Exhibit 99.03
AMC Exception Grades Report
Exception Grades
Run Date - 6/8/2026 5:59:34 PM
| SitusAMC Loan ID | Customer Loan ID | Seller Loan ID | Investor Loan Number | Loan Exception ID | Exception ID | Exception Date | Exception Type | Exception Category | Exception Subcategory | 15E Category | Exception | Exception Detail | Exception Information | Compensating Factors | Compensating Factor Information | Applying Party | Follow-up Comments | Cleared Date | Cured Date | Waived Date | Exception Level Grade | DBRS Initial Exception Rating | DBRS Final Exception Rating | Fitch Initial Exception Rating | Fitch Final Exception Rating | Kroll Initial Exception Rating | Kroll Final Exception Rating | Moody's Initial Exception Rating | Moody's Final Exception Rating | S&P Initial Exception Rating | S&P Final Exception Rating | Note Date | Property State | Occupancy | Purpose | Exception Remediation | Overall Initial Loan Grade |
Overall Final Loan Grade |
Credit Initial Loan Grade |
Credit Final Loan Grade |
Compliance Initial Loan Grade |
Compliance Final Loan Grade |
Property Initial Loan Grade |
Property Final Loan Grade |
Originator QM ATR Status | TPR QM ATR Status | Is Curable |
| 224925362 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Appraisal is subject to missing 442 Certificate of completion. Appraisal completed subject to repair exposed wiring and replace covers on junction boxes. | Reviewer Comment (2026-02-06): Junction box repairs completed Seller Comment (2026-02-06): Please see attached pictures of covered wires provided by borrower |
02/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225086687 | XXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - | Award Letter / Continuance Letter is missing for XXXX SSN income | Reviewer Comment (2026-02-18): Award letter provided Seller Comment (2026-02-17): Please see attached |
02/18/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | |||||||||||||||
| 225210100 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Borrower failed required monthly residual income due to miscalculation on HECM income per FA available funds from refinance is $[Redacted] per HUD available funds is $[Redacted]. Cause of shortage of residual income. | Reviewer Comment (2026-03-09): Corrected verified loan proceeds. Added back broker credit. Seller Comment (2026-03-09): Please see attached 1. Revised FAW showing HECM proceeds as income in the amount of $[Redacted] as per HUD proceeds to borrower is $[Redacted]. 2. Reverse Mortgage Comparison -Closing match Final HUD -1 . 3 Final HUD-3 Seller Comment (2026-03-09): Please see attached 1. Revised FAW showing HECM proceeds as income in the amount of $[Redacted] as per HUD proceeds to borrower is $[Redacted]. 2. Reverse Mortgage Comparison -Closing match Final HUD -1 . 3 Final HUD-2 Seller Comment (2026-03-09): Please see attached 1. Revised FAW showing HECM proceeds as income in the amount of $[Redacted] as per HUD proceeds to borrower is $[Redacted]. 2. Reverse Mortgage Comparison -Closing match Final HUD -1 . 3 Final HUD-1 |
03/09/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225288529 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | File does not meet Residual income of $[Redacted] due to asset dissipation shortage FA is using Bank statement in the amount $[Redacted] when most recent statement is in the amount of $[Redacted] causing shortage. | Reviewer Comment (2026-03-25): Revised FA worksheet provided Seller Comment (2026-03-24): Here is the updated FAW worksheet. |
03/25/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225351715 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Appraisal completed subject to roof inspection which was not located in file. | Reviewer Comment (2026-03-30): Property inspection report provided Seller Comment (2026-03-30): Please see attached |
03/30/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225417822 | XXX | XXXX | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | - | Reviewer Comment (2026-04-08): Verification PITI included in payment provided Seller Comment (2026-04-08): Taxes and Insurance for this property are included on the FAW. Please see attached verification of parcel number for property and refer to D0250 page 519 for tax information that was added to FAW as monthly expense. Please refer to D0153 Page 322 for HOI policy for property also added to FAW as monthly expense. Reviewer Comment (2026-04-07): I need this property mortgage statement to verify if $[Redacted]/month is PITI or P&I only payment for this property to verify correct residual income is being calculated. Seller Comment (2026-04-07): This address is not the primary, please clarify what statement you are looking for. |
04/08/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225417826 | XXX | XXXX | Credit | Collateral | Missing/Incorrect | Collateral | Mortgage note not yet reviewed or approved by custodian. If applicable, please provide tracking number for delivery of collateral file. | Reviewer Comment (2026-04-06): N/A - not required |
04/06/2026 | 1 | A | A | A | A | A | A | A | A | A | A | CA | Primary | Refinance | A | A | A | A | A | A | No | |||||||||||||||||
| 225487231 | XXX | XXXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - | Reviewer Comment (2026-04-23): Award letter provided Seller Comment (2026-04-23): Please see attached |
04/23/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225503089 | XXX | XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Flood Certificate - Life of Loan not provided | Reviewer Comment (2026-04-28): Flood certificate provided Seller Comment (2026-04-28): Please see attached |
04/28/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | |||||||||||||||||
| 225503089 | XXX | XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Flood Certificate Error: Certificate Number was not provided. | Flood cert is not provided. | Reviewer Comment (2026-04-28): Flood certificate provided Seller Comment (2026-04-28): Please see attached |
04/28/2026 | 1 | B | A | B | A | B | A | B | A | B | A | CA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225503090 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Appraisal is marked subject to, missing 442 Certificate of Completion. | Reviewer Comment (2026-04-28): 442 completion report provided Seller Comment (2026-04-28): Please see attached repair photos |
04/28/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225503091 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing subject property mortgage payment history. | Reviewer Comment (2026-04-28): Pay history provided Seller Comment (2026-04-28): Please see attached |
04/28/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225549875 | XXX | XXXX | Credit | Insurance | Insurance Documentation | Insurance | Missing Document: Flood Insurance Policy not provided | Flood Insurance Policy provided is not legible as right side is cut off and does not provide effective and expiration dates. | Reviewer Comment (2026-05-06): Flood policy provided Seller Comment (2026-05-05): Please see attached |
05/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225572637 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing attorney trust review letter. | Reviewer Comment (2026-05-14): Review letter provided Seller Comment (2026-05-13): This was already in the file as of [Redacted]. |
05/14/2026 | 1 | C | A | C | A | C | A | C | A | C | A | MA | Primary | Refinance | C | A | C | A | A | A | No | ||||||||||||||||
| 225655270 | XXX | XXXX | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Title | Title Policy is Preliminary or Commitment, and not a Final Title Policy. | Reviewer Comment (2026-05-26): Final title provided |
05/26/2026 | 1 | A | A | A | A | A | A | A | A | A | A | CA | Primary | Refinance | B | A | B | A | A | A | No | |||||||||||||||||
| 225655270 | XXX | XXXX | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within CA or NV and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Reviewer Comment (2026-05-26): Final title provided Seller Comment (2026-05-26): Please see attached |
05/26/2026 | 1 | B | A | B | A | B | A | B | A | B | A | CA | Primary | Refinance | B | A | B | A | A | A | No | |||||||||||||||||
| 225655271 | XXX | XXXX | Credit | Loan Package Documentation | Closing / Title | Missing, Incorrect, or Incomplete HUD-1 | Missing Final HUD-1 | Final HUD-1 not provided. | Reviewer Comment (2026-05-27): HUD provided Seller Comment (2026-05-27): Please see attached |
05/27/2026 | 1 | D | A | D | A | D | A | D | A | D | A | UT | Primary | Purchase | D | A | D | A | A | A | No | ||||||||||||||||
| 225681811 | XXX | XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing HUD from sale of previous home verifying funds to close for subject property. | Reviewer Comment (2026-06-03): Closing statement provided Seller Comment (2026-06-03): Please see attached |
06/03/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | C | A | C | A | A | A | No |