insufficient data provided to check variance between list price and XXXX price. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Reviewer Comment (XXXX-06-03): Property is a FSBO. Reviewer Comment (XXXX-05-28): Appraisal shows the subject property has been listed within 12 months of the appraisal. List date and price is required. Seller Comment (XXXX-05-27): (Rate Lock) This is not required - please advise |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Investment | Purchase | B | A | B | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120704 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a credit report that expires 2 days prior to the note date. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. |
Reserves: 13.70 Guideline Requirement: 6.00 Debt Service Coverage Ratio: 1.57 Guideline Requirement: 1.00 |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120833 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Not Provided Timely | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to applicant within three (3) business days of application or determination of first lien status. | Creditor did not provide "Right to Receive a Copy" appraisal disclosure to applicant within three business days of initial application date. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-12): Lender accepts finding, please clr |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120833 | XXXX | XXXX | XXXX | XXXX | Compliance | Loan Package Documentation | Application / Processing | Missing, Incorrect, or Incomplete Final or Initial 1003 | Missing Document: Missing Lender's Initial 1003 | Initial 1003 was not found in file. | Reviewer Comment (XXXX-05-13): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-12): Lender accepts finding, pls clr |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120833 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Rural investment property not permitted per guidelines. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Miscellaneous |
DTI: 13.87547% Guideline Maximum DTI: 43.00000% Mortgage History 35+ years 0x30 Credit Depth w/ 14 total tradelines, 6 mortgages, oldest 11/1988, all 0x30 |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120833 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing a third-party verification to verify business has been active within 120 days of the Note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Miscellaneous |
DTI: 13.87547% Guideline Maximum DTI: 43.00000% Mortgage History 35+ years 0x30 Credit Depth w/ 14 total tradelines, 6 mortgages, oldest 11/1988, all 0x30 |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-26): attached Reviewer Comment (XXXX-05-21): Guidelines require active employment to be verified prior to closing. The CPA letter does not state open and active, the Dept of State is dated post close, and the other Department of State expanded search is not dated. The documentation cannot be accepted as it stands as it does not meet the requirements. For Lender exceptions, we need an Approved Lender Exception with Comp Factors loaded to the file. Reviewer Comment (XXXX-05-21): Please provide approved lender exception form to downgrade and waive to 2. This is required. Seller Comment (XXXX-05-19): Clr as a 2 with comp factors, lender exception does not need to be provided to downgrade to a 2 and lender accepts finding Reviewer Comment (XXXX-05-19): TPV provided is dated post close. Seller Comment (XXXX-05-15): attached Reviewer Comment (XXXX-05-13): Please provide lender exception with compensating factors. Seller Comment (XXXX-05-12): Request downgrade to a 2 based on comp factors, lender accepts finding |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120833 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | Loan file is missing a third-party verification to verify business has been active within 120 days of the Note date. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Miscellaneous |
DTI: 13.87547% Guideline Maximum DTI: 43.00000% Mortgage History 35+ years 0x30 Credit Depth w/ 14 total tradelines, 6 mortgages, oldest 11/1988, all 0x30 |
XXXX | Reviewer Comment (XXXX-05-28): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-26): attached Reviewer Comment (XXXX-05-21): Guidelines require active employment to be verified prior to closing. The CPA letter does not state open and active, the Dept of State is dated post close, and the other Department of State expanded search is not dated. The documentation cannot be accepted as it stands as it does not meet the requirements. For Lender exceptions, we need an Approved Lender Exception with Comp Factors loaded to the file. Reviewer Comment (XXXX-05-21): Please provide approved lender exception form to downgrade and waive to 2. This is required. Seller Comment (XXXX-05-19): Clr as a 2 with comp factors, lender exception does not need to be provided to downgrade to a 2 and lender accepts finding Reviewer Comment (XXXX-05-19): TPV provided is dated post close. Seller Comment (XXXX-05-15): attached Reviewer Comment (XXXX-05-13): Please provide lender exception with compensating factors. Seller Comment (XXXX-05-12): Request downgrade to a 2 based on comp factors, lender accepts finding |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120775 | XXXX | XXXX | XXXX | XXXX | 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 0.77 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Lender requested an exception which was approved because the DSCR score is less than 1. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by 20 points. | XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120697 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to use commission from the transaction. Borrower representing herself. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has worked in the same position for more than 3 years. |
DTI: 30.69894% Guideline Maximum DTI: 43.00000% Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120697 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 80.00000%. | LTV of 90% exceeds guideline max of 80% for a borrower living rent free. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. | DTI: 30.69894% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120697 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 90.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | LTV of 90% exceeds guideline max of 80% for a borrower living rent free. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. | DTI: 30.69894% Guideline Maximum DTI: 43.00000% |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120767 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Appraisal Report was not provided to borrower within 3 business days prior to consummation. | Reviewer Comment (XXXX-05-19): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | A | A | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120720 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Type:Primary/XXXX) | Reviewer Comment (XXXX-05-14): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | B | B | B | B | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120720 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for a cash out refinance less than 6 months since borrower had another cash out refinance on the subject. Last cash out refi was in XXXX. | The representative FICO score exceeds the guideline minimum by at least 40 points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
Guidelines Representative FICO: 660 Representative FICO: 795 Loan to Value: 44.00000% Guideline Maximum Loan to Value: 80.00000% |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | B | B | B | B | B | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120728 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-22): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | B | B | B | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120751 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Requirement: Maximum Loan Amount discrepancy. | Note loan amount of XXXX is greater than Guideline maximum loan amount of XXXX. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Miscellaneous |
Guidelines Representative FICO: 720 Representative FICO: 799 Loan to Value: 59.48276% Guideline Maximum Loan to Value: 75.00000% Recently rehab shown in appraisal with one providing a C3 condition and the other providing a C2 condition Current note is held by LSF or in a securitization, previously sold in XXXX XXXX |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120751 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Cash-out refinance of a short-term rental utilizing 80% of a short-term. | The Loan to Value (LTV) 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. Borrower's Experience/Track Record Miscellaneous |
Loan to Value: 59.48276% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 720 Representative FICO: 799 The borrower has seven years experience, three properties in portfolio Recently rehab shown in appraisal with one providing a C3 condition and the other providing a C2 condition Current note is held by LSF or in a securitization, previously sold in XXXX XXXX |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120891 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | No evidence of initial Closing Disclosures issued. | Reviewer Comment (XXXX-06-01): XXXX received 05/13 CD received 3 business days prior to consummation. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No Defined Cure | C | A | A | A | C | A | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120787 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Collateral Desktop Analysis. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Collateral Desktop Analysis. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-01): XXXX received additional information for valid changed circumstance. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120787 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-03): XXXX received Letter of Explanation, Proof of Delivery, Refund check & Corrected CD Reviewer Comment (XXXX-06-03): Exception has been elevated for further review. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120787 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing seller’s VOM, required for non-arms transactions. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. DTI: 28.59544% Guideline Maximum DTI: 45.00000% Guidelines Representative FICO: 700 Representative FICO: 755 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120787 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-29): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-29): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120666 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow subject recently listed for sale and taken off the market after loan application date. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Reserves: 81.13 Guideline Requirement: 6.00 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-06): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120666 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing, Incorrect, or Incomplete Note | Missing Document: Note - Subject Lien not provided | Complete Note missing from file. | Reviewer Comment (XXXX-05-13): Received Note document in trailing docs. Seller Comment (XXXX-05-11): (Rate Lock) Note provided |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120888 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower is a first time homebuyer and ineligible per guidelines. *****Updated XXXX***** For properties owned free and clear, a property profile report or similar document showing no liens against the property should be included in the credit file. Tax bill provided reflects a different entity other than the borrower paying the taxes XXXX. Provide Property History Report to verify property is Free and Clear. | Reviewer Comment (XXXX-06-05): Statement in spouse's name only. Seller Comment (XXXX-06-04): (Rate Lock) MTG confirms only spouse is on the note, but profile supports bwr is on title - therefore not a first time buyer. Please review Reviewer Comment (XXXX-06-03): For properties owned free and clear, a property profile report or similar document showing no liens against the property should be included in the credit file. Tax bill provided reflects a different entity other than the borrower paying the taxes XXXX. Provide Property History Report to verify property is Free and Clear. Reviewer Comment (XXXX-06-01): Document provided is a tax certificate. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120805 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Guidelines Representative FICO: 680 Representative FICO: 751 |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120805 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception approved for no HOA. The unit owners are responsible for all matters pertaining to their individual units. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Guidelines Representative FICO: 680 Representative FICO: 751 |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120790 | XXXX | XXXX | XXXX | XXXX | Compliance | TRID | Document Error | TRID | Closing Disclosure: Dates are not in chronological order. | Date Issued: XXXX Issue Date: XXXX; Received Date: XXXX; Signed Date: XXXX | Closing Disclosure signed date is XXXX, which is prior to issue date XXXX. | Reviewer Comment (XXXX-05-29): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-29): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120790 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Final Lender Credit of XXXX exceeds tolerance of $-XXXX. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-04): XXXX received a valid COC. Seller Comment (XXXX-06-03): (Rate Lock) DTI increased from 36.12 to 53.42 Reviewer Comment (XXXX-06-01): XXXX received COC dated XXXX however it is not a valid reason. Kindly provide a valid COC as to why the lender credit decreased on CD dated XXXX or cure due to borrower. Cure documents consist of Post CD,LOX,Copy of refund check and proof of mailing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120790 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-04): XXXX received a valid COC. Seller Comment (XXXX-06-03): (Rate Lock) DTI increased from 36.12 to 53.42 Reviewer Comment (XXXX-06-01): XXXX received COC dated XXXX however it is not a valid reason. Kindly provide a valid COC as to why the loan discount point added on CD dated XXXX or cure due to borrower. Cure documents consist of Post CD,LOX,Copy of refund check and proof of mailing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120640 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception approval is provided to allow XXXX overdrafts in a 12-month period. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 24mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-21): System cleared after Lender Exception with Compensating Factors provided. Seller Comment (XXXX-05-19): (Rate Lock) please downgrade and waive |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120640 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. (Client:XXXX/XXXX) | Reviewer Comment (XXXX-05-21): Received delivery documentation in trailing docs. |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120640 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Federal HPML | Federal HPML 2014 Non Compliant | Federal Higher-Priced Mortgage Loan: APR on subject loan of 8.24760% or Final Disclosure APR of 8.25000% is equal to or greater than the threshold of APOR 6.37% + 1.5%, or 7.87000%. Non-Compliant Higher Priced Mortgage Loan. | Reviewer Comment (XXXX-05-21): Received delivery documentation in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120640 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Federal HPML | (Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer) | TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation. (Client:93045/XXXX) | Reviewer Comment (XXXX-05-21): Received delivery documentation in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120640 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Federal HPML | (Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer) | TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation. (Type:Primary/XXXX) | Reviewer Comment (XXXX-05-21): Client accepts EV2 Grade and elects to Waive. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120701 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Reviewer Comment (XXXX-05-22): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120701 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Total cash-out discrepancy. | HUD-1 total cash-out of XXXX is greater than Guideline total cash-out of XXXX. | HUD-1 total cash-out of XXXX is greater than guideline total cash-out of XXXX. | Borrower has been employed in the same industry for more than 5 years. Borrower has owned the subject property for at least 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Lender Exception with Compensating Factors provided. Downgraded and Waived. Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | Reviewer Comment (XXXX-06-05): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | |||
| XXXX | XXXX | XXXX | 4350120734 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception Requested: Borrower was on title and quitclaimed to daughter on XXXX and is now quitclaiming the subject back to borrower's name prior to closing. Exception needed for borrower not meeting vesting seasoning requirement of 6 months. Mortgage for the subject being paid off is under borrower's name since XXXX. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Miscellaneous |
Loan to Value: 69.15984% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Documented qualifying Assets for Closing of XXXX is less than Cash From Borrower XXXX. | Reviewer Comment (XXXX-05-22): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Title | Title: Evidence of title is missing | Reviewer Comment (XXXX-05-22): Received Title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Reviewer Comment (XXXX-05-22): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Documentation | Insurance | Missing Document: Flood Insurance Policy not provided | Reviewer Comment (XXXX-05-22): Received flood insurance policy in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Reviewer Comment (XXXX-05-26): Received Insurance Policy in trailing docs. Reviewer Comment (XXXX-05-22): Per guidelines, the subject property must be covered by property insurance protecting against loss or damage from fire, lighting and other perils (wind, hail, smoke, civil commotion (including riots), damage caused by aircraft, vehicle, or explosion) covered by the standard extended coverage endorsement. If any of the preceding perils is excluded that normally are included under an extended coverage endorsement, then the Borrower must obtain a separate policy or endorsement to cover excluded peril. Windstorm Policy was provided, Windstorm only insures against hail and windstorm. Please provide evidence the other perils are covered or additional policy is required. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / XXXX Contract not provided | Reviewer Comment (XXXX-05-22): Received purchase contract in trailing docs. |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Missing Document: Title Preliminary not provided | Reviewer Comment (XXXX-05-22): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Identification not provided | Reviewer Comment (XXXX-05-22): Received XXXXr's license in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 0.00 is less than Guideline PITIA months reserves of 6.00. | Reviewer Comment (XXXX-05-22): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120717 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | Insurance policy has a coverage shortfall of XXXX. | Reviewer Comment (XXXX-05-29): RCE in file. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||||||
| XXXX | XXXX | XXXX | 4350120758 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 75.00000% exceeds Guideline loan to value percentage of 70.00000%. | LTV of 75% exceeds guideline max of 70% for a property in a declining market. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower's Experience/Track Record |
Borrower's Experience/Track Record. Currently holds 2 Properties and has Completed 2 Properties. | XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120758 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 75.00000% exceeds Guideline combined loan to value percentage of 70.00000%. | LTV of 75% exceeds guideline max of 70% for a property in a declining market. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower's Experience/Track Record |
Borrower's Experience/Track Record. Currently holds 2 Properties and has Completed 2 Properties. | XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120758 | XXXX | XXXX | XXXX | XXXX | 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 0.99 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower's Experience/Track Record |
Borrower's Experience/Track Record. Currently holds 2 Properties and has Completed 2 Properties. | XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120745 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: HUD/CD not provided | Final HUD/Closing Disclosure document is missing in the file. | Reviewer Comment (XXXX-05-19): Received final HUD in trailing docs. Seller Comment (XXXX-05-15): attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120745 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender Approval Requested for vacant DSCR Refinance. Property recently constructed. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Credit Depth w/ 22 total tradelines, 0 mortgages, oldest 7/2008, all 0x30 | XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120679 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception Request for Vacant DSCR Refinance. Property just constructed in XXXX. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Reserves: 38.11 Guideline Requirement: 3.00 Guidelines Representative FICO: 660 Representative FICO: 722 Credit Depth w/ 22 total tradelines, 0 mortgages, oldest 7/2008, all 0x30 Reserves of 25+ months vs min 3 months |
XXXX | Reviewer Comment (XXXX-05-13): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120761 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Secondary valuation is missing. Sec ID: 2 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-26): Received CDA in trailing docs. |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | A | A | A | A | D | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-06-05): XXXX received Letter of Explanation, copy of proof of principal reduction of cure amount & Corrected CD Reviewer Comment (XXXX-06-03): XXXX received PCCD which was missing the lender credit cure, however, provided LOE to borrower was specific and explained the violation and cure. To finalize this cure, please provide a copy of the Loan Service records confirming the principal reduction of XXXX to the loan balance. The Disbursement Transaction Details is insufficient to reflect the actual loan balance reduction. Reviewer Comment (XXXX-06-03): Exception has been elevated for further review. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Insured on hazard declaration page does not match all vesting names as required per guidelines. | Reviewer Comment (XXXX-06-03): Updated HOI policy provided. Reviewer Comment (XXXX-06-03): Title has 3 individuals. All 3 individuals should be shown as insured on insurance document. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to business document from third party not being dated. | Reviewer Comment (XXXX-06-03): CPA letter provided confirms borrower has been self-employed and in the same line of work for more than 4 years. Business licenses provided also confirm that. System cleared. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall exception due to loan file missing evidence of 2 years self-employment as required for Bank statement income. | Reviewer Comment (XXXX-06-03): CPA letter provided confirms borrower has been self-employed and in the same line of work for more than 4 years. Business licenses provided also confirm that. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Waterfall exception due to loan file missing evidence of 2 years self-employment as required for Bank statement income. | Reviewer Comment (XXXX-06-03): CPA letter provided confirms borrower has been self-employed and in the same line of work for more than 4 years. Business licenses provided also confirm that. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | 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.) | Waterfall exception due to loan file missing evidence of 2 years self-employment as required for Bank statement income. | Reviewer Comment (XXXX-06-03): CPA letter provided confirms borrower has been self-employed and in the same line of work for more than 4 years. Business licenses provided also confirm that. System cleared. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120877 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Broker is requesting 85% LTV however max LTV is 80% due to rent free borrower. XXXX was previously renting in XXXX prior to living rent free in XXXX. VOR in file to confirm. Requesting use of VOR(without proof of rents verified via payment from cancelled checks or bank statements) to show borrower has not been living rent free the past 12 months and only 5 months. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has verified disposable income of at least XXXX0.00. |
DTI: 23.63295% Guideline Maximum DTI: 43.00000% Documentation Type: 12mo Bank Statement Disposable Income: XXXX |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for borrowers being in current employment for less than 2 years and being in different lines of work prior. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 11.82 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 27.51% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 680 Representative FICO: 749 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Flood Certification (Life Of Loan). Fee Amount of XXXX exceeds tolerance of XXXX. Sufficient or excess cure was provided to the borrower at Closing. XXXX | Reviewer Comment (XXXX-05-20): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Tax Service Fee (Life Of Loan). Fee Amount of XXXX exceeds tolerance of XXXX. Sufficient or excess cure was provided to the borrower at Closing. XXXX | Reviewer Comment (XXXX-05-20): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Final CD evidences Cure | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 85.00000% exceeds Guideline loan to value percentage of 80.00000%. | LTV of 85% exceeds guideline max of 80% for a borrower living rent free. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 11.82 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 27.51% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 680 Representative FICO: 749 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 85.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | LTV of 85% exceeds guideline max of 80% for a borrower living rent free. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 11.82 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 27.51% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 680 Representative FICO: 749 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Investor qualifying total debt ratio discrepancy. | Calculated investor qualifying total debt ratio of 43.06300% exceeds Guideline total debt ratio of 43.00000%. | DTI exceeds max of 43% for a borrower living rent free. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 11.82 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 27.51% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 680 Representative FICO: 749 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to DTI exceeds max of 43% for a borrower living rent free. | Reviewer Comment (XXXX-05-21): System cleared after Lender Exception with Compensating Factors provided. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | DTI exceeds max of 43% for a borrower living rent free. | Reviewer Comment (XXXX-05-21): System cleared after Lender Exception with Compensating Factors provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120788 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines | Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of 43.06300% moderately exceeds the guideline maximum of 43.00%. (DTI Exception is eligible to be regraded with compensating factors.) | DTI exceeds max of 43% for a borrower living rent free. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Reserves: 11.82 Guideline Requirement: 6.00 Borrower's Own Funds Percent: 27.51% Borrower's Own Funds Amount: XXXX Guidelines Representative FICO: 680 Representative FICO: 749 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120813 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | The preliminary title report in file disclosed an amount of title insurance coverage that is less than the loan amount. Provide a copy of the final title policy or an addendum to the preliminary report verifying title insurance of at least the loan amount. | Reviewer Comment (XXXX-05-28): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-28): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120814 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 70.00000% exceeds Guideline loan to value percentage of 65.00000%. | LTV of 70% exceeds guideline max of 65% for a cash out refinance on a rural property. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. | Reserves: 87.44 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120814 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 70.00000% exceeds Guideline combined loan to value percentage of 65.00000%. | LTV of 70% exceeds guideline max of 65% for a cash out refinance on a rural property. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. | Reserves: 87.44 Guideline Requirement: 6.00 |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX, XXXXXXXX Statement | Mortgage statement is missing for XXXX. | Reviewer Comment (XXXX-06-02): Security Instrument and bank printout for new HELOC provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero 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. | Reviewer Comment (XXXX-06-02): COC Loan amount change, DTI and pricing Seller Comment (XXXX-06-02): (Rate Lock) Loan amount change caused LTV and DTI to increase Reviewer Comment (XXXX-06-01): XXXX received COC dated XXXX for change in loan amount which was already in file but as per file the loan amount was increased while the lender credit was decreased. There must be other reason for change in pricing. Please provide additional details regarding any other factors that may have impacted pricing, such as changes in LTV, product type, DTI, rate lock, or any other relevant variables, to clearly support and justify the pricing adjustment. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | 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 | Yes | |||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to missing mortgage statement XXXX. | Reviewer Comment (XXXX-06-02): Security Instrument and bank printout for new HELOC provided. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | A | C | A | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | 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.) | Missing mortgage statement XXXX. | Reviewer Comment (XXXX-06-02): Security Instrument and bank printout for new HELOC provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Missing mortgage statement XXXX. | Reviewer Comment (XXXX-06-02): Security Instrument and bank printout for new HELOC provided. Reviewer Comment (XXXX-05-29): Mortgage statement was not provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120883 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to missing mortgage statement XXXX. | Reviewer Comment (XXXX-06-02): Security Instrument and bank printout for new HELOC provided. Reviewer Comment (XXXX-05-29): Mortgage statement was not provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120664 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 90.00000% exceeds Guideline loan to value percentage of 80.00000%. | Calculated loan to value percentage of 90.00% exceeds guideline loan to value percentage of 80.00%. | Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. DTI: 27.44563% Guideline Maximum DTI: 43.00000% Reserves: 47.49 Guideline Requirement: 6.00 Guidelines Representative FICO: 700 Representative FICO: 801 |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120664 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of 90.00000% exceeds Guideline combined loan to value percentage of 80.00000%. | Calculated combined loan to value percentage of 90.00% exceeds guideline combined loan to value percentage of 80.00%. | The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 27.44563% Guideline Maximum DTI: 43.00000% Reserves: 47.49 Guideline Requirement: 6.00 Guidelines Representative FICO: 700 Representative FICO: 801 Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120821 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | File is missing verification of the business being active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-05-29): Received COGS in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120821 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | File is missing verification of the business being active dated within 120 calendar days prior to the note date. | Reviewer Comment (XXXX-05-29): Received COGS in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120719 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero 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. XXXX | Zero Percent Fee Tolerance exceeded for Lender Credits. Final Lender Credit of $-XXXX exceeds tolerance of $-XXXX. Sufficient cure is required. | Reviewer Comment (XXXX-05-29): Situamc Received rate lock dated XXXX showing loan program change. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | 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 | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | |||||
| XXXX | XXXX | XXXX | 4350120719 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Excessive NSF/ODs of XXXX when the maximum allowed is 5 in 12 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Miscellaneous |
Loan to Value: 59.09091% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||
| XXXX | XXXX | XXXX | 4350120719 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX XXXX Statement | Mortgage statement for 2nd mortgage on XXXX XXXX XXXX is missing. | Reviewer Comment (XXXX-05-29): Statement provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||
| XXXX | XXXX | XXXX | 4350120785 | XXXX | XXXX | XXXX | XXXX | 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 0.87 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than guideline minimum of 1.00. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Guidelines Representative FICO: 680 Representative FICO: 792 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-26): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120784 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Reviewer Comment (XXXX-05-29): Received hazard insurance in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | ||||||||
| XXXX | XXXX | XXXX | 4350120784 | XXXX | XXXX | XXXX | XXXX | Credit | 1003 | Document Error | 1003 | Borrower(s) is not a U.S. XXXXzen, and the guideline required documentation was not provided. | Borrower: XXXX XXXX | Lender approved exception to proceed with non-permanent resident with a Visa type not allowed by guidelines. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. Miscellaneous |
Borrower has been employed in the same industry for more than 5 years. Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. Guidelines Representative FICO: 660 Representative FICO: 763 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-20): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120784 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Dr, XXXXXXXX Insurance Verification | Hazard Insurance policy was not provided. | Reviewer Comment (XXXX-05-29): Received docs in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120784 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | AddressXXXX XXXX, XXXXXXXX Insurance Verification, Statement | Mortgage statement and Hazard Insurance policy were not provided. | Reviewer Comment (XXXX-05-29): Received docs in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120921 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for unverifiable housing history. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. The Loan to Value (LTV) 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. |
Debt Service Coverage Ratio: 1.71 Guideline Requirement: 1.00 Loan to Value: 35.60976% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 791 |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. Seller Comment (XXXX-05-29): (Rate Lock) Exception updated to reflect the correct information Reviewer Comment (XXXX-05-28)XXXXlculated DSCR is 1.71. Lender exception in file is for DSCR of 2.149. Lender exception form provided shows calculated PITIA reserves of 3 months, and Due Diligence Calculated reserves are 7.55 months. Please provide a corrected Lender exception. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120698 | XXXX | XXXX | XXXX | XXXX | 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 0.98 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.98 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Loan to Value: 57.01754% Guideline Maximum Loan to Value: 75.00000% Reserves: 97.68 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 777 |
XXXX | Reviewer Comment (XXXX-05-14): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120730 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Commitment in file. | Title provided is for loan amount of XXXXk which is less than note amount of XXXXk. | Reviewer Comment (XXXX-05-22): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-05-20): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120730 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | One of the 3 units is less than 500 sq ft. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. The qualifying DSCR on the loan is greater than the guideline minimum. |
Reserves: 229.97 Guideline Requirement: 6.00 Guidelines Representative FICO: 680 Representative FICO: 802 The DSCR of 1.10 is greater than the minimum required DSCR of 1.00. |
XXXX | Reviewer Comment (XXXX-05-19): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120738 | XXXX | XXXX | XXXX | XXXX | 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 0.93 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous Borrower's Experience/Track Record |
Housing payment history is 0x30x24 or better. Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120797 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-22): Cured at closing or within 60 days of consummation prior to TPR review |
XXXX | 1 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120797 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Zero Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. | Reviewer Comment (XXXX-05-27): XXXX received PCCD, LOE and principal adjustment notice. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | 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 | B | B | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120797 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower has XXXX NSFs in the last 12 months. | Borrower has verified disposable income of at least XXXX0.00. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
DTI: 17.54800% Guideline Maximum DTI: 55.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR | Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail. | Loan designation discrepancy due to missing third-party verification dated within 120 days prior to note date that business is currently active, 1007/1025 or lease agreement for investment property and insufficient reserves. | Reviewer Comment (XXXX-05-29): System cleared. Lease agreement provided. TPV prior to closing missing. Reviewer Comment (XXXX-05-29): Business entity listing provided is dated post-closing. Is there any pre-close documentation that reflected an open and active business? Reviewer Comment (XXXX-05-27): Received lease agreement in trailing docs. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM status | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Income and Assets - REO 25% Method | Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (25% Method) using reasonably reliable third-party records. (XXXX XXXX Rd/25% Vacancy Method) | Missing form 1007/1025 or lease agreement for investment property. | Reviewer Comment (XXXX-05-27): Received lease agreement in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied. | Waterfall due to missing third-party verification dated within 120 days prior to note date that business is currently active, 1007/1025 or lease agreement for investment property and insufficient reserves. ****UPDATE XXXX**** Insufficient reserves cleared. | Reviewer Comment (XXXX-05-27): Received lease agreement in trailing docs. |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX XXXX Rd, XXXX, XXXX Lease Agreement | Lease agreement missing. | Reviewer Comment (XXXX-05-27): Received Lease agreement in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | Third-party verification dated within 120 days prior to note date that business is currently active was not in file. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-06-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-27): Business listing provided is not for borrower's XXXX business but for XXXX XXXX. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX Third Party Verification | Third-party verification dated within 120 days prior to note date that business is currently active was not in file. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-06-01): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-05-27): Business listing provided is not for borrower's XXXX business but for XXXX XXXX. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Missing third-party verification dated within 120 days prior to note date that business is currently active and 1007/1025 or lease agreement for investment property. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived. Reviewer Comment (XXXX-06-01): Lease agreement provided in file. Reviewer Comment (XXXX-05-29): Business entity listing provided is dated post-closing. Is there any pre-close documentation that reflected an open and active business? Reviewer Comment (XXXX-05-27): Business listing provided is not for borrower's XXXX business but for XXXX XXXX. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 5.26 is less than Guideline PITIA months reserves of 6.00. | Assets in file are insufficient to satisfy reserve requirement. 1003 shows asset with a balance of XXXX. Bank statements were not provided in file. | Reviewer Comment (XXXX-05-28): Received additional assets in trailing docs. Reviewer Comment (XXXX-05-27): Bank statements provided is for XXXX XXXX, Evidence of access to funds was not provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall due to missing third-party verification dated within 120 days prior to note date that business is currently active, 1007/1025 or lease agreement for investment property and insufficient reserves. ****UPDATE XXXX**** Insufficient reserves cleared. | Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived by Compliance. Reviewer Comment (XXXX-06-02): Downgraded to EV2-B with comp factors. Reviewer Comment (XXXX-05-27): Bank statements provided is for XXXX XXXX, Evidence of access to funds was not provided. Business listing also provided is not for borrower's XXXX business but for XXXX XXXX. |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Income/Asset Guideline Deficiency - ATR Impact | Ability to Repay (Dodd-Frank 2014): Ability to Repay (Dodd-Frank 2014): There are one or more guideline deficiencies related to income and/or asset doc requirements which may impact the borrower's ability to repay. (Exception is eligible to be regraded with compensating factors.) | Waterfall due to missing third-party verification dated within 120 days prior to note date that business is currently active, 1007/1025 or lease agreement for investment property and insufficient reserves. ****UPDATE XXXX**** Insufficient reserves cleared. | Reviewer Comment (XXXX-06-02): Lender Exception with Compensating Factors provided. Downgraded and Waived by Compliance. Reviewer Comment (XXXX-06-02): Regraded to EV2-B with comp factors. Reviewer Comment (XXXX-05-29): EXCEPTION HISTORY - Exception Detail was updated on XXXX PRIOR Exception Detail: 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.) Reviewer Comment (XXXX-05-27): Bank statements provided is for XXXX XXXX, Evidence of access to funds was not provided. Business listing also provided is not for borrower's XXXX business but for XXXX XXXX. Seller Comment (XXXX-05-27): (Rate Lock) Correction - rental for XXXX uploaded Seller Comment (XXXX-05-27): (Rate Lock) Not using rental income - uploaded evidence of market rent |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for ADU on mobile property. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-19): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for NAL's and at interest for 90% LTV. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. |
XXXX | Reviewer Comment (XXXX-05-19): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Assets in file are insufficient to satisfy reserve requirement. 1003 shows asset with a balance of XXXX. Bank statements were not provided in file. | Reviewer Comment (XXXX-05-28): Received additional assets in trailing docs. Reviewer Comment (XXXX-05-27): Bank statements provided is for XXXX XXXX, Evidence of access to funds was not provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120876 | XXXX | XXXX | XXXX | XXXX | 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. | Reviewer Comment (XXXX-06-02): Loan is Non-QM. Reviewer Comment (XXXX-05-29): Business entity listing provided is dated post-closing. Is there any pre-close documentation that reflected an open and active business? Seller Comment (XXXX-05-29): (Rate Lock) Added exception for being dated post close Reviewer Comment (XXXX-05-28): Loan file is still missing third party verification for the business. Reviewer Comment (XXXX-05-27): Bank statements provided is for XXXX XXXX, Evidence of access to funds was not provided. Business listing also provided is not for borrower's XXXX business but for XXXX XXXX. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120910 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: HUD/CD not provided | Final executed copy of HUD/Closing Disclosure is required in the file. | Reviewer Comment (XXXX-06-03): Final Settlement Statement provided. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120910 | XXXX | XXXX | XXXX | XXXX | 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 0.85 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than the guideline minimum of 1.00. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Reserves: 18.55 Guideline Requirement: 6.00 Loan to Value: 51.76923% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 766 |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120678 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower is a first time investor with short term rental income. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 733 Reserves: 139.70 Guideline Requirement: 3.00 Mortgage History 11+ years 0x30 |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120678 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Appraisal shows Quality rating as Q5. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 733 Reserves: 139.70 Guideline Requirement: 3.00 Mortgage History 11+ years 0x30 |
XXXX | Reviewer Comment (XXXX-05-08): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120907 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for subject being a log home. | Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's Experience/Track Record |
Reserves: 39.88 Guideline Requirement: 6.00 Guidelines Representative FICO: 660 Representative FICO: 707 The borrower has more than 2 Years of Experience. |
XXXX | Reviewer Comment (XXXX-05-29): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 653 is less than Guideline representative FICO score of 660. | Exception for FICO of 653 is less than minimum requirement of 660. | The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has verified disposable income of at least XXXX0.00. |
Loan to Value: 66.77419% Guideline Maximum Loan to Value: 80.00000% Borrower has been employed in the same industry for more than 5 years. Borrower has worked in the same position for more than 3 years. DTI: 13.19546% Guideline Maximum DTI: 55.00000% Documentation Type: 12mo Bank Statement Disposable Income: XXXX |
XXXX | Reviewer Comment (XXXX-05-21): System cleared after Lender Exception with Compensating Factors provided. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | File is missing verification dated within 120 calendar days of the note to verify that the business is currently active. | Reviewer Comment (XXXX-05-29): CPA letter confirms business is active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | File is missing verification dated within 120 calendar days of the note to verify that the business is currently active. | Reviewer Comment (XXXX-05-29): CPA letter confirms business is active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | 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. | Waterfall due to File is missing verification dated within 120 calendar days of the note to verify that the business is currently active. | Reviewer Comment (XXXX-05-29): CPA letter confirms business is active. |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | File is missing verification dated within 120 calendar days of the note to verify that the business is currently active. | Reviewer Comment (XXXX-05-29): CPA letter confirms business is active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120914 | XXXX | XXXX | XXXX | XXXX | 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.) | File is missing verification dated within 120 calendar days of the note to verify that the business is currently active. | Reviewer Comment (XXXX-05-29): CPA letter confirms business is active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120778 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Transaction being a non-arm's length transaction as the seller is the borrower's nephew. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 753 Reserves: 16.31 Guideline Requirement: 12.00 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120778 | XXXX | XXXX | XXXX | XXXX | 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 0.84 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | Calculated Debt Service Coverage Ratio (Subject DSCR) of 0.84 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) of 1.00. | The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Miscellaneous |
Guidelines Representative FICO: 660 Representative FICO: 753 Reserves: 16.31 Guideline Requirement: 12.00 Housing payment history is 0x30x24 or better. |
XXXX | Reviewer Comment (XXXX-05-18): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120802 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception to allow a 2 unit property with an ADU. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Guidelines Representative FICO: 700 Representative FICO: 808 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120802 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Appraisal being corrected - not an Non Arms Length. | 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 XXXX. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Guidelines Representative FICO: 700 Representative FICO: 808 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120798 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Subject property has a detached living quarter which contains a kitchen with a stove, bedroom/living room and a full bathroom, however appraiser does not states it as an accessory unit. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Reserves: 102.46 Guideline Requirement: 12.00 Guidelines Representative FICO: 660 Representative FICO: 805 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120806 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception request to use rental income from the subject for qualifying. The subject was recently leased, the borrower has provided LOE, lease, and evidence of 1st month's rent and deposit. Current DTI is 43.976 including this rental income; without the rental income, DTI is 63.726. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by 20% or more. The representative FICO score exceeds the guideline minimum by at least 40 points. |
Borrower has been employed in the same industry for more than 5 years. Documentation Type: 12mo Bank Statement Disposable Income: XXXX Borrower has worked in the same position for more than 3 years. DTI: 44.79693% Guideline Maximum DTI: 55.00000% Guidelines Representative FICO: 660 Representative FICO: 803 |
XXXX | Reviewer Comment (XXXX-05-21): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120806 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Loan file is missing a third-party verification to verify the business was active within120 days prior to closing. | Reviewer Comment (XXXX-05-28): Received contractor listing in trailing docs. Seller Comment (XXXX-05-27): (Rate Lock) Borrower is 1099 - CPA letter confirms employment and NMLS shows active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120806 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Third Party Verification | Loan file is missing a third-party verification to verify the business was active within120 days prior to closing. | Reviewer Comment (XXXX-05-28): Received contractor listing in trailing docs. Seller Comment (XXXX-05-27): (Rate Lock) Borrower is 1099 - CPA letter confirms employment and NMLS shows active. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120913 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Borrower's ownership percentage in business and evidence that the withdrawal of funds from the business account will not have a negative impact on the business were not provided. | Reviewer Comment (XXXX-05-29): Received 1008 showing UW cleared borrower to use business funds for closing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120913 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Evidence of Access to Funds not provided | Borrower's ownership percentage in business and evidence that the withdrawal of funds from the business account will not have a negative impact on the business were not provided. | Reviewer Comment (XXXX-05-29): Received 1008 showing UW cleared borrower to use business funds for closing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120913 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Asset | Asset documentation requirements not met. | Borrower's ownership percentage in business and evidence that the withdrawal of funds from the business account will not have a negative impact on the business were not provided. | Reviewer Comment (XXXX-05-29): Received 1008 showing UW cleared borrower to use business funds for closing. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120747 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Statement | Missing mortgage statement for new XXXX Funding loan in primary residence - XXXXy Ave. | Reviewer Comment (XXXX-05-26): Mortgage statement and updated 1003 provided. Seller Comment (XXXX-05-22): (Rate Lock) Please see attached updated 1003 Reviewer Comment (XXXX-05-22): Mortgage statement provided. Reviewer Comment (XXXX-05-22): 1003 shows a mortgage payment of XXXX for XXXXy XXXX property. Two mortgage statements provided totaXXXX. Please update 1003 to reflect XXXX. Seller Comment (XXXX-05-22): (Rate Lock) The mortgage statement for XXXX XXXXy Ave also was in the package and please see attached Seller Comment (XXXX-05-22): (Rate Lock) The mortgage statement also was in the package and please see attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120747 | XXXX | XXXX | XXXX | XXXX | Credit | Title | General | Title | Title Policy Coverage is less than Original Loan Amount. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Preliminary in file. | The Title Policy Amount of XXXX is less than the note amount of XXXX based on the Preliminary in file. | Reviewer Comment (XXXX-05-22): Supplemental report provided. Seller Comment (XXXX-05-22): (Rate Lock) Please see attached the title supplement showing the correct loan amount XXXX Seller Comment (XXXX-05-22): (Rate Lock) we also have the attached condo master insurance , and that was in the package . Kindly review and clear the condition |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Investment | Refinance - Rate/Term | C | A | C | A | A | A | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120829 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | HOI coverage is insufficient by XXXX. Provide updated policy reflecting minimum coverage of XXXX or provide copy of insurer's replacement cost estimate supporting current coverage amount. | Reviewer Comment (XXXX-05-27): RCE provided. Seller Comment (XXXX-05-27): (Rate Lock) Please see attached RCE Seller Comment (XXXX-05-27): (Rate Lock) We stopped going off the Estimated Cost New from Appraisal report a long time , it's should always be based on the loan amount . Reviewer Comment (XXXX-05-27): Per guidelines, hazard insurance coverage must provide for claims to be settled on a replacement cost basis. Required minimum coverage is calculated based on the Estimated Cost New of XXXX per Appraisal report. A Replacement Cost Estimator (RCE) supporting current coverage amount of XXXX is required to clear the exception. Seller Comment (XXXX-05-27): (Rate Lock) Please see attached and the amount of insurance is XXXX000 which is more than the loan amount of XXXX000. Please review and clear |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Reviewer Comment (XXXX-05-29): Received Hazard insurance in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Documented qualifying Assets for Closing of XXXX is less than Cash From Borrower XXXX. | Assets in file are insufficient to satisfy the cash required from the borrower at closing. | Reviewer Comment (XXXX-05-29): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 0.00 is less than Guideline PITIA months reserves of 6.00. | Assets in file are insufficient to satisfy reserve requirement. | Reviewer Comment (XXXX-05-29): Received bank statements in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Reviewer Comment (XXXX-05-29): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Title | Title: Evidence of title is missing | Reviewer Comment (XXXX-05-29): Received prelim title in trailing docs. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender approved exception for 2X30 mortgage lates within the most recent 12 months. | The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Loan to Value: 51.81347% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 717 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | 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 0.87 does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) 1.00. | DSCR is less than guideline minimum of 1.00. | The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Loan to Value: 51.81347% Guideline Maximum Loan to Value: 75.00000% Guidelines Representative FICO: 660 Representative FICO: 717 |
XXXX | Reviewer Comment (XXXX-05-22): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120918 | XXXX | XXXX | XXXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within XXXX and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Title Evidence: Preliminary; StateXXXX |
Reviewer Comment (XXXX-06-03): Client accepts EV2 Grade and elects to Waive. Seller Comment (XXXX-06-02): (Rate Lock) EV2 accept please waive |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||||||
| XXXX | XXXX | XXXX | 4350120832 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Both subject and primary residences are owned free and clear with past due property taxes for multiple years, not paid on time, as required. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) 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. |
Borrower has owned the subject property for at least 5 years. Reserves: 80.81 Guideline Requirement: 3.00 Combined Loan to Value: 50.00000% Guideline Maximum Combined Loan to Value: 65.00000% Loan to Value: 50.00000% Guideline Maximum Loan to Value: 65.00000% Guidelines Representative FICO: 660 Representative FICO: 726 |
XXXX | Reviewer Comment (XXXX-05-27): Lender Exception with Compensating Factors provided. Downgraded and Waived. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120748 | XXXX | XXXX | XXXX | XXXX | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Secondary valuation is missing. Sec ID: 2 | Note Date: XXXX; Lien Position: 1 | Reviewer Comment (XXXX-05-26): XXXX UCDP provided. Seller Comment (XXXX-05-26): (Rate Lock) Please see attached UCDP and the UW score showing 1 |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Refinance - Rate/Term | D | A | C | A | D | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120748 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Articles of Organization/Formation not provided | Articles of Organization/Formation document is missing in the file. | Reviewer Comment (XXXX-05-26): Articles provided. Seller Comment (XXXX-05-26): (Rate Lock) Please see attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Rate/Term | D | A | C | A | D | A | N/A | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Provided Prior to Date Performed | ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements. (Type:Primary/XXXX) | File contains evidence appraisal report provided is an updated report. Delivery confirmations dated earlier than report date of report located in file. Lender to provide all previous appraisal reports/updates. | Reviewer Comment (XXXX-03-25): Original Appraisal Received. Exception Cleared Buyer Comment (XXXX-03-24): Appraisal Buyer Comment (XXXX-03-23): Appraisal delivery |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Provided Prior to Date Performed | ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements. (Type:Secondary/XXXX) | File contains evidence appraisal report provided is an updated report. Delivery confirmations dated earlier than report date of report located in file. Lender to provide all previous appraisal reports/updates. | Buyer Comment (XXXX-03-26): Acknowledged non material EV2 Reviewer Comment (XXXX-03-25): Received original appraisal for Primary Appraisal, however still missing original Appraisal for Secondary appraisal with XXXX XXXX Appraisals LLC. Exception Remains Buyer Comment (XXXX-03-24): Please see uploaded appraisal report and delivery |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | XXXX Subprime Home Loan Threshold Fixed Non-Compliant | XXXX Subprime Loan: APR on subject loan of 10.12658% or Final Disclosure APR of 10.XXXX0% is in excess of allowable threshold of Prime Mortgage Market Rate 6.01000 + 1.75%, or 7.76000%. Non-Compliant SubPrime Loan. | XXXX Subprime Loan: APR on subject loan of 10.12658% or Final Disclosure APR of 10.XXXX0% is in excess of allowable threshold of Prime Mortgage Market Rate 6.01000 + 1.75%, or 7.76000%. Non-Compliant SubPrime Loan. | Reviewer Comment (XXXX-03-25): Received the updated counseling list Reviewer Comment (XXXX-03-25): Received original appraisal for Primary Appraisal, however still missing original Appraisal for Secondary appraisal with XXXX XXXX Appraisals LLC. Exception Remains Buyer Comment (XXXX-03-24): Appraisal report also uploaded Buyer Comment (XXXX-03-23): Please see uploaded appraisal delivery and homeowners counseling. Please further advise what is needed to clear this. |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Purchase | No obvious cure. Cure provision underXXXXSubprime 6-m(7) appears to be limited to making a non-compliantXXXXSubprime loan into a compliantXXXXsubprime loan with no explicit cure language permitting loan to be refunded or cured by reducing the APR to effectively bring the loan out ofXXXXSubprime status. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Guideline | The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file. | Borrower is living rent-free with the spouse. Borrowers whose spouse has the mortgage in only their name but can verify payments are coming from a joint account or who have other mortgaged properties with satisfactory most recent 12 month pay history are excluded from rent free restrictions. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
15 vs 6 | XXXX | Reviewer Comment (XXXX-05-18): Investor accepts and agrees to waive with compensating factors. Buyer Comment (XXXX-05-18): investor exception approval Reviewer Comment (XXXX-05-05): Received Lease agreement and Payment history from XXXX XXXX and XXXX XXXX. As per guide, For rental verification a standard VOR completed by a professional management company or 12 months bank statements/canceled checks and a lease agreement to document the term and payment are required. Exception remains. Buyer Comment (XXXX-05-04): PER LENDER: enclosed to clear |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Source of Funds/Deposit not provided | Unable to determine source of funds of large deposit of XXXX dated XXXX in XXXX Bank, N.A XXXX, need source of funds. | Reviewer Comment (XXXX-05-11): Received Seller Signed HUD confirming funds been transferred to the borrower. Exception Cleared. Buyer Comment (XXXX-05-07): PER LENDER - Seller CD was provided. It’s a HUD from the sale showing our borrower sold his property—to source the large deposit. Seller signed HUD should be sufficient and acceptable. Seller doesn’t even get borrower HUD? Please escalate this. Reviewer Comment (XXXX-05-05): Received seller signed HUD. Provide borrower, Seller and settlement agent signed HUD-1 Or Final Settlement statement executed by all parties. Exception remains. Buyer Comment (XXXX-05-04): Large deposit was from XXXX sale of there house in MD. Here is proof the sale |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR failure. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-05-11): Received Statement and updated Final 1003 with additional asset that meets the reserve requirement. Exception cleared Reviewer Comment (XXXX-05-05): Received Crypto Statement from XXXX account. Funds are in dollars and covers the reserve requirement. However provide Final 1003 with Asset section updated with XXXX account XXXX. Exception remains. Buyer Comment (XXXX-05-04): See uploads XXXX |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to insufficient income documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-05-11): Received Statement and updated Final 1003 with additional asset that meets the reserve requirement. Exception cleared Reviewer Comment (XXXX-05-05): Received Crypto Statement from XXXX account. Funds are in dollars and covers the reserve requirement. However provide Final 1003 with Asset section updated with XXXX account XXXX. Exception remains. Buyer Comment (XXXX-05-04): See uploads XXXX |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Disclosure) XXXX Subprime Loan (Counseling Disclosure Not Provided within Three Days of Application) | XXXX Subprime Loan: Counseling Disclosure not provided to borrower within three days of application. | XXXX Subprime Counseling Disclosure not provided to borrower within three days of application. | Reviewer Comment (XXXX-03-25): Received the updated counseling list Buyer Comment (XXXX-03-23): Homeowners Counseling list |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Purchase | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 2.05 is less than Guideline PITIA months reserves of 6.00. | Business funds can be used for down payment and cash reserves for self-employed borrowers if the borrower(s) own at least 50% of the business. Accts XXXX were tested using 0% as CPA confirmed ownership was only 32.5%. | Reviewer Comment (XXXX-05-11): Received Final 1003 with Asset section updated with the additional assets. Exception cleared. Buyer Comment (XXXX-05-07): URLA Reviewer Comment (XXXX-05-05): Received Crypto Statement from XXXX account. Funds are in dollars and covers the reserve requirement. However provide Final 1003 with Asset section updated with XXXX account XXXX. Exception remains. Buyer Comment (XXXX-05-05): Reserves Buyer Comment (XXXX-05-04): HUD from sale |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | XXXX Subprime Home Loan Threshold Fixed Compliant | XXXX Subprime Loan: APR on subject loan of 10.12658% or Final Disclosure APR of 10.XXXX0% is in excess of allowable threshold of Prime Mortgage Market Rate 6.01000 + 1.75%, or 7.76000%. Compliant SubPrime Loan. | Buyer Comment (XXXX-03-25): Loan Compliant - Acknowledged as non-material. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | No obvious cure. Cure provision underXXXXSubprime 6-m(7) appears to be limited to making a non-compliantXXXXSubprime loan into a compliantXXXXsubprime loan with no explicit cure language permitting loan to be refunded or cured by reducing the APR to effectively bring the loan out ofXXXXSubprime status. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120852 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Disclosure) XXXX Subprime Loan (Counseling Disclosure Not Provided at Application but within Three Days) | XXXX Subprime Loan: Counseling Disclosure not provided to borrower at the time of application, but within three days of application. | Received the updated counseling list | Buyer Comment (XXXX-03-31): Acknowledged non material EV2 - Counseling Disclosure not provided to borrower at the time of application, but within three days of application. Reviewer Comment (XXXX-03-31): Same Counseling Disclosure provided. Required disclosures within three days of application. Exception remains Buyer Comment (XXXX-03-27): Consumer Caution Counseling Notice |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||||||
| XXXX | XXXX | XXXX | 4350120675 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | Title, 1004, Hazard Insurance, RCE, reflect subject property city name as "XXXX XXXX" Note, Final 1003 (Section 3a and 4a), Security instrumentXXXXood Cert reflect subject property city name as "XXXX XXXX Area" The credit docs to be updated to match title or title to be changed or client to accept as is. |
Reviewer Comment (XXXX-04-29): Received email correspondence from Insurance company with regards to the city name. Exception cleared. Buyer Comment (XXXX-04-27): HOI LOX is acceptable to XXXX Buyer Comment (XXXX-04-27): HOI LOX Reviewer Comment (XXXX-04-21): Noted. Please provide investor Exception to proceed without the Area on HOI policy, RCE and appraisal report either or Provide updated HOI Policy, RCE and appraisal report with city name as "XXXX XXXX Area". Lender to ensure all required documents match property address reflected on title report. Exception remains. Buyer Comment (XXXX-04-20): Lender's response: Hello, most insurance agents follow the XXXX standards, which typically show “XXXX XXXX” without the “Area” suffix per the attached EOI and RCE document. Insurance documents generally align with the postal database rather than the title’s legal description. Would it be possible to get this escalated to get the EOI cleared without the “Area” designation? Thank you. Reviewer Comment (XXXX-04-15): Received Title Supplement confirming City name as "XXXX XXXX Area". Provide Hazard Insurance and RCE with the updated city name as "XXXX XXXX Area". Exception remains. Buyer Comment (XXXX-04-13): Lender's comments: Hello, please kindly see the attached Title Supplement showing city name as 'XXXX XXXX Area.' Thank you. Reviewer Comment (XXXX-04-10): Same title report is provided. Title, 1004, Hazard Insurance, RCE, reflect subject property city name as "XXXX XXXX" Note, Final 1003 (Section 3a and 4a), Security instrumentXXXXood Cert reflect subject property city name as "XXXX XXXX Area" The credit docs to be updated to match title or title to be changed or client to accept as is. Exception remains Buyer Comment (XXXX-04-09): Title |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120675 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Title, 1004, Hazard Insurance, RCE, reflect subject property city name as "XXXX XXXX" Note, Final 1003 (Section 3a and 4a), Security instrumentXXXXood Cert reflect subject property city name as "XXXX XXXX Area" The credit docs to be updated to match title or title to be changed or client to accept as is. |
Reviewer Comment (XXXX-04-17): Received updated appraisal with change in City name. Exception Cleared Buyer Comment (XXXX-04-17): Appraisal Reviewer Comment (XXXX-04-15): Received Title Supplement confirming City name as "XXXX XXXX Area". Provide 1004 with the updated city name as "XXXX XXXX Area". Exception remains. Buyer Comment (XXXX-04-13): Lender's comments: Hello, please kindly see the attached Title Supplement showing city name as 'XXXX XXXX Area.' Thank you. Reviewer Comment (XXXX-04-10): Same title report is provided. Title, 1004, Hazard Insurance, RCE, reflect subject property city name as "XXXX XXXX" Note, Final 1003 (Section 3a and 4a), Security instrumentXXXXood Cert reflect subject property city name as "XXXX XXXX Area" The credit docs to be updated to match title or title to be changed or client to accept as is. Exception remains Buyer Comment (XXXX-04-09): Title |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | N/A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120675 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | Credit Report Error: Missing source document for credit/housing history. | XXXX XXXX - 45 months mortgage payment history verified with XXXX from XXXX to XXXX. Missing evidence of XXXX payment for 1st lien for XXXX.# XXXX. - 45 days lookback housing history requirement not met. | Reviewer Comment (XXXX-04-10): Mortgage statement is provided with XXXX month payment history. Exception cleared. Buyer Comment (XXXX-04-09): Statement |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | N/A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120675 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX Points and Fees | XXXX Points and Fees on subject loan of 5.09773% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and XXXX0.00 (XXXX). XXXX Finance Charge totaXXXX on a Original Loan Amount of XXXX vs. an allowable total of XXXX and XXXX0.00 (XXXX) (an overage of XXXX or .09773%). | EV2 Informational | Buyer Comment (XXXX-04-06): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | C | B | C | A | B | B | A | A | N/A | N/A | Yes | |||||
| XXXX | XXXX | XXXX | 4350120675 | XXXX | XXXX | XXXX | XXXX | Property | Valuation | Valuation Issue | Valuation | XXXX program guidelines require a CDA (Desk Review) | Guides require a desk review will be ordered and reviewed by EMET Underwriter on all loans with One full appraisal. | Reviewer Comment (XXXX-04-28): Received CDA that supports the appraisal value. Exception cleared. Buyer Comment (XXXX-04-27): CDA |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | A | B | B | A | A | N/A | N/A | No | ||||||||||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Provided Prior to Date Performed | ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements. (Type:Primary/XXXX) | File contains evidence appraisal report provided is an updated report. Delivery confirmations dated earlier than report date of report located in file. Lender to provide all previous appraisal reports/updates. | Buyer Comment (XXXX-04-16): Acknowledged non material EV2 Reviewer Comment (XXXX-04-16): Acknowledgement of receipt of appraisal is missing in file within 3 days of closing date. Exception remains Buyer Comment (XXXX-04-14): Appraisal acknowledgment |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Missing evidence the Closing Disclosure was provided to the borrower at least three (3) business days prior to closing. Initial CD | Reviewer Comment (XXXX-04-15): XXXX received XXXX Initial CD, 3 business days prior to the consummation. Buyer Comment (XXXX-04-14): Initial CD |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No Defined Cure | C | B | C | A | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Investor qualifying total debt ratio discrepancy. | Calculated investor qualifying total debt ratio of 51.68315% exceeds Guideline total debt ratio of 50.00000%. | Credit lien from XXXX Bank USA is paid by business as per 1008. However, business bank statement has multiple withdrawals for XXXX. Unable to verify required evidence of statement highlighting payments of XXXX #XXXX. | Reviewer Comment (XXXX-04-28): Business pay history is provided, reflecting #XXXX been paid by business. Exception cleared Buyer Comment (XXXX-04-27): XXXX response: The statements are very clear on our end. Please let me know if the docs are visible. If not we will have to send them directly. Reviewer Comment (XXXX-04-27): Provided bank statements or pay history is not clear/visible, required XXXX #XXXX payment history with monthly payment of XXXX. Exception remains Buyer Comment (XXXX-04-23)XXXXpital one Withdrawals Reviewer Comment (XXXX-04-21): Evidence that debts XXXX # XXXX IAp XXXX/monthly has been paid by Business is missing. Available business bank statement has multiple withdrawals for XXXX. Exception Remains Buyer Comment (XXXX-04-20): Per Seller XXXXp one excluded business pays, CD uploaded Reviewer Comment (XXXX-04-16): Provided business bank statement has multiple withdrawals for XXXX. Unable to verify, required evidence of statement highlighting payments of XXXX #XXXX. Exception remains Buyer Comment (XXXX-04-15): Proof Synchrony paid |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR failure. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-28): Business pay history is provided, reflecting XXXX been paid by business. Exception cleared Reviewer Comment (XXXX-04-16): Provided business bank statement has multiple withdrawals for XXXX. Unable to verify, required evidence of statement highlighting payments of XXXX XXXX. Exception remains Buyer Comment (XXXX-04-15): see upload |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | C | A | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to insufficient Credit documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-28): Business pay history is provided, reflecting XXXX been paid by business. Exception cleared Reviewer Comment (XXXX-04-16): Provided business bank statement has multiple withdrawals for XXXX. Unable to verify, required evidence of statement highlighting payments of XXXX XXXX. Exception remains Buyer Comment (XXXX-04-15): see upload |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120842 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines | Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of 51.68315% moderately exceeds the guideline maximum of 50.00%. (DTI Exception is eligible to be regraded with compensating factors.) | Credit lien from XXXX XXXX USA is paid by business as per 1008. However, business bank statement has multiple withdrawals for XXXX. Unable to verify required evidence of statement highlighting payments of XXXX #XXXX. | Reviewer Comment (XXXX-04-28): Business pay history is provided, reflecting XXXX been paid by business. Exception cleared Reviewer Comment (XXXX-04-16): Provided business bank statement has multiple withdrawals for XXXX. Unable to verify, required evidence of statement highlighting payments of XXXX XXXX. Exception remains Buyer Comment (XXXX-04-15): See upload |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | A | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120575 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero 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. XXXX | Reviewer Comment (XXXX-03-09): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | A | A | A | A | A | XXXX | XXXX | Second Home | Refinance - Rate/Term | Final CD evidences Cure | C | A | C | A | C | A | A | A | Non QM | Non QM | Yes | ||||||
| XXXX | XXXX | XXXX | 4350120575 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Address: XXXX Insurance Verification, Statement | Insurance Verification and Mortgage Statement in missing to verity monthly PITI expenses. | Reviewer Comment (XXXX-03-17): Received Final CD and First payment letter confirmed payment is escrowed. Exception Cleared Buyer Comment (XXXX-03-16): Final CD from Purchase of XXXX XXXX XXXX Ave, Note, DOT and First Payment Letter. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120575 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX CPA Letter | The borrower’s business ownership percentage must be at least 25%. Provide CPA/Tax Preparer, Operating Agreement or equivalent to confirm the ownership percentage. | Reviewer Comment (XXXX-03-25): Email copy is provided from CPA stating business has been 100% owned by borrower. Exception cleared Buyer Comment (XXXX-03-23): Email from CPA confirming 100% ownership in XXXX. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120575 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR Failure. This exception will be cleared once all ATR specific Exceptions have been cured/Cleared. | Reviewer Comment (XXXX-03-25): Email copy is provided from CPA stating business has been 100% owned by borrower. Exception cleared Buyer Comment (XXXX-03-23): cpa letter |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Second Home | Refinance - Rate/Term | Lender to provide updated ATR/QM Loan Designation | C | A | C | A | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120575 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to insufficient Income documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-03-25): Email copy is provided from CPA stating business has been 100% owned by borrower. Exception cleared Buyer Comment (XXXX-03-23): cpa letter |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120674 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Provide Updated Master Policy as it is Expired within 30 days of Note date. | Reviewer Comment (XXXX-05-04): Received revised & renewed Master Policy. Exception Cleared. Buyer Comment (XXXX-05-01): Hello, please see attached Reviewer Comment (XXXX-04-28): Email copy is provided from insurance company stating renewal policy is not available at this time however Updated or renewal master policy is required. Exception remains Buyer Comment (XXXX-04-24): Hello, Please note the renewal policy is not available at this time. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | A | C | A | A | A | C | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120674 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is missing secondary valuation product required for securitization. | A desk review is required on all loans with one appraisal. | Reviewer Comment (XXXX-04-28): Desk review is provided in file. Exception Cleared Buyer Comment (XXXX-04-24): Hello, please see attached |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | A | C | A | A | A | C | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is missing secondary valuation product required for securitization. | The file is missing a copy of the secondary valuation required for securitization purposes. as per guide a CDA is required if the CU score is 2.5 or above. CU score is 3.3. | Reviewer Comment (XXXX-05-05): Field review provided. Reviewer Comment (XXXX-04-30): Provided CDA is indeterminate, required updated CDA reflecting Risk Score and CDA value in CDA desk review. Exception remains Buyer Comment (XXXX-04-29): PER LENDER- CDA was Indeterminate and we ordered a field review with the XXXX’s underwriting support desk permission |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Missing Non-Required Data | (Missing Data) Last Rate Set Date | Last Date Rate Set and Initial Rate Lock Date not provided. Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing. | Rate is locked as per LE dated XXXX. However no rate lock document received evidencing rate lock as of XXXX or prior. Need rate lock document other than initial LE evidencing rate lock as of XXXX or prior. | Reviewer Comment (XXXX-04-27): Received the lock Buyer Comment (XXXX-04-27): Lock |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of XXXX exceeds tolerance of XXXX plus 10% or XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. (0) | Survey fee on LE was XXXX and on final CD it's XXXX. No valid COC or cure provided. | Reviewer Comment (XXXX-04-30): XXXX received Letter of explanation and Corrected Closing disclosure. Buyer Comment (XXXX-04-29): LOE and PCCD - Per Lender: "There is no final settlement statement since this loan is a TX property" - please also see uploaded invoice confirming amount and advise Reviewer Comment (XXXX-04-28): XXXX Provide Corrected PCCD and LOE correcting payee name along with true and certified final settlement statement. Buyer Comment (XXXX-04-27): Please also see Invoice on XXXX - Survey fee was paid to XXXX- Please confirm a PCCD with payee corrected and LOE to borrower is sufficient to cure. Reviewer Comment (XXXX-04-27): XXXX received rebuttal. However, the payee name mentioned on SSPL and on the Final CD are the same.Therefore, the fee falls under ten percent tolernace limit. Kindly provide cure for the fee increased. Cure documents consist of Post CD,LOX,Copy of refund check and proof of mailing. Buyer Comment (XXXX-04-24): SSPL - Per Lender: "Survey fee is list as a shoppable fee on the Service Provider's list. Invoice provided to reflect client shopped for their own surveyor. This fee should not be included in 10% tolerance due to client's choice for this item." |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Field Review Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Appraisal Field Review Fee on LE was XXXX and on final CD it's XXXX. No valid COC or cure provided. | Reviewer Comment (XXXX-04-28): Sufficient cure provided. Full cure amount for tolerance violation was provided at or before closing (on final CD) resulting in a cleared exception. Buyer Comment (XXXX-04-27): The tolerance cure was provided on the closing CD of XXXX in addition to XXXX for the Appraisal Review Fee total of XXXX lender credit for tolerance cure Reviewer Comment (XXXX-04-27): XXXX received Changed Circumstance dated XXXX, but the reason mentioned is not valid for the fee increased on CD dated XXXX. In order to determine if the changed circumstance is valid more information is necessary on reason fee increase and when lender became aware of the change. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Buyer Comment (XXXX-04-24): COC |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Review Fee. Fee Amount of XXXX exceeds tolerance of XXXX. XXXX over legal limit. Insufficient or no cure was provided to the borrower. XXXX | Appraisal Review Fee on LE was XXXX and on final CD it's XXXX. No valid COC or cure provided. | Reviewer Comment (XXXX-04-28): Sufficient cure provided. Full cure amount for tolerance violation was provided at or before closing (on final CD) resulting in a cleared exception. Buyer Comment (XXXX-04-27): Appraisal review fee was disclosed on XXXX. CIC CD provided showing XXXX added due to appraisal expiring before closing. The tolerance cure was provided on the closing CD of XXXX in addition to XXXX for the Complex Rural Fee total of XXXX lender credit for tolerance cure Reviewer Comment (XXXX-04-27): XXXX received COC dated XXXX.However, the fee also increased on CD dated XXXX for XXXX from XXXX. Kindly provide a valid COC for the fee increased or cure due to borrower. Cure documents consist of Post CD,LOX,Copy of refund check and proof of mailing. Buyer Comment (XXXX-04-24): COC |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Valuation Error: Field review value not provided. | Valuation Type: Field Review / Valuation Report Date: XXXX | CDA is needed for CU score greater than 2.5. CDA is not available in file instead field Review is provided but Field Review Value is blank. Need secondary valuation (CDA). CU Score 3.3. | Reviewer Comment (XXXX-05-05): Appraiser response provided. Appraisal value was accurate per appraiser. Buyer Comment (XXXX-05-05): Per Lender - Appraiser's response when requesting value to be completed. Buyer Comment (XXXX-05-01): Under USPAP, a field review is not required to provide a new value opinion; its primary purpose is to assess the quality of the original appraisal. However, a field review can include a value opinion if explicitly requested by the client, in which case the reviewer must follow specific Standards Rule. XXXX will be pushing back to the Lender to provide a value Buyer Comment (XXXX-05-01): XXXX requires a field review when the CDA is indeterminate. A subsequent CDA is not required Reviewer Comment (XXXX-04-30): Provided CDA is indeterminate, required updated CDA reflecting Risk Score and CDA value in CDA desk review. Exception remains Buyer Comment (XXXX-04-29): PER LENDER- CDA was Indeterminate and we ordered a field review with the XXXX’s underwriting support desk permission |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX 1084 or income worksheet | Income calculation worksheet is missing in file. Income calculation worksheets or a Uniform Underwriting Transmittal Summary (1008) with income calculations must be provided with every loan. | Reviewer Comment (XXXX-04-24): Income calculation worksheet is provided in file. Exception Cleared Buyer Comment (XXXX-04-24): worksheet |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Documented qualifying Assets for Closing of XXXX is less than Cash From Borrower XXXX. | Assets worth XXXX mentioned on 1003 however supporting documents received only for XXXX. Need additional assets to meet closing and reserve requirement. | Reviewer Comment (XXXX-04-24): Additional assets are provided in file, Exception cleared Buyer Comment (XXXX-04-24): XXXXk came from gift. remainder of funds came from verified assets |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of 0.00 is less than Guideline PITIA months reserves of 6.00. | Assets worth XXXX mentioned on 1003 however supporting documents received only for XXXX. Need additional assets to meet closing and reserve requirement. | Reviewer Comment (XXXX-04-24): Additional assets are provided in file, Exception cleared Buyer Comment (XXXX-04-24): PER LENDER - reserves came from his own funds |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Insurance | Missing Document: Flood Certificate not provided | Flood Certificate is not available in file. Need flood certificate. | Reviewer Comment (XXXX-04-24): Flood certificate is provided with correct subject address. Exception Cleared Buyer Comment (XXXX-04-24): flood cert |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR failure. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-27): Received the lock |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to insufficient asset documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-27): Received the lock |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Lender Exception (not approved): Non QM 13 paying off construction loan. Loan was originally XXXX, but more was needed to complete the home. An additionaXXXX was added, which modified the lien and put an additional mechanics lien on the property. The loan was due and payable XXXX, but has been extended by the lender while this transition is finishing up. Lender has drafted a letter stating they are willing to extend since the borrowers are trying to get this refinance done. Compensating Factors: DTI 35%, Long term business owner, High credit scores, no derogs. Please confirm investor acceptability for downgrade consideration. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly mortgage payment has decreased by at least 20%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-04-27): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-23): Approved Lender Exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Field Review Fee. Fee Amount of XXXX exceeds tolerance of XXXX. Sufficient or excess cure was provided to the borrower at Closing. XXXX | Reviewer Comment (XXXX-04-30): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Final CD evidences Cure | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120851 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Review Fee. Fee Amount of XXXX exceeds tolerance of XXXX. Sufficient or excess cure was provided to the borrower at Closing. XXXX | Reviewer Comment (XXXX-04-30): Sufficient Cure Provided At Closing |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Final CD evidences Cure | C | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Fraud Report not provided | As per the guidelines, a fraud report is mandatory; however, the fraud report is currently missing | Reviewer Comment (XXXX-04-27): Fraud report is provided, Exception Cleared Buyer Comment (XXXX-04-24): fraud rpt |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided | Form 1008 and the Approval are missing from the file. Both are required.” | Reviewer Comment (XXXX-04-27): Form 1008 document is provided as alternate document. Exception Cleared Buyer Comment (XXXX-04-24): 1008 |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | As per the guidelines, 12 months of housing history is required; however, the housing history is not available in the file. | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-04-27): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-24): approved exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Provision) XXXX High-Cost Loan (Ability to Repay not Verified) | XXXX High-Cost Loan: File does not contain evidence that analysis of borrower’s ability to repay was performed based on verified income, obligations, assets, and/or employment. | Borrower not provided with evidence that analysis of borrower’s ability to repay was performed based on verified income, obligations, assets, and/or employment. | Reviewer Comment (XXXX-04-27): 1008 is provided as alternate document. Exception Cleared Buyer Comment (XXXX-04-24): Please see uploaded full disclosure package, or further advise what needed Disclosure requirement is to satisfy this exception |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Aggregate Payment Disclosure Not Provided) | XXXX High-Cost Loan: Borrower not provided with Aggregate Monthly Payment Disclosure statement. | Borrower not provided with Aggregate Monthly Payment Disclosure statement. | Reviewer Comment (XXXX-05-13): High cost fee overage cured. Reviewer Comment (XXXX-05-13): Elevated for internal compliance review. Buyer Comment (XXXX-05-13): Please see uploaded LOE, PCCD, refund check and tracking, along with signed Borrower Option letter to cure high cost exceptions Reviewer Comment (XXXX-05-12): Elevated to compliance. Buyer Comment (XXXX-05-11): Lender rebuttal uploaded, with following comment: "Rebuttal on high cost loan - attached a copy of the law and it clearly states that the finance charge shall not include fees from third parties I.e. Attorney / settlement fees. The only time this would be included is if we receive a portion of the monies or if they are an affiliate. The following fees at the minimum need to be excluded- - Settlement fee XXXX.00 – Payable to XXXX- not an affiliate By excluding this fee, we are under the threshold." Reviewer Comment (XXXX-05-08): The lender's rebuttal about only fees paid to the lender or affiliates should be included is not accurate. XXXX does not use the same points and fees definition as HOEPA. Specifically, finance charge fees (minus prepaid interest) are included in the XXXX points and fees calculation, even when paid to a third party. This includes the following title fees that are finance charges: XXXX courier, XXXX escrow processing, XXXX recording doc handling and XXXX settlement closing fee. Buyer Comment (XXXX-05-08): Lender response Buyer Comment (XXXX-05-08): Per lender: The 5% fee threshold is for points and fees paid to the lender and Affiliates. Based on the based on fee included in Diligence testing, all title fees paid to third party should be removed from the calculations. This would cancel High Cost findings. Please cancel if finding is invalid. Reviewer Comment (XXXX-04-30): Aggregate Monthly Payment Disclosure is required as per exhibit reflecting in disclosure screen. Exception remains Buyer Comment (XXXX-04-29): LE - Per Lender: "Aggregate was disclosed on LE sent XXXX" - If the attached does not clear, please provide further details on the required language of the disclosure in question. Reviewer Comment (XXXX-04-27): Aggregate Monthly Payment Disclosure is not provided. Exception remains Buyer Comment (XXXX-04-24): Please see uploaded disclosure package and further advise as to required documentation to satisfy exception |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Consumer Caution and Home Ownership Counseling Notice Not Provided) | XXXX High-Cost Loan: Borrower not provided with Consumer Caution and Home Ownership Counseling Notice. | Borrower not provided with Consumer Caution and Home Ownership Counseling Notice. | Reviewer Comment (XXXX-04-27)XXXXptured the Counseling Notice. Buyer Comment (XXXX-04-27): Please re-review and provide further details on requirements if not in file. See un-bookmarked Trailing - Other docs - page 1005 for the Notice and the counselors list on XXXX Reviewer Comment (XXXX-04-27): Consumer Caution and Home Ownership Counseling Notice is missing in file. Exception remains Buyer Comment (XXXX-04-24): See uploaded XXXX list as well as pg 92 of the uploaded full disclosure package "Important Must Read" and pages 140 - 143 for standard HCL |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Counseling Disclosure Not Provided) | XXXX High-Cost Loan: Counseling Disclosure not provided to borrower. | Counseling Disclosure not provided to borrower. | Reviewer Comment (XXXX-04-28): Document provided Buyer Comment (XXXX-04-27): Please re-review and provide further details on requirements if not in file. See un-bookmarked Trailing - Other docs - page 1005 for the Notice and the counselors list on XXXX Reviewer Comment (XXXX-04-27): Counseling Disclosure not provided to borrower. Exception remains Buyer Comment (XXXX-04-24): XXXX Counseling LIst |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (High Cost Legend Not on Mortgage) | XXXX High-Cost Loan: Mortgage does not contain legend advising loan is high-cost. | Mortgage does not contain legend advising loan is high-cost | Reviewer Comment (XXXX-04-28): Mortgage provided statement. Buyer Comment (XXXX-04-27): Page 897 (D0247) on page 1 states "THIS MORTGAGE IS A SUBPRIME HOME LOAN SUBJECT TO XXXX STATE BANKING LAW 6M" - if this is not what is needed - please provide further information Reviewer Comment (XXXX-04-27): Mortgage does not contain legend advising loan is high-cost. Exception remains Buyer Comment (XXXX-04-24): Please see uploaded Mortgage, top of page 1 |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Shop Around Notice Not on Loan Application) | XXXX High-Cost Loan: Mandatory "Shop Around" Notice not included on loan application to applicant. | "Shop Around" Notice not included on loan application to applicant | Reviewer Comment (XXXX-05-13): High cost fee overage cured. Buyer Comment (XXXX-05-13): Please see uploaded LOE, PCCD, refund check and tracking, along with signed Borrower Option letter to cure high cost exceptions Reviewer Comment (XXXX-05-12): Elevated to compliance. Buyer Comment (XXXX-05-11): Lender rebuttal uploaded, with following comment: "Rebuttal on high cost loan - attached a copy of the law and it clearly states that the finance charge shall not include fees from third parties I.e. Attorney / settlement fees. The only time this would be included is if we receive a portion of thmonies or if they are an affiliate. The following fees at the minimum need to be excluded- - Settlement fee XXXX.– Payable to XXXX PLLC- not an affiliate By excluding this fee, we are under the threshold." Reviewer Comment (XXXX-05-08): The lender's rebuttal about only fees paid to the lender or affiliates should be included is not accurate. XXXX does not use the same points and fees definition as HOEPA. Specifically, finance charge fees (minus prepaid interest) are included in the XXXX points and fees calculation, even when paid to a third party. This includes the following title fees that are finance charges: XXXX courier, XXXX escrow processing, XXXX recording doc handling and XXXX settlement closing fee. Buyer Comment (XXXX-05-08): Per lender: The 5% fee threshold is for points and fees paid to the lender and Affiliates. Based on the based on fee included in Diligence testing, all title fees paid to third party should be removed from the calculations. This would cancel High Cost findings. Please cancel if finding is invalid. Reviewer Comment (XXXX-04-30): "Shop Around" Notice Disclosure is required as per exhibit reflecting in disclosure screen. Exception remains Buyer Comment (XXXX-04-29): Please provide further details on the guideline requiring the notice "on" the loan application. The only guideline found from XXXX state referencing the Shop Around notice pertains to the Applicants Need to Know pamphlet that was referenced in the XXXX comment below. Please re-review the bookmarked pamphlet on XXXX - which was provided to consumer at the time of application and has the notice to shop around - see list of disclosure in the unbookmarked Trailing Docs Other images, pg 1018 - last image in file - 2nd item from the borrower confirms date provided is XXXX. Please clear or provide additional information on requirement. Reviewer Comment (XXXX-04-27): "Shop Around" Notice not included on loan application to applicant. Exception remains Buyer Comment (XXXX-04-24): Please see page 183 to 185 of uploaded full disclosure package - "What Mortgage Applicants Need to Know" |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Disclosure of Taxes and Insurance Not Provided) | XXXX High-Cost Loan: Disclosure of Taxes and Insurance not provided to borrower. | Disclosure of Taxes and Insurance not provided to borrower. | Reviewer Comment (XXXX-04-28): Disclosure provided. Buyer Comment (XXXX-04-27): Please provide further details on what language is required on the disclosure that is being referenced as "XXXX High Cost Tax and Insurance disclosure" - file contains 5 different disclosures related toXXXXTax, Insurance and Escrow Reviewer Comment (XXXX-04-27): XXXX High-cost Tax and Insurance Disclosure is missing. Exception remains Buyer Comment (XXXX-04-24): Please see uploadedXXXXEscrow Account Disclosure as well as pgs 57, 102, 104, 117 - 122 of the Full Disclosure package that was uploaded |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Provision) XXXX Subprime Loan (Ability to Repay not Verified) | XXXX Subprime Loan: File does not contain evidence that analysis of borrower’s ability to repay was performed based on verified income, obligations, assets, and/or employment using PITI payment based on fully-indexed rate with fully-amortizing payment and taking into account payments on any simultaneously-closed loans. | File does not contain evidence that analysis of borrower’s ability to repay was performed based on verified income, obligations, assets, and/or employment using PITI payment based on fully-indexed rate with fully-amortizing payment and taking into account payments on any simultaneously-closed loans. | Reviewer Comment (XXXX-04-27): 1008 is provided as alternate document. Exception Cleared Buyer Comment (XXXX-04-24): Please see uploaded full disclosure package, or further advise what disclosure requirement is needed to satisfy this exception |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Disclosure) XXXX Subprime Loan (Counseling Disclosure Not Provided) | XXXX Subprime Loan: Counseling Disclosure not provided to borrower. | Counseling Disclosure not provided to borrower. | Reviewer Comment (XXXX-04-28): Counseling disclosure provided Buyer Comment (XXXX-04-27): Please re-review and provide further details on requirements if not in file. See un-bookmarked Trailing - Other docs - page 1005 for the Notice and the counselors list on D0418 Reviewer Comment (XXXX-04-27): XXXX Subprime Counseling Disclosure is missing. Exception remains Buyer Comment (XXXX-04-24): See uploaded list as well as pg 92 of the uploaded full disclosure package "Important Must Read" |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Disclosure) XXXX Subprime Loan (Subprime Legend Not on Mortgage) | XXXX Subprime Loan: Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law. | Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law | Reviewer Comment (XXXX-04-28): Provided on the mtg. Buyer Comment (XXXX-04-27): Page 897 (D0247) on page 1 states "THIS MORTGAGE IS A SUBPRIME HOME LOAN SUBJECT TO XXXX STATE BANKING LAW 6M" - if this is not what is needed - please provide further information Reviewer Comment (XXXX-04-27): XXXX Subprime Disclosure is missing. Exception remains Buyer Comment (XXXX-04-24): See attached Mortgage with required legend printed on page (Also included is full disclosure package) |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Provide the following: Letter of Explanation, corrected Mortgage (with required Legend) signed by consumers, and proof of re-recording. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | (State HPML Disclosure) XXXX Subprime Loan (Notice of Taxes and Insurance Not Provided) | XXXX Subprime Loan: Borrower not provided with Notice of Taxes and Insurance on 1st lien, subprime loan. | Borrower not provided with Notice of Taxes and Insurance on 1st lien, subprime loan. | Reviewer Comment (XXXX-04-28): Disclosure provided Buyer Comment (XXXX-04-27): Please see attached list of disclosures that have been uploaded and are in file attached - If the disclosure in question is not on the list, please provide further details and information on the content of the needed disclosure. Buyer Comment (XXXX-04-27): Please provide further details on what language is required on the disclosure that is being referenced as XXXX Subprime Tax disclosure" - file contains 5 different disclosures related toXXXXTax, Insurance and Escrow Reviewer Comment (XXXX-04-27): XXXX Subprime Tax Disclosure is missing. Exception remains Buyer Comment (XXXX-04-24):XXXXEscrow Account disclosure Buyer Comment (XXXX-04-24):XXXXTax Escrow Account to receive tax bills |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | XXXX Subprime Home Loan Threshold Fixed Non-Compliant | XXXX Subprime Loan: APR on subject loan of 10.46895% or Final Disclosure APR of 10.52000% is in excess of allowable threshold of Prime Mortgage Market Rate 6.38000 + 1.75%, or 8.13000%. Non-Compliant SubPrime Loan. | on subject loan of 10.46895% or Final Disclosure APR of 10.52000% is in excess of allowable threshold of Prime Mortgage Market Rate 6.38000 + 1.75%, or 8.13000%. Non-Compliant SubPrime Loan. | Reviewer Comment (XXXX-04-28): Disclosure provided Buyer Comment (XXXX-04-24): Disclosures uploaded - please re-review for Compliant |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure. Cure provision underXXXXSubprime 6-m(7) appears to be limited to making a non-compliantXXXXSubprime loan into a compliantXXXXsubprime loan with no explicit cure language permitting loan to be refunded or cured by reducing the APR to effectively bring the loan out ofXXXXSubprime status. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | Flood | Flood Insurance Escrow - Flood not Escrowed for Property in Flood Zone | Loan originated post XXXX 2015, the subject property is in a flood zoneXXXXood insurance is not escrowed. | Property is in a flood zoneXXXXood insurance was not escrowed section G final CD | Reviewer Comment (XXXX-04-29): PCCD including flood insurance was provided. Buyer Comment (XXXX-04-29): Please update Reviewer Comment (XXXX-04-28): Under review. Buyer Comment (XXXX-04-24): IEADS Buyer Comment (XXXX-04-24): PCCD |
XXXX | 1 | B | A | B | A | B | A | B | A | B | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Provide evidence the escrow account was established for the flood insurance, LOE, Corrected IEAD, corrected PCCD (if applicable) | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Provision) XXXX High-Cost Loan (Financed Fees Exceeds Threshold) | XXXX High-Cost Loan: Lender financed points and fees in excess of 3% of the total loan amount. | XXXX High-Cost Loan: Lender financed points and fees in excess of 3% of the total loan amount. | Reviewer Comment (XXXX-05-13): High cost fee overage cured. Buyer Comment (XXXX-05-13): Please see uploaded LOE, PCCD, refund check and tracking, along with signed Borrower Option letter to cure high cost exceptions Reviewer Comment (XXXX-05-12): Elevated to compliance. Buyer Comment (XXXX-05-08): Per lender: The 5% fee threshold is for points and fees paid to the lender and Affiliates. Based on the based on fee included in Diligence testing all title paid from third party should be removed from the calculations. This would cancel High Cost findings. Please cancel if finding is invalid. Reviewer Comment (XXXX-05-04): Confirmed we have a validXXXXhigh cost finding. Reviewing the compliance report, the difference is the total loan amount used to determine maximum allowable fees. The total loan amount calculation forXXXXtakes the Original Principal Balance and deducts out any financed state fees. As this is a cash out refinance, with no fees POC, all of the state fees are considered financed. OPB XXXX - XXXX in financed state fees = XXXX. 5% of this total loan amount is XXXX, which is the amount of maximum allowable fees. TotalXXXXfees of XXXX exceeds this maximum amount by XXXX. The lender used OPB of XXXX, instead of OPB - state financed fees. This loan is still within theXXXXstandard cure window of 30 days from closing. This window will close after XXXX. Please note, this is one of the cures that requires the borrower to choose whether to accept a refund that will make the loan no longer high cost, or to keep as high cost and cure all of the prohibited practice and disclosure exceptions. To cure theXXXXfee overage: Within 30 days of closing, provide: (1) Signed letter from borrower indicating their choice to either (a) accept refund and make loan non-high-cost or (b) keep loan as high-cost and make loan compliant; (2) Assuming option (a) is selected, a copy of XXXX refund check and proof of mailing (must be in transit with courier); (3) Assuming option (b) is selected, proof of cure for each of the prohibited practice violations noted. Cure deadline is XXXX. Buyer Comment (XXXX-05-01)XXXXn you confirm this condition is valid and what would be required to cure? We were previously advised that if the 5% was cured with a refund of XXXX0.25 theXXXXhigh-cost conditions would be resolved but I do not see how that amount would cure this condition. Thank you. Reviewer Comment (XXXX-04-28): XXXX is using the face amount of the Note XXXX as their total loan amount while XXXX is using XXXX. Under theXXXXhigh-cost law, "total loan amount" is defined as ". . .the principal of the loan minus those points and fees as defined in paragraph (f) of this subdivision that are included in the principal amount." So you would take the Note amount of XXXX and then subtract the points and fees being included in your calculation (XXXX in our case) to arrive at the total loan amount of XXXX. The max threshold inXXXXis 5% of the total loan amount, so max points and fees are XXXX * .05 or XXXX. Buyer Comment (XXXX-04-28): Please provide further details once internal review is complete on what is needed to clear. Reviewer Comment (XXXX-04-28): Sent to CHD Buyer Comment (XXXX-04-24): Lender response |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost) XXXX High-Cost Loan (Points and Fees) | XXXX Anti-Predatory Lending Statute: Points and Fees on subject loan of 5.12186% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .12186%). Non-Compliant High Cost Loan. | XXXX Anti-Predatory Lending Statute: Points and Fees on subject loan of 5.12186% is in excess of the allowable maximum of 5.00000% of the Total Loan Amount. Points and Fees totaXXXX on a Total Loan Amount of XXXX vs. an allowable total of XXXX (an overage of XXXX or .12186%). Non-Compliant High Cost Loan. | Reviewer Comment (XXXX-05-13): XXXX received LOE to borrower, copy of refund check, borrower choice letter indicating choice to accept refund and make loan not high cost and proof of mailing. Buyer Comment (XXXX-05-13): Borrower letter Buyer Comment (XXXX-05-13): LOE, PCCD, refund check and shipping label Reviewer Comment (XXXX-05-12): Elevated to compliance. Buyer Comment (XXXX-05-12): Lender continues to rebut stating finance charge shall not include fees from third parties. Can compliance advise why these fees are included? Buyer Comment (XXXX-05-08): Per lender: The 5% fee threshold is for points and fees paid to the lender and Affiliates. Based on the based on fee included in Diligence testing all title paid from third party should be removed from the calculations. This would cancel High Cost findings. Please cancel if finding is invalid. Reviewer Comment (XXXX-05-06): Elevated to Compliance. Buyer Comment (XXXX-05-04): Lender rebuttal Reviewer Comment (XXXX-04-28): XXXX is using the face amount of the Note XXXX as their total loan amount while XXXX is using XXXX. Under theXXXXhigh-cost law, "total loan amount" is defined as ". . .the principal of the loan minus those points and fees as defined in paragraph (f) of this subdivision that are included in the principal amount." So you would take the Note amount of XXXX and then subtract the points and fees being included in your calculation (XXXX in our case) to arrive at the total loan amount of XXXX. The max threshold inXXXXis 5% of the total loan amount, so max points and fees are XXXX * .05 or XXXX. Buyer Comment (XXXX-04-28): Please provide further details once internal review is complete on what is needed to clear. Reviewer Comment (XXXX-04-28): Sent to CHD Buyer Comment (XXXX-04-24): Please see uploaded full disclosure package and re-review |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | Within 30 days of closing, provide: (1) Signed letter from borrower indicating their choice to either (a) accept refund and make loan non-high-cost or (b) keep loan as high-cost and make loan compliant; (2) Assuming option (a) is selected, a copy of refund check and proof of mailing (must be in transit with courier); (3) Assuming option (b) is selected, proof of cure for each of the prohibited practice violations noted. (Limited Use Bona Fide Errors - Compliance and Client Approval Required) Within 60 days of discovery, provide: (1) Legal opinion from originating lender with loan-specific details on how a high-cost loan was made despite procedures to prevent and confirms (i) the failure constitutes a bona fide error for the jurisdiction in which the property is located, and (ii) that the lender has not received any notice from the borrower of the failure; (2) procedures or explanation of controls in place to prevent such errors; (3) client written approval accepting use of the bona fide error cure; (4) signed borrower choice letter to either (a) accept refund and make loan non-high-cost or (b) keep loan as high-cost and make loan compliant; (5) If option 4(a) is selected, copy of refund check and proof of mailing; (6) If option 4(b) is selected, proof of cure for each of the prohibited practice violations. Note, a cure may not be accepted if the seller/lender has certified a fix has been made to their system and the same issue continues to occur after the fix has been put into place. |
C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX 2014 - 3% Points and Fees | XXXX 2014 3% Points and Fees Test. Points and Fees on subject loan of 4.94776% is in excess of the investor allowable maximum of 3.00000% of the Federal Total Loan Amount. Points and Fees totaXXXX on a Federal Total Loan Amount of XXXX vs. an investor allowable total of XXXX (an overage of XXXX or 1.94776%). | EV2 Informational | Buyer Comment (XXXX-04-22): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Guideline | The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file. | The Verification of Rent (VOR)/ Verification of Mortgage (VOM) is required and was not found in file. Duplicate. |
Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-04-27): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-24): approved exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Unapproved Lender Exception Requested: 7 NSF fees in the last 12 months. LOE in file. No housing history for subject. Borrower inherited home. Paying off deceased parents mortgage in Lis Pendens (Borrower not obligated. Compensating Factors: Excellent score and credit history, tons of reserves from cash out. Please review for acceptance/ | Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-04-27): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-23): signed exception approval Buyer Comment (XXXX-04-23): exception approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State HPML | XXXX Subprime Home Loan Threshold Fixed Compliant | XXXX Subprime Loan: APR on subject loan of 10.46895% or Final Disclosure APR of 10.52000% is in excess of allowable threshold of Prime Mortgage Market Rate 6.38000 + 1.75%, or 8.13000%. Compliant SubPrime Loan. | New exception as a result of documentation provided. EV2. Compliant SubPrime Loan. | Buyer Comment (XXXX-05-08): Loan Compliant. acknowledged as non-material. |
XXXX | 2 | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure. Cure provision underXXXXSubprime 6-m(7) appears to be limited to making a non-compliantXXXXSubprime loan into a compliantXXXXsubprime loan with no explicit cure language permitting loan to be refunded or cured by reducing the APR to effectively bring the loan out ofXXXXSubprime status. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | ||||||||||
| XXXX | XXXX | XXXX | 4350120853 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | (State High Cost Disclosure) XXXX High-Cost Loan (Shop Around Notice Not on Loan Application) | Unable to determine if the Shop Around Notice was provided to the borrower due to missing information. | Reviewer Comment (XXXX-05-13): High cost fee overage cured. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Primary | Refinance - Cash-out - Other | No obvious cure | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||||||||
| XXXX | XXXX | XXXX | 4350120844 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX 2014 - 3% Points and Fees | XXXX 2014 3% Points and Fees Test. Points and Fees on subject loan of 3.42192% is in excess of the investor allowable maximum of 3.00000% of the Federal Total Loan Amount. Points and Fees totaXXXX on a Federal Total Loan Amount of XXXX vs. an investor allowable total of XXXX (an overage of XXXX or .42192%). | EV2 informational | Buyer Comment (XXXX-04-23): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Rate/Term | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120844 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Unapproved Lender Exception Requested: Borrower is qualifying using XXXX XXXX, she is closing the transaction using this same title company, albeit a different attorney/notary will be used for signing. Compensating Factors: Ratios are low, Payment history is great, no cash-out refinance! Please review for acceptance | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
XXXX | Reviewer Comment (XXXX-04-27): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-23): Investor's exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120844 | XXXX | XXXX | XXXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX XXXX 1084 or income worksheet | Missing 1084 for bank statement income | Reviewer Comment (XXXX-04-27): 1084 for bank statement income is provided. Exception Cleared Buyer Comment (XXXX-04-24): Income Worksheet |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120844 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR failure. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-27): 1084 for bank statement income is provided. Exception Cleared Buyer Comment (XXXX-04-24): Income Worksheet |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Refinance - Rate/Term | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120844 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to insufficient income documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-27): 1084 for bank statement income is provided. Exception Cleared Buyer Comment (XXXX-04-24): Worksheet |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | C | B | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120677 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX Points and Fees | XXXX Points and Fees on subject loan of 6.81420% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and XXXX0.00 (XXXX). XXXX Finance Charge totaXXXX on a Original Loan Amount of XXXX vs. an allowable total of XXXX and XXXX0.00 (XXXX) (an overage of XXXX or 1.81420%). | EV2 informational. | Buyer Comment (XXXX-05-06): Acknowledged non material |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | B | B | A | A | B | B | A | A | Non QM | N/A | Yes | |||||
| XXXX | XXXX | XXXX | 4350120677 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Note Addendum - Prepayment not provided | The PPP calculations on the Note Addendum(s) and PPP Rider(s) do not meet program requirements. Please add a condition for an attestation letter to have the incorrect prepay addendums destroyed with a corrected Security Instrument removing the extra rider (if applicable) with a letter of intent to re-record along with a corrected PCCD with the updated prepayment calculations if applicable. | Reviewer Comment (XXXX-05-08): Cleared Buyer Comment (XXXX-05-08): PPP will be allowed to Seller's guidelines for bulk loan. Please clear the requested finding. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | B | B | A | A | B | B | A | A | Non QM | N/A | Yes | ||||||||||||
| XXXX | XXXX | XXXX | 4350120855 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Eligibility | Asset | Guideline Issue: Seller concessions exceeds the amount allowed per credit guidelines | 4.39% seller concessions > 3% maximum allowed per guidelines. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has verified disposable income of at least XXXX0.00. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
11 vs 6 | XXXX | Reviewer Comment (XXXX-04-30): Reviewed and accepted Reviewer Comment (XXXX-04-29): flipping to LS. Buyer Comment (XXXX-04-29): Customer #XXXX. non-QM v13 Buyer Comment (XXXX-04-29): Loan is moving to LS, exception from LS. Reviewer Comment (XXXX-04-27): Pending instructions to transfer to XXXX. Buyer Comment (XXXX-04-23): Loan will be moving to XXXX Buyer Comment (XXXX-04-23): investor exception approval Reviewer Comment (XXXX-04-06): Re-calculated at 4.20% |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120855 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | "Other" housing history reflects lates that do not meet guidelines. | Previous Current Address XXXX.00-missing payment history | Reviewer Comment (XXXX-04-14): Bank statement is provided for previous address which suffice the 12 months housing history requirement. Exception Cleared Buyer Comment (XXXX-04-13): Please re-review XXXX and XXXX. on XXXX there is a rental payment to XXXX for XXXX is a XXXX payment for XXXX Reviewer Comment (XXXX-04-10): Provided bank statement reflects XXXX as deposit not as withdrawal, required payment history for Previous Current Address XXXX XXXX XXXX. Exception remains Buyer Comment (XXXX-04-08): VOR could not be obtained email attached. Lease agreement showing ‘XXXX’ was the project. Bank statement transactions show rent being paid by the borrower for XXXX and XXXX XXXX to complete a full 12 month payment history. XXXX |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120855 | XXXX | XXXX | XXXX | XXXX | 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. | Loan designation failure due to ATR failure. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-14): Articles of organization is provided. Exception Cleared |
XXXX | 1 | B | A | C | A | B | A | C | A | B | A | XXXX | XXXX | Primary | Purchase | Lender to provide updated ATR/QM Loan Designation | C | B | C | B | C | A | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120855 | XXXX | XXXX | XXXX | XXXX | 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. | ATR failure due to missing ownership percentage income documentation. This exception will be cleared once all ATR specific exceptions have been cured/cleared. | Reviewer Comment (XXXX-04-14): Articles of organization is provided. Exception Cleared |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120847 | XXXX | XXXX | XXXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Deposit Receipt not provided | Deposits receipts is missing in the file for Gift Funds of XXXX. | Reviewer Comment (XXXX-04-29): Removed the duplicate gift per lender guidance. Buyer Comment (XXXX-04-29): Wired funds were from B1 XXXX XXXX account #XXXX. See (XXXX) and (XXXX). Reviewer Comment (XXXX-04-28): If only one gift amount has been considered of XXXX then required updated PCCD reflecting only one gift amount of XXXX and XXXX should be removed. Exception remains Buyer Comment (XXXX-04-24): Please review FINAL URLA - Only one gift of XXXX. PER SELLER - Correct only 1 Gift used. the gift increased to XXXX - the old gift letter should have been obsoleted. Reviewer Comment (XXXX-04-10): PCCD reflects XXXX and deposit receipt is provided for the same amount however as per gift letter, gift amount is XXXX and deposit receipt is missing for the same. If gift amount been changed then updated gift letter is required. Exception remains Buyer Comment (XXXX-04-09): PER LENDER- Please reference the PCCD showing the funds used to close with the attached receipts with matching amounts. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Primary | Purchase | C | B | C | B | B | B | A | A | Non QM | Non QM | No | |||||||
| XXXX | XXXX | XXXX | 4350120847 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX 2014 - 3% Points and Fees | XXXX 2014 3% Points and Fees Test. Points and Fees on subject loan of 4.98200% is in excess of the investor allowable maximum of 3.00000% of the Federal Total Loan Amount. Points and Fees totaXXXX on a Federal Total Loan Amount of XXXX vs. an investor allowable total of XXXX (an overage of XXXX or 1.98200%). | EV2 Informational | Buyer Comment (XXXX-04-06): Acknowledged non material |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | C | B | C | B | B | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120847 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender Exception provided but not reflecting approved. Exception for use of 12 months bank statements with declining income. Compensating Factors: Sufficient reserves, low debt to income ratio. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
16 vs 6 | XXXX | Reviewer Comment (XXXX-04-30): Investor accepts and agrees to waive with compensating factors. Reviewer Comment (XXXX-04-16): Waiting on request to move loan. Buyer Comment (XXXX-04-14): Loan will be moving to XXXX Buyer Comment (XXXX-04-14): investor exception approval |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | B | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120847 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Lender Exception provided but not reflecting approved. Exception for use of telecom self reported trade lines to cover credit requirements. Compensating Factors: Sufficient reserves, low debt to income ratio. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and XXXX. The qualifying DTI on the loan is at least 10% less than the guideline maximum. |
16 vs 6 | XXXX | Reviewer Comment (XXXX-04-30): Investor accepts and agrees to waive with compensating factors. Buyer Comment (XXXX-04-30): Customer number is XXXX, Non-QM 30 Yr Fixed v13. Buyer Comment (XXXX-04-30): Please move the loan to LS. Reviewer Comment (XXXX-04-16): Waiting on request to move loan. Buyer Comment (XXXX-04-14): Loan will be moving to XXXX Buyer Comment (XXXX-04-14): investor exception approval |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Purchase | C | B | C | B | B | B | A | A | Non QM | Non QM | No | ||||
| XXXX | XXXX | XXXX | 4350120840 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | GSE | XXXX 2014 - 3% Points and Fees | XXXX 2014 3% Points and Fees Test. Points and Fees on subject loan of 4.10963% is in excess of the investor allowable maximum of 3.00000% of the Federal Total Loan Amount. Points and Fees totaXXXX on a Federal Total Loan Amount of XXXX vs. an investor allowable total of XXXX (an overage of XXXX or 1.10963%). | EV2 | Buyer Comment (XXXX-05-07): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Primary | Refinance - Rate/Term | LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings. | C | B | C | B | B | B | A | A | Non QM | Non QM | Yes | |||||
| XXXX | XXXX | XXXX | 4350120840 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | Credit Report Error: Missing source document for credit/housing history. | Approved LENDER EXCEPTION provided. Requesting exception for 12-month primary residence history documentation. Borrower bought primary residence XXXX with hard money loan. We have 3-month mortgage payments documented for current mortgage on subject property. Previously, borrower rented from a relative, paying XXXX/month cash in rent for XXXX years. We have a VOR from the relative. Borrower is unable to provide canceled checks or bank statements to verify rent payments. Borrower has had a 4-month mortgage rating on an investment property that was sold XXXX. Compensating Factors: 1) Reducing current primary residence P&I over XXXX/month (from XXXX with 12% rate to XXXX/month & 7.375% rate) 2) Borrower has over XXXX/month residual 3) current self-employment business owned 9 years 4) LTV 5% below maximum LTV of 80% for rate and term refinance. Please confirm investor acceptability for downgrade consideration. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. |
XXXX | Reviewer Comment (XXXX-05-12): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-05-08): Approved exception documents |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Primary | Refinance - Rate/Term | C | B | C | B | B | B | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120839 | XXXX | XXXX | XXXX | XXXX | 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. | General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | ATR failure due to insufficient income documentation. This exception will be cleared once all ATR-specific exceptions have been cured or cleared. | Reviewer Comment (XXXX-05-21): Cleared Buyer Comment (XXXX-05-19): All other exceptions cleared. Please advise. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | ||||||
| XXXX | XXXX | XXXX | 4350120839 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | Credit Report Error: Missing source document for credit/housing history. | Lender exception (not approved). Please consider an exception request based on living rent-free and not being able to verify rent payments. Compensating factors: Has multiple businesses with cash flow and plenty of reserves. | Borrower has been employed in the same industry for more than 5 years. Borrower has verified disposable income of at least XXXX0.00. Borrower has worked in the same position for more than 3 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-05-19): Exception provided. Buyer Comment (XXXX-05-19): Approved exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Second Home | Refinance - Cash-out - Other | C | B | C | B | C | A | A | A | Non QM | Non QM | No | |||||
| XXXX | XXXX | XXXX | 4350120857 | XXXX | XXXX | XXXX | XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value. Sec ID: 22 | Note Date: XXXX; Lien Position: 1 | CDA value is $ 0.00 field review provided, and appraisal value considered as per field review. Please override. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-03-19): Exception provided. Buyer Comment (XXXX-03-17): Investor Exception approval Buyer Comment (XXXX-03-17): Investor's approval |
XXXX | 2 | A | A | A | A | A | A | A | A | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | B | B | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120857 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Rural property type is not permitted per Guidelines. | Property is rural, log construction, and over 10 acres, does not meet guidelines, further review required. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-03-19): Exception provided Buyer Comment (XXXX-03-17): Investor's exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | B | B | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120857 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Short Term Rental Property and documentation was not provided covering the prior 12 month period, the property is considered unleased and is only eligible for the No DSCR program. Verify the data or set the exception. | Short term rental not allowed--Refinance: Not Allowed | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-03-19): Exception provided Buyer Comment (XXXX-03-17): Investor's approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | B | B | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120857 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Note Addendum - Prepayment not provided | Subject transaction locked with 1-year prepaymentXXXXlculated at 1%. Loan delivered with no prepayment penalty documentation. Subject transaction will be re-priced with no prepayment penalty. Please confirm subject transaction has no prepayment penalty. | Reviewer Comment (XXXX-05-06): Received PPP rider with PPP percentage updated along with Letter of intent to re-record the mortgage & Rider. Exception cleared Buyer Comment (XXXX-05-04): Letter of Intent Buyer Comment (XXXX-05-04): PPP Rider Reviewer Comment (XXXX-05-04): Received Note addendum does not reflect the term of PPP and also the percent of PPP. Provide corrected Note addendum - Prepayment with Term and percent of PPP. Exception remains. Buyer Comment (XXXX-04-30): PPP rider Reviewer Comment (XXXX-04-27): Rider Prepayment and Letter of intent to re-record is missing in file. Exception remains Buyer Comment (XXXX-04-23): PPP Addendum Reviewer Comment (XXXX-04-02): Noted. DSCR loan requires PCCD with updated PPP terms. Secondly PPP rider provided does not reflects the percentage borrower will pay as PPP. Letter of intent to re-record the mortgage for correction on security instrument (Mortgage) is required. Also Note Addendum for PPP is missing. Exception remains Buyer Comment (XXXX-03-31): This is a DSCR loan - a PCCD is n/a. The mortgage and rider were uploaded, please confirm missing documentation to clear. Reviewer Comment (XXXX-03-31): Noted. Rider - Prepayment & PCCD is provided with reflecting prepayment penalty as Yes. Exception remains Buyer Comment (XXXX-03-26): Mortgage with PPP rider |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | B | B | N/A | Yes | |||||||||||||
| XXXX | XXXX | XXXX | 4350120857 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Rider - Prepayment not provided | Rider - Prepayment is missing in file. | Reviewer Comment (XXXX-05-18): Received PPP rider with PPP percentage updated along with Letter of intent to re-record the mortgage & Rider. Exception cleared Buyer Comment (XXXX-05-14): PPP addendum Reviewer Comment (XXXX-05-06): Received PPP rider with PPP percentage updated along with Letter of intent to re-record the mortgage & Rider. Exception cleared Buyer Comment (XXXX-05-04): Please see uploaded Rider and Letter of Inent Reviewer Comment (XXXX-05-04): Received Prepayment - Rider does not reflects the percent of PPP. Provide Corrected Rider with Percent of PPP along long with letter of intent to re-record the rider. Exception remains. Buyer Comment (XXXX-05-01): Rider uploaded was misclassified as an addendum. Reviewer Comment (XXXX-04-02): Provided PPP rider does not reflects the percentage borrower will be paying in 12 months terms. Percent is blank in the bracket. Provide corrected PPP rider. Exception remains. Buyer Comment (XXXX-03-31): Please see uploaded Rider |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | B | B | N/A | No | |||||||||||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | Credit Report: Original // Borrower: XXXX XXXX XXXX LLC, a XXXX Limited Liability Company | Provide Fraud Report including entity XXXX XXXX XXXX LLC as a participant that is compared against industry watch and exclusionary lists. Fraud report provided for borrower XXXX A XXXX does not include entity XXXX XXXX XXXX LLC as a participant. | Reviewer Comment (XXXX-03-06): Received Fraud Report with Business entity listed under watchlist. Exception Cleared Buyer Comment (XXXX-03-05): Fraud rpt with XXXX XXXX XXXX LLC listed as a participant on pg 9 |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | Absence of Business Purpose Certificate and/or Non-Owner Occupancy Declaration and/or UW Business Purpose Analysis and thus casts doubt on the business purpose of the loan. | BPC is incomplete. Section "the property is not and will not be occupied by me or any family member" is missing borrower's initial. Provide completed Business Purpose Certificate with initials, sign and Notary. | Reviewer Comment (XXXX-03-06): Received Complete Signed BPC. Exception Cleared Buyer Comment (XXXX-03-05): business purpose |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Compliance | Loan Package Documentation | Closing / Title | Missing, Incorrect, or Incomplete Note | Missing Document: Note - Subject Lien not provided | Provided Note is signed individually by the borrower however Security instrument and Title commitment reflects vesting as LLC (XXXX XXXX XXXX LLC). Therefore provide updated Note with signing authority as LLC and borrower as a member of the LLC. | Reviewer Comment (XXXX-03-11): Received Corrected Note with borrower name as entity and signor as the member of the entity. Exception cleared. Buyer Comment (XXXX-03-10): Note |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Security Instrument - Subject Lien not provided | Provided Security Instrument is signed individually by the borrower however Vesting on Security instrument and Title commitment reflects LLC (XXXX XXXX XXXX LLC). Therefore provide updated Security Instrument along with PUD Rider / Business Loan Rider/ Assignment of Leases and Rents Rider with signing authority as LLC and borrower as a member of the LLC. | Reviewer Comment (XXXX-03-13): Received Letter of intent to re-record along with Security instrument and riders. Exception cleared. Buyer Comment (XXXX-03-12): disregard previous comment. belongs to other exception Buyer Comment (XXXX-03-12): per seller: Our Non-QM Guidelines. Page 63 of 78 If the property is in a declining market the LTV is capped at 75% for Investor Solutions DSCR purchase transactions. Our guidelines don’t require us to reduce the LTV by 10% we just cap it at a certain percentage. In this case 75% which is what our LTV is. Buyer Comment (XXXX-03-12): letter of intent Reviewer Comment (XXXX-03-11): Received Security instrument and all riders updating the borrower name as entity and borrower as member of the entity on the signature page, However Letter of intent to re-record the mortgage and the rider for the changes implemented is missing. Exception remains. Buyer Comment (XXXX-03-10): DEED |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of 75.00000% exceeds Guideline loan to value percentage of 65.00000%. | Appraisal report shows declining trend, per guide, reduce maximum LTV by 10% for any property located in an area of declining property values as reported by appraiser. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. | 64 vs 3 | XXXX | Reviewer Comment (XXXX-03-30): Investor accepts and agrees to waive with compensating factors. Reviewer Comment (XXXX-03-27): Moving to XXXX confirmed Buyer Comment (XXXX-03-27): updated - Loan will be moving to XXXX Buyer Comment (XXXX-03-27): investor exception approval from XXXX Reviewer Comment (XXXX-03-26): will move to XXXX Buyer Comment (XXXX-03-24): Loan will be moving to XXXX Reviewer Comment (XXXX-03-16): Per the documentation provided the guidelines are the XXXX DSCR v12 guideline that has 40 pages. Per section 12.3 - Reduce maximum LTV/CLTV by 10% for any property located in an area of declining property values as reported by appraiser. Buyer Comment (XXXX-03-12): per seller: Our Non-QM Guidelines. Page 63 of 78 If the property is in a declining market the LTV is capped at 75% for Investor Solutions DSCR purchase transactions. Our guidelines don’t require us to reduce the LTV by 10% we just cap it at a certain percentage. In this case 75% which is what our LTV is. Reviewer Comment (XXXX-03-09): Please confirm which guidelines is this been referred where Investor solutions - DSCR caps at 75% for purchase and 70% for Refinance. As per the guide section 12.3 states "Reduce maximum LTV/CLTV by 10% for any property located in an area of declining property values as reported by appraiser". Exception remains. Buyer Comment (XXXX-03-05): UW response pt 2 Buyer Comment (XXXX-03-05): UW response Reviewer Comment (XXXX-03-03): As per guide section 12.3, Reduce maximum LTV/CLTV by 10% for any property located in an area of declining property values as reported by appraiser. Exception Remains Buyer Comment (XXXX-02-27): PER LENDER - Per our guidelines for declining markets, the LTV cannot exceed 75% for DSCR purchases. We are at 75%. I don’t see this being an issue risk wise even if we were capped at 65%. 1) The appraiser said market is only slightly declining, 2) Borrower down payment was 25%, 3) Borrower has XXXX in reserves after closing. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120579 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Representative FICO score of 716 is less than Guideline representative FICO score of 720. | Representative FICO score of 716 is less than Guideline representative FICO score of 720. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. | 64 vs 3 | XXXX | Reviewer Comment (XXXX-03-30): Investor accepts and agrees to waive with compensating factors. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | D | A | A | A | N/A | No | ||||
| XXXX | XXXX | XXXX | 4350120577 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Unapproved Lender exception in file - Condo project does not meet XXXX master property insurance requirement. HOA master insurance only has liability coverage, do not have replacement cost coverage for building and XXXX/crime insurance coverage. Exception to waive condo project review, and borrower purchase its own property insurance for the unit. Compensating Factors: FICO: 728; LTV: 57%. DSCR Ratio: 1.18%. Please confirm investor acceptability for downgrade consideration. |
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 XXXX. The Loan to Value (LTV) 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. |
XXXX | Reviewer Comment (XXXX-04-22): Exception for the insurance has been provided. Buyer Comment (XXXX-04-20): The approved exception is for the insurance, but does not address warrantability Buyer Comment (XXXX-04-20): Exception approval for insurance, however there is no evidence of project warrantability |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120577 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Seller to advise the reason(s) for non-warrantability. | Reviewer Comment (XXXX-04-24): HOA condo-PUD document is provided, Exception Cleared Buyer Comment (XXXX-04-23): Condo review with attestation stating meets XXXX with exception of insurance |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||||||||||
| XXXX | XXXX | XXXX | 4350120578 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Unapproved Lender Exception Requested: Condo project does not meet XXXX master property insurance requirement. HOA master insurance only has liability coverage, do not have replacement cost coverage for building and XXXX/crime insurance coverage. Exception to waive condo project review, and borrower purchase it's own property insurance for the unit. Compensating Factors: FICO: 728; LTV: 57%; DSCR Ratio: 1.32%. Please review for acceptance | 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 XXXX. The Loan to Value (LTV) 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. |
XXXX | Reviewer Comment (XXXX-04-22): Exception for insurance provided. Buyer Comment (XXXX-04-20): Approved exception for insurance |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120578 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Seller to advise the reason(s) for non-warrantability. | Reviewer Comment (XXXX-04-24): Condominium Project review is provided. Exception Cleared Buyer Comment (XXXX-04-23): Condo review with attestation at bottom stating meets XXXX with exception of insurance |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||||||||||
| XXXX | XXXX | XXXX | 4350120576 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Unapproved Lender Exception Requested: Condo project does not meet XXXX master property insurance requirement, HOA master insurance only has liability coverage, do not have replacement cost coverage for building and XXXX/crime insurance coverage. Exception to waive the condo project review, and the borrower purchase it's own property insurance for each unit. Compensating Factors: FICO: 728; LTV: 57%; DSCR Ratio: 1.32%. Please review for acceptance. | 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 XXXX. The Loan to Value (LTV) 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. |
XXXX | Reviewer Comment (XXXX-04-22): Exception for the insurance provided. Buyer Comment (XXXX-04-20): Exception approval for insurance coverage only. Still need warrantability |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120576 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Seller to advise the reason(s) for non-warrantability. | Reviewer Comment (XXXX-04-24): Received lender certification for Warrantable condo. Exception cleared. Buyer Comment (XXXX-04-23): condo review with attestation project meets XXXX with exception of insurance coverage. |
XXXX | 1 | A | A | A | A | A | XXXX | XXXX | Investment | Purchase | C | B | C | B | A | A | A | A | N/A | No | |||||||||||||
| XXXX | XXXX | XXXX | 4350120849 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Verification appraisal was delivered to borrower within 3 days of closing was not provided. | Buyer Comment (XXXX-04-22): Lender acknowledged non material EV2 Buyer Comment (XXXX-04-22): Unable to obtain documentation - Per Lender: "Credit was extended solely to a business entity; no natural person applicant exists; therefore ECOA Valuations Rule does not apply. The ECOA Valuations Rule under Regulation B applies only to applications by natural persons for consumer-purpose, dwelling-secured credit. This loan was originated to a business entity for business/investment purposes. No natural person applied for credit, and no consumer-purpose determination was made. Accordingly, the Valuations Rule timing requirements are not applicable." |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120849 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to consumer. | The file was missing evidence the Right to Receive Appraisal Disclosure provided to borrower within 3 days of initial application. | Buyer Comment (XXXX-04-22): Lender acknowledged non material EV2 Buyer Comment (XXXX-04-22): Unable to obtain documentation - Per Lender: "Credit was extended solely to a business entity; no natural person applicant exists; therefore ECOA Valuations Rule does not apply. The ECOA Valuations Rule under Regulation B applies only to applications by natural persons for consumer-purpose, dwelling-secured credit. This loan was originated to a business entity for business/investment purposes. No natural person applied for credit, and no consumer-purpose determination was made. Accordingly, the Valuations Rule timing requirements are not applicable." |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120849 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Late Charge | XXXX XXXX First Lien Late Charge Grace Period Testing | XXXX XXXX Late Charge: Note grace period of 10 days is less than the state minimum of 15 days. | XXXX XXXX Late Charge: Note grace period of 10 days is less than the state minimum of 15 days | Buyer Comment (XXXX-04-17): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120849 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Late Charge | XXXX XXXX First Lien Late Charge Percent Testing | XXXX XXXX Late Charge: Note late charge percent of 10.00000% exceeds the state maximum of 4%. | XXXX XXXX Late Charge: Note late charge percent of 10.00000% exceeds the state maximum of 4%. | Buyer Comment (XXXX-04-17): Acknowledged non-material EV2 |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120849 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Unapproved Lender Exception Requested: to use commercial property with rental income to qualify track record. Compensating Factors: Strong FICO and DSCR. This is also allowed per XXXX guidelines. Please review for acceptance | 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 XXXX. |
XXXX | Reviewer Comment (XXXX-04-22): Exception provided. Buyer Comment (XXXX-04-20): Approved exception |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | C | B | C | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Desk Review / Valuation Report Date: XXXX | As per CDA XXXX name "XXXX St", does not match title "XXXX XXXX" | Reviewer Comment (XXXX-05-11): The lender accepts the property description. Buyer Comment (XXXX-05-08): County record of legal address Buyer Comment (XXXX-05-08): Email from title company stating they insure the legal description instead of XXXX address. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Appraisal / Valuation Report Date: XXXX | As per AppraisaXXXX name "XXXX St", does not match title "XXXX XXXX" | Reviewer Comment (XXXX-05-11): The lender accepts the property description. Buyer Comment (XXXX-05-08): email from title company stating they insure the legal description, not the XXXX address |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | System | Flood Certificate Subject Address does not match Note address. | Flood cert XXXX name "XXXX St", does not match title "XXXX XXXX" | Reviewer Comment (XXXX-05-07): Updated flood certs provided. Buyer Comment (XXXX-05-06): Flood certs for units A and B |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | Insurance XXXX name "XXXX St", does not match title "XXXX XXXX" | Reviewer Comment (XXXX-05-11): The lender accepts the property description. Buyer Comment (XXXX-05-08): Email from title company stating they insure the legal description not the XXXX address |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | Business Purpose | General | Business Purpose | Missing Document: Spousal Consent not provided. | Borrower: XXXX | Spousal Consent form is missing and is required by statute. | Reviewer Comment (XXXX-05-11): Received Credit application stating borrower as unmarried. Exception cleared. Buyer Comment (XXXX-05-07): Corrected application stating not married |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | 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 three (3) business days prior to consummation. (Type:Primary/XXXX) | Verification appraisal was delivered to borrower within 3 days of closing was not provided. Waiver not provided. | Buyer Comment (XXXX-04-22): Lender acknowledged non material EV2 Buyer Comment (XXXX-04-22): Unable to obtain documentation - Per Lender: "The ECOA Valuations Rule under Regulation B applies only to applications by natural persons for consumer-purpose, dwelling-secured credit. This loan was originated to a business entity for business/investment purposes. No natural person applied for credit, and no consumer-purpose determination was made. Accordingly, the Valuations Rule timing requirements are not applicable." |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to consumer. | Buyer Comment (XXXX-04-22): Lender acknowledged non material EV2 Buyer Comment (XXXX-04-22): Per Lender: "The ECOA Valuations Rule under Regulation B applies only to applications by natural persons for consumer-purpose, dwelling-secured credit. This loan was originated to a business entity for business/investment purposes. No natural person applied for credit, and no consumer-purpose determination was made. Accordingly, the Valuations Rule timing requirements are not applicable." |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Documentation | Guideline | The Earnest Money Deposit is unsourced. Please provide source documentation for the Earnest Money Deposit. | Financial Institution: Earnest Money Deposit // Account Type: Earnest Money Deposit - Unsourced / Account Number: XXXX | Supporting document like Official Check or Deposit receipts is required for the EMD XXXX | Reviewer Comment (XXXX-05-07): Deposit receipt provided Buyer Comment (XXXX-05-06): Copy of cashiers check and receipt for EMD Reviewer Comment (XXXX-04-30): Noted. Business Bank statement provided reflects customer withdrawal on XXXX and a deposit of XXXX on XXXX covering earnest money. However Customer withdrawal does not confirm if this withdrawal was for the EMD. Either provide sufficient evidence that the funds were transferred to title in the form of a cancelled check or Wire confirmation Or Receipt from Title company confirm the receipt if EMD funds. Exception remains. Buyer Comment (XXXX-04-28): Lender's rebuttal: Per our program guidelines, asset verification requirements are limited to sufficient documentation of funds for down payment, closing costs, and required reserves. The published guide does not specifically require separate sourcing or seasoning of earnest money deposit funds as an independent eligibility condition. In this file, verified borrower liquidity supports all required funds-to-close and reserve requirements. Please use our guidelines in reviewing these files, separate EMD sourcing is not part of our requirements. This is not a directive of XXXX. Please review. Reviewer Comment (XXXX-04-23): Bank statement reflects withdrawal of XXXX as customer withdrawal, required Official Check or Deposit receipts for the EMD XXXX, Exception remains Buyer Comment (XXXX-04-22): Seller response- The XXXX earnest money deposit was funded from the borrowing entity’s own bank account. The deposit reflects internal funds activity within the borrower’s account and was subsequently applied the same day toward the required EMD for the subject transaction. No third-party funds were involved, and the funds are fully sourced within the borrowing entity. Additionally our guides do not require such sourcing, please cite where in the guides this finding is coming from |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120854 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Unapproved Lender Exception Requested: The property is carries a deed restriction originating from the original plat in XXXX which designated the lot as residential-only. In XXXX, a petition was recorded to remove the residential-only restriction ad expand permitted use to business, non-profit, and religious use. The property was previously used a XXXX park before being developed into a duplex. The property is located in XXXX, so there's no risk of zoning non-conformity. The property is legally permissible by zoning deed restrictions per the appraisal. Compensating factors: The property is located in XXXX which operates without traditional zoning designations meaning there is no risk of zoning non-conformity. There is no HOA present that could pursue potential enforcement action against the current use. The appraisal states "All of the sale considered are located in deed restricted neighborhoods. Given the market activity in the subject's neighborhood, the deed restrictions do not have an adverse effect on marketability." Please review for acceptance | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-04-21): Exception provided. Buyer Comment (XXXX-04-20): Exception approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120846 | XXXX | XXXX | XXXX | XXXX | Credit | System | General | Appraisal Reconciliation | Valuation address does not match Note address. | Valuation Type: Desk Review / Valuation Report Date: XXXX | Address mismatch, As per title document XXXX name "XXXX", as per CDA XXXX name XXXX", Lender to ensure all required documents match property address reflected on title report. | Reviewer Comment (XXXX-04-28): Updated CDA is provided with correct XXXX address. Exception Cleared Buyer Comment (XXXX-04-27): CDA |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120846 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Project approval in file however it is not approved by Lender and XXXX. As per Guide: Non-Warrantable Condominiums Ineligible Property Types. | Reviewer Comment (XXXX-04-21): Lender certification for condo project approval received dated XXXX. Exception cleared. Buyer Comment (XXXX-04-20): Condo Approval |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120846 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Analysis | Insurance | Insurance address does not match Note address. | Address mismatch, As per title document XXXX name "XXXX Ln Unit XXXX", as per Insurance XXXX name "XXXX Ln #XXXX", Lender to ensure all required documents match property address reflected on title report. | Reviewer Comment (XXXX-04-24): Revised policy with updated address received. Exception Cleared. Buyer Comment (XXXX-04-23): HOI |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | C | A | C | A | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120850 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Operating Agreement provided is not signed by the borrower and page 6 is incomplete. | Reviewer Comment (XXXX-05-01): Received Operating agreement confirming borrower's ownership is signed by the member of the LLC. Exception cleared. Buyer Comment (XXXX-04-29): Signed Operating Agreement |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120850 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Rural property type is not permitted per Guidelines. | LENDER EXCEPTION provided but not marked Approved. The zoning on the subject property is "Business Use District". The subject property is rural, only used for residential and is a short term rental. The zoning may put it more in a commercial category instead of residential so would like an exception to proceed. Please note the DSCR has been calculated taking 12 months average of the XXXX earnings from XXXX & XXXX divided by PITI. Compensating Factors: Good Credit, over 12 months of asset reserves. Review for acceptance and acceptability. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
1003 vs 3 | XXXX | Reviewer Comment (XXXX-04-24): Investor accepts and agrees to waive with compensating factors. Buyer Comment (XXXX-04-24): Exception approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | A | A | N/A | No | |||||
| XXXX | XXXX | XXXX | 4350120845 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Late Charge | Note Error: Note late charge percentage exceeds maximum per state | Note late charge percentage exceeds maximum per state. | Buyer Comment (XXXX-05-05): Acknowledged as non-material. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120845 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Lender Exception: Exception is for property type -- 2 family with ADU. THIS IS AN UPDATED REQUEST AS FICO WENT FROM 706 TO 694, DSCR WENT FROM 2.67 TO 2.26, RESERVES WENT FROM 40 MONTHS TO 35 MONTHS. LOAN AMOUNT WENT FROM 110K TO 140K AND LTV FROM 9.4 TO 10.69. Compensating Factors: ADU is permitted. LTV is 10.69. 35 months reserves. Borrower is a very experienced investor. DSCR is 2.26. Lender to confirm acceptance. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. |
XXXX | Reviewer Comment (XXXX-05-04): Lender Exception with Compensating Factors provided. Buyer Comment (XXXX-04-30): Investor Exception Approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120843 | XXXX | XXXX | XXXX | XXXX | Credit | Documents | Missing Document | Documents | File does not contain documentation from lender/seller confirming the condo/co-op is warrantable. | Valuation Type: Appraisal / Valuation Report Date: XXXX | Project approval is missing, confirming project warrantability. | Reviewer Comment (XXXX-05-06): Condo Project warrantability certification received. Exception cleared. Buyer Comment (XXXX-05-05): Condo Warrantability |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120843 | XXXX | XXXX | XXXX | XXXX | Credit | Insurance | Insurance Documentation | Insurance | Rent loss insurance is required on all properties and there is no evidence of this insurance in the file. | Rent loss insurance covering a minimum of 6 months is required for the subject property. | Reviewer Comment (XXXX-05-13): Received the Rent Loss policy. Buyer Comment (XXXX-05-11): Lender's response: This policy does cover rent loss. Its covered under the Dp-3 endorsement. This endorsement is listed on the current policy. XXXX DP-3 (Dwelling Property 3 - Special Form) policy, typically used for landlord or rental property insurance, provides comprehensive coverage for rental properties. [1, 2, 3, 4] Here are the key details regarding Rent Loss Coverage (often referred to as "Fair Rental Value" or "Loss of Rent") under a XXXX DP-3 policy: Definition: Rent loss coverage covers the lost rental income you experience if your property becomes uninhabitable due to a covered loss (such as a fire, windstorm, or water damage) while it is being repaired. Coverage Type: It is designed to replace the rent you would have collected from tenants, ensuring your income stream is protected during the period of repair. Activation: This coverage usually applies when a tenant has to move out because of damage to the structure, making the property unlivable. Policy Structure: While DP-3 is a bXXXX "open peril" policy, rent loss is typically included, though it is usually subject to a limit shown on your policy's Declarations Page. Not a Default Policy-Wide Limit: It is important to note that this is usually a separate coverage limit, not an addition to the main dwelling coverage limit. [1, 2, 3, 4, 5] Please note: Not a directive from XXXX. Please review. |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120843 | XXXX | XXXX | XXXX | XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Documented qualifying Assets for Closing of XXXX is less than Cash From Borrower XXXX. | Stocks used and 70% and excluded from closing funds. | Reviewer Comment (XXXX-05-11): Used 70% haircut and included for closing per client direction. Buyer Comment (XXXX-05-11): Ok to follow agency as guides state when silent follow agency " guidelines allow the use of stocks, bonds, and mutual funds for down payments, closing costs, and reserves. When using these assets, if the verified value is at least 20% more than the funds needed for closing, evidence of liquidation is not required" |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120843 | XXXX | XXXX | XXXX | XXXX | Compliance | Compliance | State Compliance | State Defect | District of XXXX Prepayment Penalty | District of XXXX Prepayment Penalty: Maximum calculated prepay of XXXX exceeds the state maximum of 2 months interest calculated on 2/3 of the original balance (XXXX). Prepay language states prepay will not exceed maximum permitted by applicable law. | Buyer Comment (XXXX-05-04): Acknowledged non material |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120843 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | Unapproved Lender Exception Requested: The condo documents state that renters must be approved by the board. The loan is currently locked with investor "1". Compensating Factors: Reserves are higher than the minimum of 3 months, not including the cash out from this transaction. Credit score 746 (minimum 700). Please review for acceptance. | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-05-06): Exception provided. Buyer Comment (XXXX-05-04): XXXX approved exception Buyer Comment (XXXX-05-04): Investor's approval |
XXXX | 2 | C | B | C | B | C | B | C | B | C | B | XXXX | XXXX | Investment | Refinance - Cash-out - Other | C | B | C | B | B | B | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120841 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | DSCR does not meet guideline requirements. | Approved exception. The current seller and borrower used to be owners of the same LLC (XXXX XXXXs LLC). Our borrower bought out his partner XXXX for sole ownership of the LLC. As part of the buyout agreement, the subject property went to his partner. The partner then created his own LLC and is now selling the subject property back to our borrower's LLC. Also, do we need an updated EIN since it originally shows it under the previous partner? The IRS does not require them to change it, but since this is vesting under the borrower's LLC, please verify this is acceptable. Compensating Factors: DSCR is 1.28. FICO is 781. No late housing history. | 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 XXXX. The representative FICO score exceeds the guideline minimum by at least 40 points. |
XXXX | Reviewer Comment (XXXX-05-05): Investor exception provided. |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Purchase | D | B | D | B | A | A | A | A | N/A | No | ||||||
| XXXX | XXXX | XXXX | 4350120841 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | Credit Report: Original // Borrower: XXXXs XXXXs, LLC | Fraud report not in file for entity, nor was the entity referenced on the loan participant list. | Reviewer Comment (XXXX-05-15): Received the Fraud Report, no further findings resulted. Buyer Comment (XXXX-05-13): XXXX Fraud report |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | A | A | A | A | N/A | No | |||||||
| XXXX | XXXX | XXXX | 4350120841 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Guarantor Agreement not provided | Guarantor Agreement required for the subject property. | Reviewer Comment (XXXX-05-12): Received Guarantor Agreement. Exception cleared Buyer Comment (XXXX-05-08): Guarantor Agreement |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Purchase | D | B | D | B | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120856 | XXXX | XXXX | XXXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Security Instrument - Subject Lien not provided | Security instrument must be a true and certified stamped copy of the original recorded security instrument. | Reviewer Comment (XXXX-03-03): Cleared based on client directive. Reviewer Comment (XXXX-02-26): Provided SI is only recorded however as per guide, Security instrument must be a true and certified stamped copy of the original recorded security instrument. Exception remains Buyer Comment (XXXX-02-26): mortgage |
XXXX | 1 | D | A | D | A | D | A | D | A | D | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120856 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | The fraud report provided is for the borrower "individually". Guides require a fraud report for the entity XXXX XXXX, LLC, a XXXX Limited Liability Company. | Reviewer Comment (XXXX-03-18): Received Fraud report with updated subject address for entity "XXXX XXXX, LLC". Exception cleared Buyer Comment (XXXX-03-17): fraud rpt Reviewer Comment (XXXX-03-12): Fraud report provided must reflect the subject address for which the transaction is associated with. Therefore provide updated fraud report for entity XXXX XXXX, LLC, a XXXX Limited Liability Company. with address updated as "XXXX st". Exception remains. Buyer Comment (XXXX-03-11): per lender: There are XXXX files that we are using the same report on and they have cleared. here are a few #XXXX. The underwriter is questioning why this one can't be cleared also. Reviewer Comment (XXXX-02-26): Received Fraud Report for business entity as Borrower 3, however subject address was mentioned XXXX St whereas subject address is XXXX st. Additionally High Alert on Fraud report not addressed by Lender. Exception Remains Buyer Comment (XXXX-02-26): Fraud rpt, entity listed as borrower 3 on page 5 |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120856 | XXXX | XXXX | XXXX | XXXX | Credit | Credit | Miscellaneous | Credit | Missing Document: Credit Payoff Statement(s) not provided | Mortgage payoff statement is missing in file for Blanket mortgage of property XXXX St. | Reviewer Comment (XXXX-02-26): Received Payoff Statement for Blanket Mortgage. Exception Cleared Buyer Comment (XXXX-02-26): Payoff docs |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120856 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | "Other" housing history reflects lates that do not meet guidelines. | On subject property there is a blanket mortgage therefore as per guide, if a borrower is refinancing a privately held mortgage the following payment verification requirements apply: o The privately held mortgage payments must be verified with either cancelled checks or bank statements. |
Reviewer Comment (XXXX-03-12): Received mortgage statement of Blanket mortgage along with 12 months banks statement. exception Cleared Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment Buyer Comment (XXXX-03-10)XXXX Mortgage Statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and XXXX mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and CNB mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and CNB mtg statement Buyer Comment (XXXX-03-10): XXXX XXXX bank statements showing Yellow highlighted monthly payment and CNB mtg statement Reviewer Comment (XXXX-03-02): Received Bank statement from XXXX XXXX - XXXX XXXX, XXXX and XXXX XXXX. Missing XXXX XXXX bank statement. Secondly unable to determine the mortgage payment debited to blanket mortgage. Provide statements highlighting the payment from XXXX XXXX - XXXX XXXX. Exception remains. Buyer Comment (XXXX-02-26): Bank statements |
XXXX | 1 | C | A | C | A | C | A | C | A | C | A | XXXX | XXXX | Investment | Refinance - Cash-out - Other | D | A | D | A | A | A | A | A | N/A | No | ||||||||
| XXXX | XXXX | XXXX | 4350120848 | XXXX | XXXX | XXXX | XXXX | Credit | Guideline | Guideline Issue | Guideline | Loan does not meet guideline requirements regarding ADUs. | ADU requirement not met as per guide - ADU should be substantially smaller than the main dwelling. As per sketch addendum the main house has living area of XXXX. However, ADU has 2 floor's each having living area of XXXX Respectively. Hence ADU totals living area as XXXX SqFt. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Loan to Value (LTV) 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. |
12 vs 3 | XXXX | Reviewer Comment (XXXX-05-13): Investor accepts and agrees to waive with compensating factors. Reviewer Comment (XXXX-05-11): The loan is being transferred to XXXX. Buyer Comment (XXXX-05-07): Loan will be moving to XXXX Buyer Comment (XXXX-05-07): investor exception approval |
XXXX | 2 | B | B | B | B | B | B | B | B | B | B | XXXX | XXXX | Investment | Refinance - Rate/Term | B | B | B | B | A | A | A | A | N/A | No |