Velocity Commercial Capital Loan Trust 2026-3 ABS 15G
Exhibit 99.08
Exception Grades
Run Date - 6/25/2026 2:51:24 PM
| AMC Loan ID | Customer Loan ID | Seller Loan ID | Investor Loan Number | Edgar IDs | 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 | Exception Level Rating | Note Date | Property State | Purpose | Exception Remediation | Overall Final Loan Grade |
Credit Final Loan Grade |
Compliance Final Loan Grade |
Property Final Loan Grade |
Originator QM ATR Status | TPR QM ATR Status | Is Curable |
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100002 | 34943805 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Environmental Report | Approved exception at origination for environmental report aged > 6 mos ( CAM Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's Experience/Track Record. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2025-11-10): Approved exception at origination for environmental report aged > 6 mos ( CAM Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. |
11/10/2025 | 2 | B | 10/15/2025 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100002 | 34944863 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing updated Business and Personal financial certifications capturing the newly received XXXX Business and Personal tax returns which were obtained prior to closing per Change memo #1. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2025-11-17): Exception waived. Updated approval provided in trailing documents approving exception for missing returns. Comp factors, FICO and LTV. Buyer Comment (2025-11-14): Updated cam that addresses certifications. |
11/17/2025 | 2 | B | 10/15/2025 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100002 | 34944891 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided | Approved exception at origination for appraisal aged > 6 mos ( CAM Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's Experience/Track Record. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2025-11-10): Approved exception at origination for appraisal aged > 6 mos ( CAM Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. |
11/10/2025 | 2 | B | 10/15/2025 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100002 | 34945146 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Document Inventory | General | Missing Document | Evidence of Taxpayer Consent is Missing, and Taxpayer documentation is present. | Missing taxpayer consent for 1 of 2 entities for which transcripts are in file- related entity listed on approval (missing forXXXXXXXXX). | Buyer Comment (2025-11-17): unable to clear Reviewer Comment (2025-11-17): Exception remains. Missing evidence of taxpayer consent for XXXXXXXXX which transcripts have been provided is a grade 2 and cannot be waived. If consent was not provided, we can mark this exception as unable to clear. Buyer Comment (2025-11-14): change memo addresses this and is attched. |
2 | B | 10/15/2025 | XX | Purchase | B | B | A | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100050 | 36268531 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-15): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
04/15/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100063 | 36273247 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-subject; (HOA foreclosure acquisition with mortgage lien from prior owner). Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for missing VOM-subject; (HOA foreclosure acquisition with mortgage lien from prior owner). Comp factor: reserves. |
04/16/2026 | 2 | B | 04/03/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100063 | 36273249 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factor: reserves. |
04/16/2026 | 2 | B | 04/03/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100064 | 36275244 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Lease agreement provided is incomplete- missing subject property address. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for incomplete lease. Comp factor, LTV. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/23/2026 | 2 | B | 03/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100064 | 36275323 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |
04/16/2026 | 2 | B | 03/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100071 | 36300416 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing 1 of 2 leases. | Borrower's Experience/Track Record Borrower's Experience/Track Record |
Seasoned Investor Seasoned Business |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor. Buyer Comment (2026-04-27): Exception noted on uploaded approval Reviewer Comment (2026-04-23): Exception remains. No exception listed on updated approval for this. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 03/31/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100071 | 36300428 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary. foreign address. Comp factors; Marketing trends, which is unable to be validated as a non-quantifiable trait and seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-17): Approved exception at origination for missing VOR-primary. foreign address. Comp factors; Marketing trends, which is unable to be validated as a non-quantifiable trait and seasoned investor. |
04/17/2026 | 2 | B | 03/31/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100071 | 36300434 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for LTV >XX% on a foreign investor cash out refinance. Comp factor: seasoned investor and seasoned business. | Borrower's Experience/Track Record Borrower's Experience/Track Record |
Seasoned Investor Seasoned Business |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-17): Approved exception at origination for LTV >XX% on a foreign investor cash out refinance. Comp factor: seasoned investor and seasoned business. |
04/17/2026 | 2 | B | 03/31/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100091 | 36269597 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Missing wind/hail coverage. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/23/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100105 | 36273658 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. |
04/16/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100105 | 36274000 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects dampness in basement. File contains a LOE from borrower(D0420) indicating the issue has been addressed but no photos/receipt documentation/evidence of completion/ inspection. | Buyer Comment (2026-06-05):XX%LTV. Appraisal made as-is and the property condition considered in the value/LTV. The borrower provided an LOE confirming that the water in the basement had been remedied. VCC didn't confirm the status but expects that the borrower has remedied the dampness per their letter. No active leaks cited at the time of inspection. |
3 | C | 04/02/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100106 | 36269664 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy/ missing lease Comp factors; LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception at origination for vacancy/ missing lease Comp factors; LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
04/17/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100106 | 36269672 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |
04/17/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100106 | 36304170 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser states at time of inspection there were no smoke detectors install that are required in all sleeping area, outside every sleeping area and at least one on each floor. Also, subjects water heater was not double strapped pursuant to code. | Buyer Comment (2026-06-09):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. CO detectors present in property, there were a few missing. VCC hasn't confirmed the status but expects the borrower to bring the building up to code. Property otherwise well maintained and in average condition. |
3 | C | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100144 | 36274688 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXX | Missing lease for 1 of 2 units in 1 of 3 subject properties (XXXX XXXX). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/23/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100145 | 36272915 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for FICO < 650. Comp factor: seasoned business. Buyer Comment (2026-04-22): Corrected Uploaded |
04/23/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100145 | 36272931 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: Seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: Seasoned business. Buyer Comment (2026-04-22): Corrected Uploaded |
04/23/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100176 | 36276411 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided. Comp factor: seasoned investor. |
04/16/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100176 | 36276597 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal photo reflects stairwell to second floor is missing handrail. File contains a LOE from borrower(D0258) indicating this has been addressed however no proof of completion was provided. | Buyer Comment (2026-06-08): Appraisal made-is and the property condition is considered in the value/LTV. Borrower provided LOE stating that the handrail would be installed within 30 days post-close. VCC hasn't confirmed the status of the handrail installation, but expects the borrower to fulfill their commitment. |
3 | C | 04/03/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100176 | 36296292 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. |
04/16/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100191 | 36269099 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | 1) EOI missing mortgagee clause and 2) wind/hail deductible is > $25,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for missing mortgagee clause and wind/hail deductible. Comp factor, LTV. Buyer Comment (2026-04-22): Corrected Uploaded |
04/23/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100201 | 36272353 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject property address. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master Policy missing borrower name and XXXX Comp factor, reserves. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/23/2026 | 2 | B | 03/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100201 | 36272440 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of 1 unit SFR. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for first time investor purchase of 1 unit SFR. Comp factor: reserves. |
04/16/2026 | 2 | B | 03/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100201 | 36272447 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for FICO < 650. Comp factor: reserves. |
04/16/2026 | 2 | B | 03/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100201 | 36272451 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR-primary; missing 12 monthly pay history receipts (lump sum annual payment). Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for incomplete VOR-primary; missing 12 monthly pay history receipts (lump sum annual payment). Comp factor: reserves. |
04/16/2026 | 2 | B | 03/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100201 | 36294665 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for subject SFR condo purchase by First time buyer not closing in entity. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-16): Approved exception at origination for subject SFR condo purchase by First time buyer not closing in entity. Comp factor: reserves. |
04/16/2026 | 2 | B | 03/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100203 | 36269381 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | 1) HOA mater policy is missing subject property address, 2) unit owners policy does not contain wind/hail coverage. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for HOA master policy missing address and unit owners policy missing wind/hail coverage. Comp factor, FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 03/31/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100207 | 36300078 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-17): Approved exception at origination for FICO < 650. Comp factor: LTV. |
04/17/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100207 | 36300775 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house appraisal review notes there appears to be more than the typical support posts in the basement and evidence of moisture on the basement floor and foundation walls, hole in deck, stained carpet, damaged cabinet and unfinished painting. | Buyer Comment (2026-06-12): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser cited minor deferred maintenance (no cost-to-cure), but it was factored into the property rating. The property was considered to be in average condition and the deferred maintenance was not considered to have an adverse affect in the functionality of the property. No leaks or structural issues identified. Given the low LTV and borrower's investment experience, VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs/updates to the property. |
3 | C | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100051 | 36286157 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. Buyer Comment (2026-04-22): Corrected uploaded |
04/23/2026 | 2 | B | 04/01/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100051 | 36286163 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% | Approved exception at origination for LTV > 70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for LTV > 70%. Comp factor: reserves. |
04/20/2026 | 2 | B | 04/01/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100051 | 36296624 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Missing proof of updated hazard and liability insurance; policy provided expired XX/XX/XXXX and loan closed XX/XX/XXXX. Account is not escrowed for insurance and proof of last payment is from XXXX. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Exception waived. Updated approval provided in trailing documents approving exception for expired insurance and no proof of payment. Comp factor, FICO. Buyer Comment (2026-04-22): Exception noted on the uploaded approval |
04/23/2026 | 2 | B | 04/01/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100090 | 36383299 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for HOI wind deductible 5% but > 25K. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-05-01): Approved exception at origination for HOI wind deductible 5% but > 25K. Comp factor; FICO. |
05/01/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100101 | 36286756 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for incorrect HOI policy type. Comp factor: DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required DSCR. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for incorrect HOI policy type. Comp factor: DSCR. Buyer Comment (2026-04-27): Corrected Uploaded |
04/27/2026 | 2 | B | 04/03/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100138 | 36287342 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-17): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: seasoned investor. |
04/17/2026 | 2 | B | 04/06/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100138 | 36299514 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house appraisal review indicates AMS reports several areas with stains and signs of ongoing moisture intrusion. VCC cost to cure is $XXX,XXXto replace the roof. Additionally, internal stairwell 1 has worn treads and surface deterioration, stairway 2 with worn treads, surface rust and peeling painted noted along stringers and handrail, window at top of stairway with deteriorated masonry and staining at block joints, exposed framing and deteriorated finish materials above stairwell, upper vacant room showing stained block walls, deteriorated floor finish and aging block window system, interior corridor with knocked out wall with exposed masonry edges and unfinished surfaces. South exterior windowsill with cracked mortar, spalling masonry and failed sealant at the glass block No proof of repair/roof replacement provided. | Buyer Comment (2026-06-12): Purchase transaction. Appraisal made as-is and the property condition is included in the value and the LTV is based on the purchase price (which is lower than the appraised value). Per the appraisal, ""The building has adequate functional utility for a variety of light industrial and/or warehousing uses. The property features adequate clear ceiling height, good loading facilities, average finished office area, and adequate parking and truck maneuvering areas in the parking lot. Additionally, The previous owner had completed roof repairs in XXXX." While the VCC in house review indicated roof repair was needed, there wasn't an immediate structural concern cited. The borrower is a seasoned investor and is expected to complete the necessary repairs/updates to the property. |
3 | C | 04/06/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100163 | 36282679 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. |
04/16/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100163 | 36295014 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for rural property. Comp factor: LTV. |
04/16/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100163 | 36295044 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: seasoned investor. |
04/16/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100173 | 36281029 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and reserves. |
04/16/2026 | 2 | B | 03/31/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100173 | 36281041 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-16): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves. |
04/16/2026 | 2 | B | 03/31/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100173 | 36294194 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease. Comp factors: FICO and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-16): Approved exception at origination for 100% vacancy/missing lease. Comp factors: FICO and reserves. |
04/16/2026 | 2 | B | 03/31/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100211 | 36283669 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for appraisal aged > 6 months. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Business The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-16): Approved exception at origination for appraisal aged > 6 months. Comp factors: seasoned investor and FICO. |
04/16/2026 | 2 | B | 04/01/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100218 | 36294363 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. |
04/16/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100218 | 36294388 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects missing and damaged sections on the ceiling at the storefront. No proof of repair provided. | Buyer Comment (2026-06-08):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No structural concerns or major deferred maintenance cited, and the cited damages appeared to be cosmetic in nature. Borrower provided an LOI which confirmed that the cash-out proceeds would be used towards making repairs at the subject property. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete repairs. |
3 | C | 04/03/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100219 | 36296691 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. |
04/16/2026 | 2 | B | 04/02/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100219 | 36296812 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject property unit number. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number of Master HOA policy. Comp factor, FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/02/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100222 | 36282527 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor. |
04/16/2026 | 2 | B | 04/01/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100222 | 36294838 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property inspection photos reflect first floor common area entry ceiling is water stained with a hole, switch plates and outlet covers are missing in 2nd floor residential unit (visible in appraisal photos) and no cover for ceiling exhaust fan in same bathroom. As well as exposed wiring and open slots in basement electrical panel and open wiring splices at the top of the basement water heater. No proof of repair provided. | Buyer Comment (2026-06-12): Purchase transaction. Appraisal made as-is and the property condition is considered in the value. Property could use cosmetic upgrades, but there were no structural concerns or leaks identified by the appraisal/inspection. Wires running out of electrical box are cabeled and not exposed. The water stained ceiling tile and hole in ceiling tile do not present structural issues and the building is weathertight. The borrower is a seasoned investor and while VCC felt comfortable proceeding with the loan, it is expected that the borrower will complete any necessary repairs/improvements to the subject property. |
3 | C | 04/01/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100045 | 36322158 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing lease for XXXX, XXXX XXXX. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100045 | 36322251 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum Seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-27): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. |
04/27/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100045 | 36328080 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for blanket policy; no premium collected. Comp factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-27): Approved exception at origination for blanket policy; no premium collected. Comp factor seasoned investor. |
04/27/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36306518 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36306522 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 66.67% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for 66.67% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36306537 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for title vesting< 12 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for title vesting< 12 months. Comp factor: LTV. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36307011 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/In-house appraisal review indicate kitchen cabinetry needs to be repaired, significant deferred maintenance observed on the interior in regard to flooring and drywall, electric space heater does not appear to be sufficient for dwelling and boarded windows at the rear of property. Appraiser has assessed $5,000 cost to cure and analyst estimates cost to cure to bring up to a C4 condition is $15,000-$20,000. PTD: Update and repair subject significantly to bring to C4 status and install heating source. Holdback of $2,500 to install heating source - XXXXXXXXXXXXXX. | Buyer Comment (2026-06-04): XX% LTV. Blanket loan, Appraisals are made as-is and the property conditions are considered in the value/LTV - including deferred maintenance. VCC did a 365 day holdback for $5,000 for heat sources to be installed. The borrower is a seasoned investor and this is a low LTV loan, so VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36307033 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | In-house appraisal review reflects subject is fair to poor condition; C5 - XXXXXXXXXXXXXX. | Buyer Comment (2026-06-04): XX% LTV. Blanket loan, Appraisals are made as-is and the property conditions are considered in the value/LTV - including deferred maintenance. The borrower is a seasoned investor and this is a low LTV loan, so VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36307070 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/In-house appraisal review indicate front staircase is missing railing and flooring in bedroom needs to be installed - XXXXXXXXXXXXXX.. | Buyer Comment (2026-06-04): XX% LTV. Blanket loan, Appraisals are made as-is and the property conditions are considered in the value/LTV - including deferred maintenance. The borrower is a seasoned investor and this is a low LTV loan, so VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36307102 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address:XXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for installation of heater. Appraisal/In-house appraisal review reflect damaged wall, flooring and ceiling tiles. PTD for one electrical wall heater which does not appear sufficient for the entire dwelling. Comp factor, Holdback of $2,500 to ensure subject has proper heating source and reflected on HUD- XXXX XXXX. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for installation of heater. Appraisal/In-house appraisal review reflect damaged wall, flooring and ceiling tiles. PTD for one electrical wall heater which does not appear sufficient for the entire dwelling. Comp factor, Holdback of $2,500 to ensure subject has proper heating source and reflected on HUD- XXXXXXXXXXXXXXX |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100049 | 36307230 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100056 | 36301761 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 54% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-17): Approved exception at origination for 54% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |
04/17/2026 | 2 | B | 04/08/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100058 | 36351483 | XXXXXXXXXXXX | XX/XX/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 | Address: XXXXXXXXXXXXXXNote Date: XX/XX/XXXX; Lien Position: 1 | 2 CDAs returned with value decrease > 10%. Second address is XXXXXXXXXXXXXX | Reviewer Comment (2026-06-25): XXXX-XX-XX 16:36:17 by XXXXXXXXXXXX(VCC) Comment: added the updated CDA values to the tape and updated LTV. unable to clear the two variances greater than 10% Buyer Comment (XXXX-XX-XX): added the updated CDA values to the tape and updated LTV. unable to clear the two variances greater than 10% Reviewer Comment (2026-06-11): Exception to remain. XXXXXXXXX Missing secondary valuation within 10% of the origination value. 1st desk review(-15%). Second product was also a desk review from another vendor and within tolerance. XXXXXXXXXMissing secondary valuation within 10% of the origination value. 1st desk review(-15.385%). Second product was also a desk review from another vendor and within tolerance. once a secondary valuation does not support the original value outside tolerance, industry guidelines and RMBS expectations require escalation to a more reliable valuation method (field review or second appraisal) to defend the collateral. Once a secondary valuation does not support the original value outside tolerance, industry guidelines and RMBS expectations require escalation to a more reliable valuation method (field review or second appraisal) to defend the collateral. Reviewer Comment (2026-04-28): Exception remains. Received 1 CDA with no change in value. 1 CDA with a decrease in value > 10% remains. |
3 | C | 04/06/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100060 | 36305822 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100067 | 36306913 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor; LTV. |
04/20/2026 | 2 | B | 03/12/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100067 | 36307763 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for title vesting < 12 months using the higher appraised value. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor; LTV. |
04/20/2026 | 2 | B | 03/12/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36308122 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned business. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36308123 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for FICO < 650. Comp factor: seasoned business. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36308133 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for Basic Form policy/coverage type. Comp factor: not provided. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for Basic Form policy/coverage type. Comp factor: not provided. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36312253 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXX, XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraisal photo reflects cracked and damaged windows and water stain on bathroom ceiling. Comp factors, signed Holdback Agreement and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for Appraisal photo reflects cracked and damaged windows and water stain on bathroom ceiling. Comp factors, signed Holdback Agreement and amount reflected on HUD. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36312298 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Approved exception at origination for Subject property is in fair condition - XXXX XXXX and Subject property in C5 condition - XXXX XXXX. Comp factors, signed Holdback Agreement and amount reflected on HUD, | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for Subject property is in fair condition - XXXXXXXXX and Subject property in C5 condition - XXXXXXXXX Comp factors, signed Holdback Agreement and amount reflected on HUD, |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36312453 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address:XXXXXXXXXXXXXX, XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraisal photos/in-house appraisal review indicate cracked mortar joints/possible settlement and /or shifting on exterior walls, flooring to be replaced and minor drywall damage. Comp factors, signed Holdback Agreement and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-06-25): VCC completed a 365-day holdback for $26,220 for the borrower to complete the renovations to the subject properties. Repairs include the structural repairs at XXXXXXXXX A structural inspection was completed prior to funding which confirmed that the repairs needed are: drywall repair, flooring replacement, light fixture replacement and shower plumbing replacement. The total cost for the scope of work was $3,250. As ofX/XX/XX VCC obtained an inspection reporting with proof that the electrical/flooring/plumbing work had been completed at 2807 and the borrower recieved their first draw amount from the holdback. Borrower is still completing the renovation and the remaining repairs are expected to be completed within the holdback period. No structural issues are currently present" Reviewer Comment (2026-04-21): Approved exception at origination for Appraisal photos/in-house appraisal review indicate cracked mortar joints/possible settlement and /or shifting on exterior walls, flooring to be replaced and minor drywall damage. Comp factors, signed Holdback Agreement and amount reflected on HUD. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36312507 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXX, XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraisal photos reflect subject is currently being renovated and not completely finished. Comp factors, signed Holdback Agreement and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for Appraisal photos reflect subject is currently being renovated and not completely finished. Comp factors, signed Holdback Agreement and amount reflected on HUD. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100068 | 36312708 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 66.66% vacancy/missing lease agreements for 2 of 3 properties. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for 66.66% vacancy/missing lease agreements for 2 of 3 properties. Comp factor: seasoned business. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36302210 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception for multiple 1 x 30 & 1.x 60 days late mortgage payments in the last 24 months and pre-foreclosure notice of lis pendens for 2 properties (VCC ratings show both mortgages brought current). Comp factors: LTV, FICO, | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-20): Approved exception for multiple 1 x 30 & 1.x 60 days late mortgage payments in the last 24 months and pre-foreclosure notice of lis pendens for 2 properties (VCC ratings show both mortgages brought current). Comp factors: LTV, FICO, |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36302249 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for title vesting < 12 months. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-20): Approved exception at origination for title vesting < 12 months. Comp factors: LTV and FICO. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36302256 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full - on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: seasoned investor. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36302301 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Approved exception at origination for repairs. Appraiser notes rear exterior egress staircase needs railings/guardrails, furnaces to be installed and in working condition, water heaters need to be connected and working, electrical breaker boxes need panel covers debris in the rear yard to be removed. Comp factor, signed holdback agreement and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for repairs. Appraiser notes rear exterior egress staircase needs railings/guardrails, furnaces to be installed and in working condition, water heaters need to be connected and working, electrical breaker boxes need panel covers debris in the rear yard to be removed. Comp factor, signed holdback agreement and amount reflected on HUD. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36305892 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-20): Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: LTV and FICO. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100073 | 36305947 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOM-subject. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-20): Approved exception for missing VOM-subject. Comp factors: LTV and FICO. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100075 | 36307981 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |
04/20/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100114 | 36307733 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for FICO < 650. Comp factor: LTV. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100114 | 36307735 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. | 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 XX months. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-20): Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. |
06/10/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100114 | 36307736 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for credit report aged > 60 days Comp factor: reserves. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100114 | 36307747 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM- primary; missing 2 of 12 months deposit receipts. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for incomplete VOM- primary; missing 2 of 12 months deposit receipts. Comp factor: reserves. |
04/20/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100121 | 36302108 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal photo reflects some dampness in basement towards the rear. | Buyer Comment (2026-06-08):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite the dampness in the basement, and it appeared to be minimal. No active leaks observed. The borrower provided an LOE stating that cash-out proceeds would be used towards general improvements at the subject property. VCC hasn't confirmed the status, but does expect the borrower to fulfill their commitment. |
3 | C | 04/06/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100150 | 36312893 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO below 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for FICO below 650. Comp factor: LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100150 | 36312898 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for insufficient major trade lines. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for insufficient major trade lines. Comp factor; LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100150 | 36312899 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100150 | 36322802 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved at origination exception for mortgage in pre-foreclosure/investment property. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved at origination exception for mortgage in pre-foreclosure/investment property. Comp factor LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100162 | 36314934 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy in excess of guideline. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for vacancy in excess of guideline. Comp factor; FICO. |
04/23/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100162 | 36314942 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for liability coverage of 100k. Comp factor: Seasoned investor.. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for liability coverage of 100k. Comp factor: Seasoned investor.. |
04/24/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100162 | 36314954 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects areas of wood rot and settlement cracks. Appraiser notes these items are cosmetic, no cost to cure provdied. | Buyer Comment (2026-06-12): Appraisal made as-is and the property condition is considered in the Per appraiser: C4;No updates in the prior 15 years; The property has been adequately maintained. The overall quality of construction is considered Q4. The improvements reflect typical wear for its effective age. The subject incurred some physical depreciation, but no functional or external obsolescence. As stated in the exception, the wood rot and settlement cracks were cosmetic in nature, so no health and safety issue. This wasn't deemed as material by VCC, and doesn't seem like it should be a grade 3 exception. Property condition considered in the value/LTV, and the borrower is expected to complete any necessary repairs. Reviewer Comment (2026-06-11): Exception remains. This exception is a grade 2 and not a 3. Property damage exceptions are 2s and would remain a 2 unless proof of repairs completed are provided and exception is cleared, the grade will remain a 2. Buyer Comment (2026-06-10): Per appraiser: C4;No updates in the prior 15 years; The property has been adequately maintained. The overall quality of construction is considered Q4. The improvements reflect typical wear for its effective age. The subject incurred some physical depreciation, but no functional or external obsolescence. As stated in the exception, the wood rot and settlement cracks were cosmetic in nature, so no health and safety issue. This wasn't deemed as material by VCC, and doesn't seem like it should be a grade 3 exception. Property condition considered in the value/LTV, and the borrower is expected to complete any necessary repairs. |
2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100170 | 36328288 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOR-primary; missing 7 of 12 deposit receipts. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, seasoned investor. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100170 | 36329100 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Cash out on property listed within the last 6 months. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for icash out on recently listed property. Comp factor, seasoned investor. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100177 | 36308065 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided | Missing rent schedule. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-24): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rent schedule. Comp factors, LTV and FICO. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/24/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100184 | 36322978 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for VOM/Borrower not listed on VOM. Comp factors: Reserves, seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. Borrower's Experience/Track Record |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines Seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-24): Approved exception at origination for VOM/Borrower not listed on VOM. Comp factors: Reserves, seasoned investor. |
04/23/2026 | 2 | B | 04/07/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100197 | 36313648 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount below minimum guideline amount, Comp factors: LTV, Property condition which is unable to be validated as a non-quantifiable trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for loan amount below minimum guideline amount, Comp factors: LTV, Property condition which is unable to be validated as a non-quantifiable trait. |
04/22/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100197 | 36313657 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for rurality. Comp factors; Property condition which is unable to be validated as a non-quantifiable trait and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for rurality. Comp factors; Property condition which is unable to be validated as a non-quantifiable trait and LTV. |
04/22/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100197 | 36313668 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy in excess of guideline. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for vacancy in excess of guideline. Comp factor; LTV. |
04/22/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100204 | 36314407 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates there is a full finished basement with an additional illegal kitchen, no smoke detectors present, front stoop needs repair and railing, missing 2 electrical panel covers, and water damage to 2nd floor kitchen with a cost to cure of $20,000 which includes removal of the basement stove. Appraisal photos reflect damaged front stoop/broken bricks. Electric panel missing its cover, and 2nd floor kitchen with water damage. No holdback or LOE regarding the needed repairs. | Buyer Comment (2026-06-12): XX%LTV. Appraisal made as-is and the property condition is considered in the value (including the deferred maintenance). The $20,000 cost-to-cure is within VCC's deferred maintenance guidelines and given the low LTV and borrowers investment experience, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. |
3 | C | 04/06/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100204 | 36314418 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates there is a full finished basement with an additional illegal kitchen, no smoke detectors present, front stoop needs repair and railing, missing 2 electrical panel covers, and water damage to 2nd floor kitchen with a cost to cure of $20,000 which includes removal of the basement stove. Appraisal photos reflect damaged front stoop/broken bricks. Electric panel missing its cover, and 2nd floor kitchen with water damage. No holdback or LOE regarding the needed repairs. | Buyer Comment (2026-06-12): XX%LTV. Appraisal made as-is and the property condition is considered in the value (including the deferred maintenance). The $20,000 cost-to-cure is within VCC's deferred maintenance guidelines and given the low LTV and borrowers investment experience, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. |
2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100213 | 36322653 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100213 | 36328090 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM-subject; missing 12 months deposit receipts for private lender. VOM form and processor certification provided. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100223 | 36321508 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
04/23/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100223 | 36321511 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO below 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for FICO below 650. Comp factor: LTV. |
04/23/2026 | 2 | B | 04/08/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100246 | 36313064 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000, Comp factors; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-04-24): Approved exception at origination for loan amount < $75,000, Comp factors; LTV. |
04/22/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100246 | 36313069 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full - on payment plan. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-05-07): Approved exception at origination for premium not paid in full - on payment plan. Comp factor, LTV. Buyer Comment (2026-05-06): Corrected UPloaded Reviewer Comment (2026-04-27): Exception remains. Approval provided was for another loan. Buyer Comment (2026-04-27): Corrected Uploaded |
05/07/2026 | 2 | B | 04/02/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100038 | 36300331 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects stairs to roof is missing handrail, exposed wires by electrical panel, peeling paint on exterior, bathroom has exposed framing and missing drywall in commercial unit. No proof of repair provided. | Buyer Comment (2026-06-08): XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV (including deferred maintenance). Given the low LTV, VCC felt comfortable with proceeding, but it is expected that the borrower will complete any necessary repairs/updates at the subject. |
3 | C | 04/09/2026 | XX | Refinance - Rate/Term | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100038 | 36300392 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for primary profile (night club). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-17): Approved exception at origination for primary profile (night club). Comp factor: LTV. |
04/17/2026 | 2 | B | 04/09/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100044 | 36296765 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned business and FICO. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Business The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned business and FICO. |
04/17/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100044 | 36296779 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with balance > $500,000. Comp factors: seasoned business and FICO. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Business The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-17): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with balance > $500,000. Comp factors: seasoned business and FICO. |
04/17/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100044 | 36297011 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 2nd lien with lis pendens; paid through closing. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Business The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-17): Approved exception at origination for 2nd lien with lis pendens; paid through closing. Comp factors: FICO and seasoned investor. |
04/17/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100044 | 36302382 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 2.8% vacancy; 1 unit used as office space. Comp factors: FICO and seasoned business. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Business The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-17): Approved exception at origination for 2.8% vacancy; 1 unit used as office space. Comp factors: FICO and seasoned business. |
04/17/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100048 | 36297459 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |
04/17/2026 | 2 | B | 04/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100055 | 36304888 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 57% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- FICO CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-17): Approved exception at origination for 57% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: LTV and FICO. |
04/17/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100055 | 36304892 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Missing occurrence/gen agg liability details. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-04-24): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability amount. Comp factors, LTV and FICO. Buyer Comment (2026-04-22): Exception noted on uploaded approval |
04/24/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100057 | 36304911 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. |
04/17/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100057 | 36304912 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor; LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-24): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor; LTV and FICO. Buyer Comment (2026-04-22): Corrected uploaded |
04/24/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100066 | 36307878 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business. |
04/21/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100072 | 36315555 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines aged > 2 years. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for < 2 active major tradelines aged > 2 years. Comp factors: FICO and reserves. Buyer Comment (2026-04-27): Corrected Uploaded |
04/27/2026 | 2 | B | 04/10/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100087 | 36306695 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-primary second lien pay history. Comp factor: seasoned business and seasoned investor. | Borrower's Experience/Track Record Borrower's Experience/Track Record |
Seasoned Investor Seasoned Business |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-21): Approved exception at origination for missing VOM-primary second lien pay history. Comp factor: seasoned business and seasoned investor. |
04/21/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100094 | 36302061 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; reserves. |
04/17/2026 | 2 | B | 04/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100094 | 36302092 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing/incomplete VOR-primary; relative's name on lease and < 12 months pay history receipts. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-17): Approved exception at origination for missing/incomplete VOR-primary; relative's name on lease and < 12 months pay history receipts. Comp factor; reserves. |
04/17/2026 | 2 | B | 04/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100094 | 36304918 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for First time buyer/First time investor on investor traditional 2 with LTV >60%/CLTV >85%. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-04-20): Approved exception at origination for First time buyer/First time investor on investor traditional 2 with LTV >60%/CLTV >85%. Comp factor; reserves. |
04/20/2026 | 2 | B | 04/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100098 | 36304319 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DCR <1.0x for owner user traditional 2 purchase with loan > $750k . Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- LTV CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-19): Approved exception at origination for DCR <1.0x for owner user traditional 2 purchase with loan > $750k . Comp factors: LTV and reserves. |
04/19/2026 | 2 | B | 04/01/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100099 | 36312900 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject: missing 1 of 12 mortgage payment receipts. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-22): Approved exception at origination for incomplete VOM-subject: missing 1 of 12 mortgage payment receipts. Comp factors: FICO and LTV. |
04/22/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100099 | 36312914 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.0 on a Traditional 1 owner/user refinance with loan amount > $500,000. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-22): Approved exception at origination for DSCR < 1.0 on a Traditional 1 owner/user refinance with loan amount > $500,000. Comp factors: FICO and LTV. |
04/22/2026 | 2 | B | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100099 | 36321363 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects water heater for residence is missing earthquake straps. | Buyer Comment (2026-06-09): XX%, property condition considered in the value/LTV. Water heater is in an enclosed space on the side of the property. Given the low LTV, VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs/installations at the subject property. |
3 | C | 04/01/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100104 | 36321769 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 56.4% vacancy/missing lease agreement. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for 56.4% vacancy/missing lease agreement. Comp factor: LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100104 | 36321851 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraiser/in-house review note the exterior facia board is rotted, and in some places, fallen, old compressors on the west side exterior need to be removed. Additionally, the rear 1st floor unit has no heat source and is unrentable. A bathroom needs renovation as the plaster and lathe have fallen and the fixtures are damaged, there is no heat source, walls need to be replaced, needs painting, flooring and kitchen fixtures are damaged with cost to cure estimate of $39680 and rounded up to $40,000. Comp factors, Signed 365-day holdback agreement for $40,000 provided and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for Appraiser/in-house review note the exterior facia board is rotted, and in some places, fallen, old compressors on the west side exterior need to be removed. Additionally, the rear 1st floor unit has no heat source and is unrentable. A bathroom needs renovation as the plaster and lathe have fallen and the fixtures are damaged, there is no heat source, walls need to be replaced, needs painting, flooring and kitchen fixtures are damaged with cost to cure estimate of $39680 and rounded up to $40,000. Comp factors, Signed holdback agreement provided and amount reflected on HUD. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100104 | 36321856 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for deferred maintenance >20k. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for deferred maintenance >20k. Comp factor LTV. |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100137 | 36327558 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
seasoned Business The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and seasoned business. |
04/23/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100137 | 36327559 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 2x30 on subject in the last 90 days. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
seasoned Business The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-23): Approved exception at origination for 2x30 on subject in the last 90 days. Comp factors: LTV and seasoned business. |
04/23/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100137 | 36327903 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | EOI provided is a blanket policy for 2 properties including subject; unable to determine what portion of coverage is for subject. | Borrower's Experience/Track Record | seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing blanket endorsement. Comp factor, seasoned business. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100156 | 36302649 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for >1x60 days late within 24 months on primary . Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-19): Approved exception at origination for >1x60 days late within 24 months on primary . Comp factor; seasoned investor. |
04/19/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100156 | 36304962 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-19): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factor: seasoned investor. |
04/19/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100175 | 36306868 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-21): Approved exception at origination for FICO < 650. Comp factor: LTV and reserves. |
04/21/2026 | 2 | B | 04/09/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100175 | 36306878 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on a Traditional 2 owner/user refinance with balance > $500,000. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-21): Approved exception at origination for DSCR < 1.0x on a Traditional 2 owner/user refinance with balance > $500,000. Comp factors: LTV and reserves. |
04/21/2026 | 2 | B | 04/09/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100189 | 36306942 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided | Missing proof of cash required to close; cash to close > 10% on a rate and term refinance. | The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The representative FICO score exceeds the guideline minimum by XX points. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-27): Exception waived. Updated approval provided in trailing documents approving exception for missing verification of funds to close. Comp factors, LTV and FICO. Buyer Comment (2026-04-27): Exception noted on uploaded approval |
04/27/2026 | 2 | B | 04/09/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100199 | 36315024 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary for guarantor 1; missing 1 of 12 monthly mortgage payments and missing VOR-primary; guarantor 2 lives rent free. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for incomplete VOM-primary for guarantor 1; missing 1 of 12 monthly mortgage payments and missing VOR-primary; guarantor 2 lives rent free. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100199 | 36315027 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for FICO < 650. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100199 | 36323029 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; processor certification provided with VOM from private lender. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for incomplete VOM-subject; processor certification provided with VOM from private lender. Comp factors, LTV and FICO (FICO is not a valid comp factor-below required score). |
04/22/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100199 | 36323072 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit reports pulled using incorrect DOB for guarantors 1 and 2. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for credit reports pulled using incorrect DOB for guarantors 1 and 2. Comp factor: seasoned investor. Buyer Comment (2026-04-27): Corrected uploaded |
04/27/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100202 | 36322434 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for LTV > 70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for LTV > 70%. Comp factor: reserves. |
04/23/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100202 | 36322443 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.00 on a Traditional 2 owner/user refinance with loan amount > $500,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for DSCR < 1.00 on a Traditional 2 owner/user refinance with loan amount > $500,000. Comp factor: reserves |
04/23/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100202 | 36324599 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1x30 days late on primary within the most recent 90 days. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-23): Approved exception at origination for 1x30 days late on primary within the most recent 90 days. Comp factor: reserves. |
04/23/2026 | 2 | B | 04/10/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100216 | 36310476 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.00 on a Traditional 2 owner/user refinance with balance > $500,000. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Investor The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-21): Approved exception at origination for DSCR < 1.00 on a Traditional 2 owner/user refinance with balance > $500,000. Comp factors: seasoned investor and FICO. |
04/21/2026 | 2 | B | 04/02/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100228 | 36322573 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1x30 days date on subject within the most recent 90 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for 1x30 days date on subject within the most recent 90 days. Comp factor: LTV. |
04/22/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100239 | 36307559 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.2x on a Traditional 1 Investment refinance with balance > $500,000. Comp factors, seasoned business, | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for DSCR < 1.2x on a Traditional 1 Investment refinance with balance > $500,000. Comp factors, seasoned business. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100239 | 36307566 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-20): Approved exception at origination for FICO < 650. Comp factor, seasoned business. |
04/20/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100240 | 36313685 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-22): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor: FICO. |
04/22/2026 | 2 | B | 04/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100259 | 36315217 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.25x on a Traditional 2 purchase with balance > $750,000. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-22): Approved exception at origination for DSCR < 1.25x on a Traditional 2 purchase with balance > $750,000. Comp factors: seasoned investor and FICO. |
04/22/2026 | 2 | B | 04/07/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100259 | 36323558 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for seller financing < 36 months. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-27): Approved exception at origination for seller financing < 36 months. Comp factors: FICO and reserves. Buyer Comment (2026-04-27): Per note on file, seller financing maturity date is 2027. |
04/27/2026 | 2 | B | 04/07/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100043 | 36337014 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Incomplete lease agreement; 1 of 2 lease agreements is missing multiple pages including page with rent amount. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for incomplete lease agreement. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100062 | 36339570 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for FICO < 650. Comp factor: LTV. |
04/27/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100062 | 36344439 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for loan amount <$75,000. Comp factor: LTV. |
04/27/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100062 | 36344546 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines | Total balance of collection accounts > $25,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for collection account. Comp factor, LTV. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100092 | 36355425 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Rural Property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/14/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100109 | 36355824 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in the file). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-28): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in the file). Comp factor: FICO. |
04/28/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100109 | 36356092 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM-subject; missing 4 of 12 deposit receipts. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100111 | 36350059 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
04/28/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100111 | 36356693 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects electrical panel missing door. Missing evidence stove has been removed from illegal basement unit and line capped. | Reviewer Comment (2026-06-25): "Buyer Comment (2026-06-08): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided multiple LOE's, one of them commiting to use cash-out proceeds to complete improvements/repairs to the subject property and the second one specifically commits to removing the stove in the kitchen basement post-funding. Estimated cost to cap gas line and remove stove is $750 per the appraisal. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitments. " Buyer Comment (2026-06-08): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided multiple LOE's, one of them commiting to use cash-out proceeds to complete improvements/repairs to the subject property and the second one specifically commits to removing the stove in the kitchen basement post-funding. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitments. |
3 | C | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100111 | 36438986 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination forXX%vacancy per appraisal (subsequently executed lease in file). Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination forXX%vacancy per appraisal (subsequently executed lease in file). Comp factor, LTV. |
05/11/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100118 | 36364515 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (executed leases subsequently provided). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for 100% vacancy per appraisal (executed leases subsequently provided). Comp factor: LTV. |
04/29/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100118 | 36364655 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/in-house review indicates no working A/C as of the effective date, the electrical was off at the time of inspection as XXXX1 did not have an electrical panel. Cost to cure for missing electrical panel is $2,000, subject to contract estimates. PTD: electrical panel and cover needs to be installed in XXXX1 and A/C to be in working order. | Buyer Comment (2026-06-10):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE items would be addressed post-close, VCC hasn't confirmed the status but expects the borrower to fulfill their commitment. |
3 | C | 04/10/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100130 | 36354922 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for rural property. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for rural property. Comp factors: reserves and FICO. |
04/29/2026 | 2 | B | 04/08/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100130 | 36354934 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination credit report aged > 60 days. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination credit report aged > 60 days. Comp factors: reserves and FICO. |
04/29/2026 | 2 | B | 04/08/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100130 | 36355027 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR-primary; missing 2 of 12 deposit receipts. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for incomplete VOR-primary; missing 2 of 12 deposit receipts. Comp factors: FICO and reserves. |
04/29/2026 | 2 | B | 04/08/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100133 | 36355359 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
04/29/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100133 | 36355362 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |
04/29/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100135 | 36355536 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
04/30/2026 | 2 | B | 04/11/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100135 | 36355540 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for expired and/or incomplete leases; lease for unitX is expired and missing page 2 and lease for unitXexpired. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for expired and/or incomplete leases; lease for XXXX is expired and missing page 2 and lease for XXXX expired. Comp factor reserves. |
04/30/2026 | 2 | B | 04/11/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100135 | 36355541 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. |
04/30/2026 | 2 | B | 04/11/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100135 | 36370246 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | In-house review states Subject in fair-average condition. Rotted exterior wood, potentially damaged siding, faulty counters and potentially faulty dining room floor. | Buyer Comment (2026-06-04):XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraiser, "the subject does exhibit deferred maintenance but no health and safety issues and the floor isn't a health and safety issue, some of the top layer laminate is peeling due to normal wear and tear." Per the borrower, these items will be addressed post-close. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/11/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100139 | 36356144 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days.. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for credit report aged > 60 days.. Comp factor: LTV. Buyer Comment (2026-05-06): Corrected Uploaded |
05/07/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100139 | 36370698 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects dampness by sump pump in basement - XXXXXXXXX. | Buyer Comment (2026-06-05):XX%LTV. Appraisal made as-is and property condition is considered in the value/LTV. VCC obtained an LOE from the borrower which confirmed that the basement had been inspected by a contractor who confirmed that there were no deficiencies impacting the structural integrity/safety/habitability of the property. The contractor did recommend a few preventative maintenance items (waterproof masonry coating, improving exterior drainage) and the borrower committed to completing those items. VCC hasn't confirmed the status of those repairs, but expects the borrower to fulfill their commitment to complete them. |
3 | C | 04/10/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100139 | 36370833 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects cost to cure to of $5,000 to install interior staircase, removal of 3 kitchens and remove wall on first floor to convert back to SFR -XXXXXXXXX. | Buyer Comment (2026-06-05):XX%LTV. Appraisal made as-is and property condition is considered in the value/LTV. Given the low cost-to-cure and low LTV VCC felt comfortable proceeding. The borrower is a seasoned investor and repeat VCC customer, so VCC feels comfortable that the borrower will complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/10/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100140 | 36371114 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM-subject; missing 1 of 12 most recent deposit receipts. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, LTV. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100140 | 36371147 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects exterior stairwell to basement missing handrail. | Buyer Comment (2026-06-10): XX% LTV, property condition considered in the value/LTV. Stairway is enclosed and has a wall on either side, property is otherwise well maintained. Per borrower LOE, cash-out proceeds would be used towards improvements at the subject property. VCC hasn't confirmed the installation of the handrail, but expects the borrower to complete any necessary repairs/updates to the subject property. |
3 | C | 04/15/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100151 | 36358839 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for liability coverage < $300,000 on a 1-unit SFR. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for liability coverage < $300,000 on a 1-unit SFR. Comp factor: seasoned investor. |
04/30/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100151 | 36371600 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for insurance premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for insurance premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |
04/30/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100152 | 36360732 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 | Approved exception at origination for loan amount < $75,000. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum by XX points. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination for loan amount < $75,000. Comp factors: FICO and seasoned investor. |
04/30/2026 | 2 | B | 04/10/2026 | XX | Purchase | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100152 | 36372249 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraisal/In-house appraisal review indicated subject is lacking heat; estimated bid to install is $12,460. Comp factor, signed 365-day Holdback Agreement for $12,460 provided and reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for Appraisal/In-house appraisal review indicated subject is lacking heat; estimated bid to install is $12,460. Comp factor, signed Holdback Agreement an of $12,460 provided and reflected on HUD. Buyer Comment (2026-05-06): Copy of executed holdback uploaded for the heat source. |
05/07/2026 | 2 | B | 04/10/2026 | XX | Purchase | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100153 | 36363310 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing lease agreement. LOE from borrower provided. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100153 | 36372881 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject unit number. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on HOA master policy. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100164 | 36363780 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for rural property. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination for rural property. Comp factors: LTV and FICO. |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100164 | 36363784 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and FICO. |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100164 | 36363792 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing wind/hail coverage. Comp factor: FICO | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for missing wind/hail coverage. Comp factor: FICO |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100164 | 36373311 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination forXX%vacancy per appraisal (executed lease subsequently provided). Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination forXX%vacancy per appraisal (executed lease subsequently provided). Comp factors: LTV and FICO. |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100164 | 36373367 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing (on payment plan). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for Insurance premium not paid in full at closing (on payment plan). Comp factor: FICO. |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100168 | 36364149 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-primary; missing 12 months deposit receipts for private lender (processor certification provided). Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-primary; missing 12 months deposit receipts for private lender (processor certification provided). Comp factors: LTV and DSCR. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100168 | 36364221 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for collection accounts > $25,000. Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-30): Approved exception at origination for collection accounts > $25,000. Comp factors: LTV and DSCR. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100168 | 36373801 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Appraisal photos reflect bars on windows, damaged/holes in ceilings in the kitchen and bedroom, missing flooring in bedroom and broken/rotted fence on the exterior. No proof of quick release latches or proof of repair provided. Repair holdback of $9,740 provided. Comp factors, signed 90-day Holdback Agreement provided and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for Appraisal photos reflect bars on windows, damaged/holes in ceilings in the kitchen and bedroom, missing flooring in bedroom and broken/rotted fence on the exterior. No proof of quick release latches or proof of repair provided. Repair holdback of $9,740 provided. Comp factors, signed Holdback Agreement provided and amount reflected on HUD. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100180 | 36365062 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for first time investor purchase of 1-unit SFR with LTV > $70%. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-01): Approved exception at origination for first time investor purchase of 1-unit SFR with LTV > $70%. Comp factors: reserves and FICO. |
05/01/2026 | 2 | B | 04/10/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100195 | 36381881 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect water stain on ceiling tile by CO/smoke detector in XXXX and bowed ceiling in XXXX bedroom. | Buyer Comment (2026-06-12): XX% LTV. Appraisal made as-is and the property condition is considered in the value. Per the appraisal, the property is in good condition, has been well maintained, and shows minimal deferred maintenance (no cost-to-cure provided). No active leaks present, and cited damages appear to be cosmetic in nature. The bowed ceiling cited in the exception is as a result of tiles that need to be replaced, not water damage/leak or structural damage. Per borrower LOE, cash-out proceeds would be used towards making cosmetic improvements/renovations at the subject property to increase additional rental income. Borrower is a seasoned investor and this is a low LTV loan so VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. |
3 | C | 04/10/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100212 | 36367549 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing appraisal. Comp factor: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-01): Approved exception at origination for 100% vacancy/missing appraisal. Comp factor: LTV and FICO. |
05/01/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100212 | 36382062 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject unit number. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on HOA master policy. Comp factors, LTV and FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/09/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100230 | 36367907 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease agreement. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Investor The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-01): Approved exception at origination for missing lease agreement. Comp factors: seasoned investor and FICO. |
05/01/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100230 | 36367916 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary; missing 1 of 2 monthly mortgage payment. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Investor The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-01): Approved exception at origination for incomplete VOM-primary; missing 1 of 2 monthly mortgage payment. Comp factors: FICO and seasoned investor. |
05/01/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100235 | 36382456 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-01): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
05/01/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100235 | 36382492 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Approved exception at origination for Appraisal/In-house review reflects recent fire damage to the SW rear portion of the exterior. Estimated cost to cure the siding, window and gutters is $12,500. Fire Cert to be obtained and repair fire damaged areas. A holdback for $9,400 was provided. Comp factor: signed Holdback Agreement provided and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-01): Approved exception at origination for Appraisal/In-house review reflects recent fire damage to the SW rear portion of the exterior. Estimated cost to cure the siding, window and gutters is $12,500. Fire Cert to be obtained and repair fire damaged areas. A holdback for $9,400 was provided. Comp factor: signed Holdback Agreement provided and amount reflected on HUD. |
05/01/2026 | 2 | B | 04/03/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100253 | 36382779 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/In-house review reflects wood trim in need of paint, some peeling paint on stucco, rear fence is leaning, loose electrical conduit box, power off to the box. Total estimated cost of repair of $2,400 is minimal with electrical conduit being a safety issue. No proof of repair provided. | Buyer Comment (2026-06-12): XX% LTV. Property condition considered in the value/LTV. Given the low LTV/minimal cost-to-cure/borrower's investment experience, VCC felt comfortable proceeding. VCC expects the borrower to complete any necessary repairs to the subject property. |
2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | A | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100278 | 36374250 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV. Buyer Comment (2026-05-06): Corrected Uploaded |
05/07/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100278 | 36375683 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for FICO < 650. Comp factors: LTV. Buyer Comment (2026-05-06): Corrected Uploaded |
05/07/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100278 | 36386216 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Approved exception at origination for rural property. Comp factors: LTV. Buyer Comment (2026-05-14): Corrected Uploaded Reviewer Comment (2026-05-07): Exception remains. Comp factors not updated for this exception. Buyer Comment (2026-05-06): Corrected Uploaded |
05/15/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100278 | 36386482 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for Tile vesting < 12 months on a cash out refinance using the higher appraised value versus the lower purchase price. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Approved exception at origination for Tile vesting < 12 months on a cash out refinance using the higher appraised value versus the lower purchase price. Comp factor, LTV. Buyer Comment (2026-05-14): Corrected Uploaded Reviewer Comment (2026-05-07): Exception remains. Comp factor not updated for this exception. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/15/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100293 | 36386768 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject properties' addresses | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing until number on HOA master policy. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100293 | 36386978 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXX,XXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/In-house review reflect stained/discolored ceiling in front right bedroom and rear bedroom (source of discoloration not determined) and small holes in ceiling of rear bathroom - XXXXXXXXXXX | Buyer Comment (2026-06-15): XX% LTV. Property condition considered in value/LTV. Appraiser states that the stains appear to be cosmetic, and there is no sign of an active leak. The holes appear to be from nails, and not a structural concern. Building is weathertight. Given the low LTV, VCC felt comfrotable proceeding. VCC expects the borrower to make any necessary repairs/updates to the subject. |
3 | C | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100299 | 36386000 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full at closing - on a payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-01): Approved exception at origination for premium not paid in full at closing - on a payment plan. Comp factor: FICO. |
05/01/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100299 | 36386006 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for limited major trade lines. Comp factor: DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR of XX.XX is greater than the minimum required DSCR. | SitusAMC,Originator | Reviewer Comment (2026-05-01): Approved exception at origination for limited major trade lines. Comp factor: DCR. |
05/01/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100299 | 36386011 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor; DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR of XX.XX is greater than the minimum required DSCR. | SitusAMC,Originator | Reviewer Comment (2026-05-01): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor; DCR. |
05/01/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100301 | 36386411 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy in excess of guideline. Comp factors: FICO, marketing trends, which is unable to be validated as a non-quantifiable trait. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-01): Approved exception at origination for vacancy in excess of guideline. Comp factors: FICO, marketing trends, which is unable to be validated as a non-quantifiable trait. |
05/01/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100040 | 36382444 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR below 1.25x guideline minimum for investor traditional 1 property with loan exceeding $500k. Comp factors; Reserves, seasoned investor. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Borrower's Experience/Track Record. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-01): Approved exception at origination for DSCR below 1.25x guideline minimum for investor traditional 1 property with loan exceeding $500k. Comp factors; Reserves, seasoned investor. |
05/01/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100042 | 36418180 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Approved exception at origination for value seasoning. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for value seasoning. Comp factor, LTV. |
05/07/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36354143 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided | Missing settlement statement and all other required documents for the other property for a 1031 exchange. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing exchange HJD. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36354250 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/Property Inspection report photos reflect hole in ceiling of bathroom, rear elevation of roof eave with bent fascia and separated sofit, garage area showing aged plank flooring with surface wear and gaps, garage interior worn wood flooring with staining and patched areas and appliance storage area ceiling showing exposed framing and wiring. No proof of repair provided. | Buyer Comment (2026-06-05): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The subject is a warehouse facility and per the appraisal, the property appears to be in average overall condition with adequate maintenance performed; no signs of obvious deferred maintenance were observed during the inspection and the purchase and sale agreement indicates there were some repairs that will be completed prior to closing. No health and safety issues were cited by the appraiser. VCC didn't confirm the repairs from the seller were completed, but expects that they were per the sales contract. The cited issues all appear to be cosmetic in nature and don't adversely affect the structural integrity of the property. |
3 | C | 04/13/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36354270 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Subject property in fair condition-Appraisal/Property Inspection report photos reflect hole in ceiling of bathroom, rear elevation of roof eave with bent fascia and separated sofit, garage area showing aged plank flooring with surface wear and gaps, garage interior worn wood flooring with staining and patched areas and appliance storage area ceiling showing exposed framing and wiring. No proof of repair provided. | Buyer Comment (2026-06-05): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The subject is a warehouse facility and per the appraisal, the property appears to be in average overall condition with adequate maintenance performed; no signs of obvious deferred maintenance were observed during the inspection and the purchase and sale agreement indicates there were some repairs that will be completed prior to closing. No health and safety issues were cited by the appraiser. VCC didn't confirm the repairs from the seller were completed, but expects that they were per the sales contract. The cited issues all appear to be cosmetic in nature and don't adversely affect the structural integrity of the property. |
3 | C | 04/13/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36418303 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DCR < 1.25 on a purchase with balance > $750,000. Comp factor, LTV and seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's Experience/Track Record. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-07): Approved exception at origination for DCR < 1.25 on a purchase with balance > $750,000. Comp factor, LTV and seasoned investor. |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36418370 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for missing lease agreement/vacancy. Comp factor, LTV and seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's Experience/Track Record. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-07): Approved exception at origination for missing lease agreement/vacancy. Comp factor, LTV and seasoned investor. |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100046 | 36418392 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for basic policy form. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for basic policy form. Comp factor, seasoned investor. |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100053 | 36345839 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: FICO. |
04/27/2026 | 2 | B | 04/13/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100053 | 36345871 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXXProperty Condition: Fair |
Fair condition = Property inspection report and appraisal reflects interior rooms have worn and damaged flooring, with some areas showing removed floor coverings and exposed subfloor. There is visible wall surface wear, patched drywall, damaged trim and incomplete finishes throughout. Ceilings show staining and drop ceiling in certain areas, the bathroom as deteriorated trim and aged finishes, hallway and entry areas have unfinished trim, minor wall damage and debris present. Estimated cost to cure is $110,000. No proof of repair provided. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV (including deferred maintenance). Property vacant at origination and the buyer intends to renovate the subject post-close, and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete them so they can rent the residential units and use the store font/office for their business. |
3 | C | 04/13/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100053 | 36347685 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property inspection report and appraisal reflects interior rooms have worn and damaged flooring, with some areas showing removed floor coverings and exposed subfloor. There is visible wall surface wear, patched drywall, damaged trim and incomplete finishes throughout. Ceilings show staining and drop ceiling in certain areas, the bathroom as deteriorated trim and aged finishes, hallway and entry areas have unfinished trim, minor wall damage and debris present. Estimated cost to cure is $110,000. No proof of repair provided. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV (including deferred maintenance). Property vacant at origination and the buyer intends to renovate the subject post-close, and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete them so they can rent the residential units and use the store font/office for their business. |
3 | C | 04/13/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100069 | 36349761 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-28): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
04/28/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100070 | 36349708 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of an investment 1-unit property. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination for first time investor purchase of an investment 1-unit property. Comp factor: FICO. |
04/27/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100070 | 36349729 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR-primary; guarantors live rent free. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, FICO. Buyer Comment (2026-05-06): Exception noted on uploaded approval |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100079 | 36363309 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for Credit report aged > 60 days. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-07): Approved exception at origination for Credit report aged > 60 days. Comp factor, seasoned investor. Buyer Comment (2026-05-07): Exception written |
05/07/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100079 | 36363373 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM-primary; missing 3 of 12 months deposit receipts. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM-primary. Comp factor, seasoned investor. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/15/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100081 | 36346527 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-27): Approved exception at origination credit report aged > 60 days. Comp factor: LTV. |
04/27/2026 | 2 | B | 04/14/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100082 | 36354741 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-28): Approved exception at origination for 100% vacancy. Comp factor: LTV. |
04/28/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100082 | 36354745 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for inconsistent VOM- subject. Varying monthly payment amounts for private lenders. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-28): Approved exception for inconsistent VOM- subject. Varying monthly payment amounts for private lenders. Comp factors: LTV and FICO. |
04/28/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100089 | 36362193 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for FICO < 650. Comp factor: reserves. |
04/29/2026 | 2 | B | 04/07/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100108 | 36355274 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor. |
04/29/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100108 | 36355280 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
Seasoned Investor The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned investor. |
04/29/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100108 | 36355285 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-29): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor |
04/29/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100108 | 36362919 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM-primary; missing 3 of 12 monthly mortgage payment for borrower and 2 of 12 monthly mortgage payments for coborrower. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, seasoned investor. Buyer Comment (2026-05-19): Corrected Uploaded Reviewer Comment (2026-05-18): Exception remains. Updated approval does not reference this exception. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100117 | 36363853 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-30): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100123 | 36353979 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-28): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: LTV. |
04/28/2026 | 2 | B | 04/06/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100123 | 36354007 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/Property Inspection photos reflect basement stairwell missing handrail, interior stairwell with no railing and brick and motor deterioration, brick foundation wall showing minor mortar wear and weathering, exposed plumbing within wall cavity, interior stairways with unfinished treads and handrail, unfinished flooring in bedroom, interior room with unfinished flooring and ongoing repairs noted, kitchen under renovation (appliances not installed), unfinished utility area, unfinished flooring in hallway | Buyer Comment (2026-06-10):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite a cost-to-cure for deferred maintenance/ health and safety issues/foundation issues.Property wasXX%occupied and the borrower was actively renovating the property at origination and VCC expects them to complete any necessary repairs/improvements. The exposed plumbing cited in the exception had just been repaired at origination. |
3 | C | 04/06/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100124 | 36356290 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM; missing 12 months deposit receipts for private lender (processor certification provided). Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Seasoned Investor The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for private lender (processor certification provided). Comp factors: FICO and seasoned investor. |
04/29/2026 | 2 | B | 04/16/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100124 | 36356323 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $500k. Comp factor: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $500k. Comp factor: reserves and FICO. |
04/29/2026 | 2 | B | 04/16/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100124 | 36356331 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-29): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves and FICO. |
04/29/2026 | 2 | B | 04/16/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100124 | 36364091 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | 13% vacancy/missing lease agreement for 1 of 5 units. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/16/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100125 | 36382109 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR below 1.25x guideline minimum for investor traditional 1 property with loan exceeding $500k. Comp factors; Seasoned investor, reserves. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Borrower's Experience/Track Record. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-01): Approved exception at origination for DSCR below 1.25x guideline minimum for investor traditional 1 property with loan exceeding $500k. Comp factors; Seasoned investor, reserves. |
05/01/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100125 | 36382119 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for private VOM. Comp factors: FICO, seasoned investor. | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's Experience/Track Record. The representative FICO score exceeds the guideline minimum |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-01): Approved exception at origination for private VOM. Comp factors: FICO, seasoned investor. |
05/01/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100125 | 36382125 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 Days. Comp factors; FICO, reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-01): Approved exception at origination for credit report aged > 60 Days. Comp factors; FICO, reserves. |
05/01/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100125 | 36382260 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Cash out on a property listed within recent 6 months (active listing). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO. Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100126 | 36354429 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for private lender. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum by XX points. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-28): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for private lender. Comp factors: seasoned investor and FICO. |
04/28/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100126 | 36354447 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-04-28): Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO and reserves. |
04/28/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100126 | 36354556 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal is aged > 6 months. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for aged appraisal. Comp factor, FICO. Buyer Comment (2026-05-07): This is the correct approval Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100126 | 36355213 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for Incomplete VOM-primary; missing 3 of 12 months deposit receipts. Comp factors, seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum by XX points. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-08): Approved exception at origination for Incomplete VOM-primary; missing 3 of 12 months deposit receipts. Comp factors, seasoned investor and FICO. Buyer Comment (2026-05-07): This is the correct approval Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100127 | 36362777 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 Days. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-29): Approved exception at origination for credit report aged > 60 Days. Comp factors: reserves and FICO. |
04/29/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100127 | 36362782 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM; missing pay history to supplement summary from private lender. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
CF- FICO CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-29): Approved exception at origination for incomplete VOM; missing pay history to supplement summary from private lender. Comp factors: FICO and seasoned investor. |
04/29/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100127 | 36362881 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factor, FICO. Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/16/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100155 | 36365780 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | 1) Cash out refinance on property listed within 6 months (currently listed per analyst review). 2) Missing required listing cancellation. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO. Buyer Comment (2026-05-07): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100186 | 36373667 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 purchase with loan > $750k. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF- reserves. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-30): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 purchase with loan > $750k. Comp factors: reserves and FICO. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100194 | 36355645 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for > 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for > 2 active major tradelines. Comp factor: reserves. Buyer Comment (2026-05-15): Corrected Uploaded |
05/18/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100194 | 36363008 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review and Property inspection report reflects weathered and deteriorated wood components on exterior wood porch and stair access. No proof of repair provided. | Buyer Comment (2026-06-12): Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite a cost-to-cure but it is assumed to be minimal. Per appraisal photos, stairs are usable and no health and safety issues were cited. Repairs are cosmetic in nature and within VCC's deferred maintenance guidelines. VCC still expects the borrower to complete any necessary repairs/updates to the subject. |
3 | C | 04/14/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100206 | 36362456 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for foreclosure on primary within 2 years. Comp factors; seasoned investor and reserves. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- seasoned investor CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-29): Approved exception at origination for foreclosure on primary within 2 years. Comp factors; seasoned investor and reserves. |
04/29/2026 | 2 | B | 04/13/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100208 | 36364130 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-30): Approved exception at origination for FICO < 650. Comp factor: LTV. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100208 | 36371983 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR-primary; guarantor lives rent free per LOE (D0243) in file. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, LTV. Buyer Comment (2026-05-08): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100220 | 36363134 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing wind/hail coverage. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-29): Approved exception at origination for missing wind/hail coverage. Comp factor; seasoned investor. |
04/29/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100220 | 36363138 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM- missing 12 month cancelled check pay history receipts to supplement summary from private lender. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-04-29): Approved exception at origination for incomplete VOM- missing 12 month cancelled check pay history receipts to supplement summary from private lender. Comp factor: seasoned investor. |
04/29/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100226 | 36382686 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-01): Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned business. |
05/01/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100238 | 36371984 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO <650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-04-30): Approved exception at origination for FICO <650. Comp factor: LTV. |
04/30/2026 | 2 | B | 04/09/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100238 | 36379223 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Missing Document: Note - Subordinate Lien not provided | Seller held 2nd mortgage term is < 3 yrs. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for 2nd TD with term less than 3 years. Comp factor, LTV. Buyer Comment (2026-05-08): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/09/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100271 | 36373382 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan> $500k. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan> $500k. Comp factor; reserves. Buyer Comment (2026-05-08): Corrected Uploaded |
05/08/2026 | 2 | B | 04/13/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100271 | 36373394 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for missing leases for 2 of 8 subject units. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for missing leases for 2 of 8 subject units. Comp factor; reserves. Buyer Comment (2026-05-08): Corrected Uploaded |
05/08/2026 | 2 | B | 04/13/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100272 | 36381566 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Cash out on recently listed property. Property is currently listed for sale. No evidence of withdrawal from the market. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. Buyer Comment (2026-05-08): Exception noted on uploaded approval |
05/08/2026 | 2 | B | 04/10/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100274 | 36370973 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and LTV. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- seasoned business. CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-30): Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and LTV. |
04/30/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100281 | 36374032 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement summary from private landlord. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned business |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-30): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement summary from private landlord. Comp factors: LTV and seasoned business. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100288 | 36381764 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO below 650. Comp factors: LTV, Seasoned Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-11): Approved exception at origination for FICO below 650. Comp factors: LTV, Seasoned Investor. |
05/11/2026 | 2 | B | 04/13/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100288 | 36381815 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Inspection and appraisal photos reflect basement moisture intrusion. | Buyer Comment (2026-06-12): Appraisal made as-is and the property condition is considered in the value/LTV. No active leaks confirmed in the basement or structural concerns cited. Borrower is a seasoned investor and VCC expects them complete any necessary repairs/updates to the subject. |
3 | C | 04/13/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100290 | 36374292 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: FICO and DSCR. | The representative FICO score exceeds the guideline minimum by XX points. The qualifying DSCR on the loan is greater than the guideline minimum. |
CF- FICO CF- DSCR |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-04-30): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: FICO and DSCR. |
04/30/2026 | 2 | B | 04/14/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100006 | 36414272 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Credit report is aged > 120 days. | Borrower's Experience/Track Record | Principal has > 20 years experience in the industry. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Exception waived. Change memo provided approving exception for credit report > 120 days old. Comp factor, Experience in the industry. Buyer Comment (2026-05-21): change memo attached. |
05/21/2026 | 2 | B | 04/15/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100028 | 36417396 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XX,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Loan amount > $7,500,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Principal has over 32 years experience in the industry. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-21): Exception waived. Change memo provided in trailing documents approving exception for loan amount > $7,500,000. Comp factors, LTV and experience of principal in the industry. Buyer Comment (2026-05-20): change memo attached. Reviewer Comment (2026-05-14): Exception remains. Guidelines page 14 for the SBC Term Loans indicate max balance of $7,500,000. It does not indicate this is at the Chief Credit Officer discretion and if it did, this would still be an exception to guidelines to be approved. The CAM does not indicate there is a Policy Exception being approved. Buyer Comment (2026-05-14): Credit policy states: LOAN AMOUNT The maximum loan amount for a small balance commercial loan is $2,000,000. The minimum loan amount for a small balance commercial loan is $150,000. Loan amounts in excess of $2,000,000 may be considered at the discretion of the Chief Credit Officer. The Chief Credit Officer signed off on this as well as the President and the COO, as noted at the approval page of the CAM. |
05/21/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100084 | 36423404 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for rural property. Comp factors; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-15): Approved exception at origination for rural property. Comp factors; LTV. Buyer Comment (2026-05-14): Corrected Uploaded |
05/15/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100084 | 36441685 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided | Approved exception at origination for 1004 Appraisal is missing comparable rent schedule/ market rent analysis. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-15): Approved exception at origination for 1004 Appraisal is missing comparable rent schedule/ market rent analysis. Comp factor, LTV. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/15/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100166 | 36427145 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-05-15): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; reserves. Buyer Comment (2026-05-14): Corrected Uploaded |
05/15/2026 | 2 | B | 04/24/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100166 | 36427205 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. |
05/12/2026 | 2 | B | 04/24/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100166 | 36427593 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for < 2 active major tradelines. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. |
05/12/2026 | 2 | B | 04/24/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100166 | 36455023 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Evidence of repairs noted in the appraisal provided; however, they show that the smoke detectors are missing batteries and stairs are missing handrails. | Buyer Comment (2026-06-10): Appraisal made as-is and the property condition is considered in the value/ltv. Property vacant at origination. Per the appraisal, "the subject property was observed to be in partially completed interior remodel condition and substantial renovation activity had been observed".The appraiser cited an estimated cost to cure of $4,000-$7,000, which is within VCC deferred maintenance guidelines. The borrower is a seasoned investor and given that the property was actively being renovated with a low cost-to-cure for the remaining items, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs/improvements, but expects the borrower to complete them. |
3 | C | 04/24/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100181 | 36438582 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXX5 // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal Analyst review reflects 1) XXXXXXXXX dining room ceiling is damaged and missing garage door. No proof of repair provided 2) XXXXXXXXX) porch ceiling is damaged and garage is in fair condition with deteriorating wood. No proof of repair provided.. | Buyer Comment (2026-06-05): Purchase transaction. Blanket loan, appraisal made as-is and the property conditions are considered in the value/LTV. Regarding the ceiling in XXXXXXXXX, there is cosmetic tile repair needed, but no structural damage or leak. The garage door needs repair and was tarped over at the time of inspection. Regarding the porch ceiling in XXXXXXXXX, there is cosmetic tile repair needed, but no structural damage or leak. No health and safety issues with the garage interior cited, interior could use cosmetic updating. VCC expects the borrower to complete any necessary repairs/maintenance to the properties. |
3 | C | 04/30/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100181 | 36457533 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement for blanket insurance coverage. Comp factor, FICO. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/15/2026 | 2 | B | 04/30/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100268 | 36445388 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for rural property. Comp factors; LTV and marketing trends which is unable to be validated as a non quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for rural property. Comp factors; LTV and marketing trends which is unable to be validated as a non quantitative subjective trait. |
05/13/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100268 | 36813358 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Unpermitted addition to property. Per Appraisal, subject has attached barn with finished level (3 bedrooms, family room, and bathroom) that was not included in the report. Proper permits for the construction of this area were not filed per building inspector. Per ANSI guidelines the 2nd floor of the dwelling does not meet minimum height requirements and was not included int he GLA. The room count includes the 2 second floor bedrooms not included in the GLA. Actual room count is 1 bedroom. However, the main house has 2 kitchens on the first floor, one intended for the barn addition portion of the home. No cost to convert provided. | Reviewer Comment (2026-06-25): Additional client comment. No cost to convert provided. Reviewer Comment (2026-06-24): Comment from client. This is a low LTV loan (XX%), and the appraisal was made as-is with the property condition already factored into the value. The appraiser noted an unpermitted area, but it was excluded from the GLA calculation, meaning VCC isn't relying on that space for collateral value. We don't have confirmation on whether permits have since been obtained, but given the low LTV, VCC was comfortable proceeding. The borrower is expected to address any outstanding permitting issues at the property. |
3 | C | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100295 | 36453101 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for loan < $75,000. Comp factor: LTV. |
05/13/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100295 | 36469833 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out on property held < 6 months using a valuation > original purchase price. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for cash out on property held < 6 months using a valuation > original purchase price. Comp factor: LTV. |
05/13/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100306 | 36530082 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan amount < $75,000. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for loan amount < $75,000. Comp factor, FICO. |
05/18/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100306 | 36530101 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Approved exception at origination for property acquired within 12 months using appraised value versus original purchase price (value season). Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for property acquired within 12 months using appraised value versus original purchase price (value season). Comp factor, FICO. |
05/18/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100315 | 36485513 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM- subject; missing cancelled checks/ pay history receipt to supplement VOM summary from private lender for both 1st and 2nd DOT. Comp factor; seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for incomplete VOM- subject; missing cancelled checks/ pay history receipt to supplement VOM summary from private lender for both 1st and 2nd DOT. Comp factor; seasoned business. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100315 | 36485532 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. Buyer Comment (2026-05-20): Corrected UPloaded |
05/21/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100317 | 36478393 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors: LTV. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100317 | 36478405 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for 'Credit' (FICO < 650). Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for 'Credit' (FICO < 650). Comp factors: LTV. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100317 | 36478411 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for 'Credit' {< 2 active major tradelines on credit report). Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for 'Credit' {< 2 active major tradelines on credit report). Comp factors: LTV. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100324 | 36461095 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for 'Credit' (FICO < 650). Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- reserves CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. |
05/14/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100324 | 36461158 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | The 1st lien was not seasoned for at least 12 months as of the creditor application date. | Approved exception at origination for cash out on property held < 6 months using valuation > original purchase price. Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- reserves CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for cash out on property held < 6 months using valuation > original purchase price. Comp factors: LTV and reserves. |
05/14/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100324 | 36488020 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for 'Credit' (<2 active major tradelines). Comp factors: LTV and reserves.. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- reserves CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for 'Credit' (<2 active major tradelines). Comp factors: LTV and reserves.. |
05/14/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100324 | 36700588 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for vacant property. Comp factors, LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- reserves CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-06-10): Approved exception at origination for vacant property. Comp factors, LTV and reserves. |
06/10/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100343 | 36494648 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | The 1st lien was not seasoned for at least 12 months as of the creditor application date. | Approved exception at origination for cash out on property held < 6 months using valuation > original purchase price. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for cash out on property held < 6 months using valuation > original purchase price. Comp factor: FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/21/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100343 | 36540896 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/21/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100343 | 36540916 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | LTV >XX% guideline max for foreign investor in Flex term loan program | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, FICO. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/21/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100349 | 36519514 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for >2x 30 days late on subject within 12 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for >2x 30 days late on subject within 12 months. Comp factor: LTV. |
05/20/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100061 | 36458145 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$75,000. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for loan <$75,000. Comp factor LTV. |
05/12/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100061 | 36815939 | XXXXXXXXXXXX | XX/XX/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: XX/XX/XXXX | Missing 442 for Completion of repair/rehab work. Repair water leak, repair spongy unstable kitchen floor, eliminate areas of discoloration on the walls of the laundry room, and ensure 1/2 bath is operable. Evidence of laundry room walls have been repaired provided and 1/2 bath cleaned up but unable to verify it is operable. No evidence kitchen floor has been repaired. | Reviewer Comment (2026-06-25): Additional client comments. The Est costs of repairs wasn't provided, but the costs of the remaining repair (kitchen floor) is assumed to be minimal. Reviewer Comment (2026-06-24): From client: The borrower provided proof that the laundry room/half-bath had been repaired. Given the repairs that had been completed and the low LTXX%), VCC UW felt comfortable proceeding with the loan. The borrower is expected to complete the remaining repairs and maintain the subject the property. |
3 | C | 04/29/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100085 | 36427047 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free with spouse. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free with spouse. Comp factor: seasoned business. Buyer Comment (2026-05-19): Corrected Uploaded Reviewer Comment (2026-05-15): Exception remains. Approval provided had not changes made to comp factors. Buyer Comment (2026-05-14): Corrected Uploaded |
05/19/2026 | 2 | B | 04/21/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100085 | 36455409 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out >XX%LTV on property held < 12 months using valuation > original purchase price. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for cash out >XX%LTV on property held < 12 months using valuation > original purchase price. Comp factor: seasoned business. Buyer Comment (2026-05-19): Corrected Uploaded Reviewer Comment (2026-05-15): Exception remains. Approval provided had not changes made to comp factors. Buyer Comment (2026-05-14): Corrected uploaded |
05/19/2026 | 2 | B | 04/21/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100088 | 36423898 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR-primary; missing 12 months pau history receipts to supplement VOR summary from private landlord. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-11): Approved exception at origination for incomplete VOR-primary; missing 12 months pau history receipts to supplement VOR summary from private landlord. Comp factors: FICO and reserves. |
05/11/2026 | 2 | B | 04/24/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100093 | 36503536 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on front interior stairs. | Buyer Comment (2026-06-09):XX%LTV, Appraisal made as-is and the property condition considered in the value/LTV. The borrower provided an LOE stating that the majority of cash-out proceeds would be used towards repairs at the subject property (including but not limited to the missing handrail). VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. |
3 | C | 04/30/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100096 | 36422883 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |
05/11/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100096 | 36441306 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Approved exception at origination for hurricane damage. Appraisal reflects safety issues of ceilings damage, faulty oven door, and broken window, Subject not appearing to be in habitable condition. Comp factors, signed 120-day Holdback agreement for $18,000 provided and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for hurricane damage. Appraisal reflects safety issues of ceilings damage, faulty oven door, and broken window, Subject not appearing to be in habitable condition. Comp factors, signed Holdback agreement provided and amount reflected on HUD. |
05/11/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100100 | 36465194 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned investor. Buyer Comment (2026-05-19): Corrected Uploaded |
05/19/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100113 | 36422274 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing lease on SFR refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/15/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100134 | 36424668 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF_ LTV CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-11): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves. |
05/11/2026 | 2 | B | 04/29/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100134 | 36446853 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Hurricane deductible of 10% is > guideline maximum wind deductible of 5%/25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/29/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100142 | 36424285 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. |
05/11/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100142 | 36444995 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for loan amount <$75,000. Comp factor; LTV. |
05/11/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100146 | 36427437 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
05/12/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100146 | 36427649 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exceptions at origination for missing/incomplete VOM-subject. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exceptions at origination for missing/incomplete VOM-subject. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
05/12/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100146 | 36429257 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
05/12/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100146 | 36458498 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary. Comp factor, seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for missing VOR-primary. Comp factor, seasoned investor. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100147 | 36423962 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing lease (subject is listed as a ST rental). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. Buyer Comment (2026-05-14): Exception noted on uploaded approvla |
05/18/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100147 | 36424010 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO <650. Comp factors: LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for FICO <650. Comp factors: LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100147 | 36442510 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided | 1004 appraisal is missing comparable rent schedule/ market rent analysis. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rent schedule with appraisal. Comp factor, LTV. Buyer Comment (2026-05-14): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100159 | 36429534 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100159 | 36429561 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | XXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for 100% vacancy. Comp factor: LTV. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100159 | 36429592 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for 100% vacancy. Comp factor: LTV. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100165 | 36426104 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; missing 12 months mortgage payment receipts for VOMs pay history issued by private lender and missing VOR-primary; borrower lives rent free. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for incomplete VOM-subject; missing 12 months mortgage payment receipts for VOMs pay history issued by private lender and missing VOR-primary; borrower lives rent free. Comp factor, reserves. Buyer Comment (2026-05-11): Exception noted on uploaded approval |
05/11/2026 | 2 | B | 04/24/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100169 | 36425568 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; FICO. Buyer Comment (2026-05-14): Corrected Uploaded |
05/18/2026 | 2 | B | 04/21/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100169 | 36425575 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided. Comp factor; FICO. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100169 | 36425580 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |
05/11/2026 | 2 | B | 04/21/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100179 | 36448954 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Per appraisal, side porch and stairs are missing railing and missing handrail to basement stair; file contains a LOE indicating borrower intent to remedy porch and side steps; however no proof of completion provided. | Buyer Comment (2026-06-10):XX%LTV. Property condition considered in the value/LTV. Per borrower LOE, the cash-out proceeds would be used towards installing the missing railings. VCC hasn't confirmed the status of the installations, but expects the borrower to fulfill their commitment to complete them. |
3 | C | 04/23/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100185 | 36423316 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for < 2 active major tradelines. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. |
05/08/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100185 | 36423323 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for FICO < 650. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. |
05/08/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100185 | 36423364 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for credit report aged > 60 days. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. |
05/08/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100185 | 36423492 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided | Approved exception at origination for missing for missing VISA/government ID for foreign national. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-08): Approved exception at origination for missing for missing VISA/government ID for foreign national. Comp factors; DSCR and strong marketing trends with which is a non-qualitative subjective trait which cannot be substantiated. |
05/08/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100187 | 36425063 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | NA- confirmed | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for loan < $75k. Comp factor; LTV. |
05/11/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100187 | 36446057 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Approved exception at origination for Appraisal reflects safety issues of security bars, broken window, and missing smoke detectors. Comp factors, signed 90-day Holdback Agreement for $5,000 provided and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for Appraisal reflects safety issues of security bars, broken window, and missing smoke detectors. Comp factors, signed Holdback Agreement provided and amount reflected on HUD. |
05/11/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100190 | 36468783 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors; LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- LTV CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for FICO < 650. Comp factors; LTV and reserves. |
05/14/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100190 | 36468795 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- LTV CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV and reserves. |
05/14/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100190 | 36503606 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 49.1% vacancy/missing lease for 1 of 2 units on 1 of 3 properties being refinanced. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-15): Approved exception at origination for 49.1% vacancy/missing lease for 1 of 2 units on 1 of 3 properties being refinanced. Comp factor, LTV. |
05/15/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100200 | 36444129 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for FICO < 650. Comp factor, LTV. |
05/13/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100210 | 36473500 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for missing lease of 1 of 2 units in 1 of 3 properties(XXXXX) being refinanced. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-18): Approved exception at origination for missing lease of 1 of 2 units in 1 of 3 properties(XXXXX) being refinanced. Comp factors: LTV and seasoned investor. |
05/18/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100210 | 36523925 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-18): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned investor. |
05/18/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100217 | 36438923 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |
05/12/2026 | 2 | B | 04/14/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100217 | 36439084 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | 1) Unit owners policy wind deductible of $15k is > 5% of coverage amount, 2) HOA master policy is missing subject unit number. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving deductible and missing unit number of HOA master policy. Comp factor, FICO. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/14/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100233 | 36590683 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for100% vacancy/missing lease agreement. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-29): Approved exception at origination for100% vacancy/missing lease agreement. Comp factor: LTV. |
05/29/2026 | 2 | B | 05/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100233 | 36590701 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOM-subject. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-29): Approved exception for missing VOM-subject. Comp factor; LTV. |
05/29/2026 | 2 | B | 05/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100233 | 36590708 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-29): Approved exception at origination for FICO < 650. Comp factor: LTV. |
05/29/2026 | 2 | B | 05/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100236 | 36426103 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 | Approved exception at origination for loan <$75,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for loan <$75,000. Comp factor; LTV. |
05/11/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100236 | 36449143 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-11): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. |
05/11/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100241 | 36453752 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
05/13/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100241 | 36453854 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. |
05/13/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100241 | 36455162 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy per appraisal for 1 of 3 properties (subsequently executed lease provided in file): Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for 100% vacancy per appraisal for 2 of 3 properties (recently executed leases provided in file): Comp factor: LTV. |
05/13/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100250 | 36460611 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$75,000. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-12): Approved exception at origination for loan <$75,000. Comp factor; FICO. |
05/12/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100252 | 36446833 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. |
05/13/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100254 | 36437732 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves' no proof of reserves provided. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-11): Approved exception at origination for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves' no proof of reserves provided. |
05/11/2026 | 2 | B | 04/24/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100254 | 36437972 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with reserves < 3 months P&I. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for FTI with no reserves. Comp factor, FICO. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/24/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100266 | 36452763 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address:XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review/appraisal indicates damaged exterior siding with hole in in the wood siding and peeling paint, broken glass window pane, holes in and damaged drywall in downstairs hallway and dining room (wall and window damage from ongoing leak in the upstairs bathroom, discolored ceilings in bathrooms, missing CO detectors (natural gas at home needed to meet local codes) and interior water damage. A mold inspection was provided and Holdback is for mold remediation only.- XXXXXXXXXXXXXX. Appraisal/inhouse appraisal reflects loose piece of wood siding at the rear of the home needing to be re-attached, damaged/deteriorated wood fascia at rear left of the home roofline, some holes in worn wood board on stairs/landing at the rear of the home and some discolored/stained ceilings in the kitchen (assumed to be cosmetic due to new roof). No proof of repair provided - XXXXXXXXXXXXXX. |
Buyer Comment (2026-06-12): Purchase transaction, blanket loan secured by two properties. Appraisals made as-is and the property conditions are considered in the value/LTV. VCC completed a 180 day holdback for $9,226 for the mold remediation at XXXXXXXXXXXXXX. The borrower is a seasoned investor with a high FICO and strong reserves. The borrower still maintained strong reserves after the acquisition of the subject properties and VCC expects them to complete the necessary repairs at the subject properties. |
3 | C | 04/03/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100269 | 36441903 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: seasoned business. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100269 | 36460721 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Cash out refinance on property listed within 6 months. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned business. Buyer Comment (2026-05-15): Exception noted on uploaded approval. Also uploaded is a copy of the Zillow listed showing off market. |
05/18/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100270 | 36502875 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for FICO < 650. Comp factor: LTV. |
05/20/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100275 | 36473017 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided | Approved exception at origination for foreign investor with US address listed as primary with no government ID provided. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Approved exception at origination for foreign investor with US address listed as primary with no government ID provided. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |
05/15/2026 | 2 | B | 04/22/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100276 | 36480802 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | ADU is in C5 condition per appraisal/ analyst review. ADU is missing kitchen appliances and is attached to a 2 car garage with missing doors. | Buyer Comment (2026-06-04): XX% LTV. Appraisal made as-is and property condition is considered in the value/LTV. Property otherwise in good condition with no observed deferred maintenance. ADU is detached from main property. Per borrower LOE, cash-out proceeds to be used towards renovating the subject property. |
3 | C | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100276 | 36480839 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor, LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The DSCR is greater than the minimum required. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor, LTV and DCR. Buyer Comment (2026-05-19): exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100276 | 36482886 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided | Approved exception at origination for Missing updated appraisal with listing status corrected to align with analyst review and LOE in file which reflect that subject has been actively listed for sale. Comp factors, LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The DSCR is greater than the minimum required. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for Missing updated appraisal with listing status corrected to align with analyst review and LOE in file which reflect that subject has been actively listed for sale. Comp factors, LTV and DCR. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100276 | 36501967 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for Cash out on recently listed property. Comp factors, LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The DSCR is greater than the minimum required. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for Cash out on recently listed property. Comp factors, LTV and DCR. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100282 | 36494405 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for rural property. Comp factors: LTV and FICO | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
CF- LTV CF- FICO |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for rural property. Comp factors: LTV and FICO |
05/14/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100282 | 36494425 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for missing lease on SFR refinance ( subject is listed as a ST rental). Comp factors: LTV and FICO | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
CF- LTV CF- FICO |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-14): Approved exception at origination for missing lease on SFR refinance ( subject is listed as a ST rental). Comp factors: LTV and FICO |
05/14/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100283 | 36519796 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exceptions at origination for 1) missing VOM-primary for 1 of 2 guarantors; mortgage in spouses name and 2) incomplete VOM-primary for 1 of 2 guarantors; missing 4 most recent monthly pay history receipts. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exceptions at origination for 1) missing VOM-primary for 1 of 2 guarantors; mortgage in spouses name and 2) incomplete VOM-primary for 1 of 2 guarantors; missing 4 most recent monthly pay history receipts. Comp factor: FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/28/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100283 | 36519797 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Lease for 1 of 4 units being refinanced(#3) is expired. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Exception waived. Updated approval provided in trailing documents approving exception for expired lease. Comp factor, FICO. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/22/2026 | 2 | B | 04/28/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100283 | 36548505 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | 1 of 2 guarantors has < 2 active major tradelines on credit report. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-06-02): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines. Comp factor, DSCR. Buyer Comment (2026-06-01): Exception noted on uploaded approval Reviewer Comment (2026-05-22): Exception remains. The account referenced with a high balance of $7,500 was reported X/XXXX and last active X/XXXX which is 11 months prior. Buyer Comment (2026-05-21): In addition to the XXX account, borrower has the bdelow account with a 7500 high credit and last active in XXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXX |
06/02/2026 | 2 | B | 04/28/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100285 | 36439461 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
CF- seasoned investor CF- LTV |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-12): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: LTV and seasoned investor. |
05/12/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100289 | 36551264 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of 1-unit SFR with LTV > $70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for first time investor purchase of 1-unit SFR with LTV > $70%. Comp factor: reserves |
05/22/2026 | 2 | B | 04/23/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100289 | 36551268 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-06-02): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: FICO. Buyer Comment (2026-06-01): Corrected Uploaded |
06/02/2026 | 2 | B | 04/23/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100292 | 36457627 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. |
05/13/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100292 | 36458318 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | < 2 active major tradelines on credit report. Guarantor is authorized user. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-05-19): Exception waived. Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factor, reserves. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100292 | 36458399 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Ownership status does not match ownership status provided in UW file | Tenant with the same last name as guarantor appears to be related. Market rent per appraisal is 1170, lease agreement in file is for $700. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-06-25): VCC granted an exception for this loan. This borrower has a high FICO and maintains strong reserves. We can disclose this one. There is a signed lease agreement in file, appraisal confirms tenant occupancy and borrower's primary is fully paid off (borrower resides rent free in primary) Reviewer Comment (2026-06-22): Exception waived. Updated approval provided in trailing documents approving exception for property rented to family. Comp factors, FICO and reserves. Buyer Comment (2026-06-22): Exception noted on uploaded approval |
06/22/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100292 | 36458449 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal reflects subject garage featured some deferred maintenance/wear including worn wood, damaged roof, and garage door that is off track. Cost to cure $1350. | Buyer Comment (2026-06-12): Appraisal made as-is and the property condition is considered in the value/LTV. Given the low cost-to-cure VCC felt comfortable proceeding with the loan. The borrower is expected to complete any necessary repairs to the subject property. |
2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100292 | 36473729 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for Cash out on property held < 6 months. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- FICO CF- reserves |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-13): Approved exception at origination for Cash out on property held < 6 months. Comp factors: reserves and FICO. |
05/13/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100294 | 36494533 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for lease begin date subsequent to appraisal date. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for lease begin date subsequent to appraisal date. Comp factor: LTV. |
05/14/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100296 | 36442580 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for first time investor with no reserves. Comp factors: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for first time investor with no reserves. Comp factors: reserves. Buyer Comment (2026-05-15): Uploaded final funds supporting sufficient reserves Buyer Comment (2026-05-15): Corrected approval uploaded |
05/18/2026 | 2 | B | 04/16/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100296 | 36442595 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for loan < $75,000. Comp factor: reserves. Buyer Comment (2026-05-15): Corrected approval uploaded |
05/18/2026 | 2 | B | 04/16/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100296 | 36442625 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for Foreign National borrower as First-time Investor on purchase of 1-unit SFR with LTV > 60%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for Foreign National borrower as First-time Investor on purchase of 1-unit SFR with LTV > 60%. Comp factor: reserves. Buyer Comment (2026-05-15): Corrected approval uploaded |
05/18/2026 | 2 | B | 04/16/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100297 | 36519786 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease agreement as the property has not been rented out yet per LOE. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for missing lease agreement as the property has not been rented out yet per LOE. Comp factor, LTV. Buyer Comment (2026-05-21): Corrected uploaded |
05/22/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100297 | 36519789 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for rural property. Comp factors: LTV. Buyer Comment (2026-05-21): Corrected uploaded |
05/22/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100298 | 36487246 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Missing lease for 1 of 2 units being refinanced. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-05-20): Exception noted on uploaded approval |
05/21/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36480562 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; both guarantors live rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for missing VOR-primary; both guarantors live rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |
05/19/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36480594 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for insufficient carrier rating. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-21): Approved exception at origination for insufficient carrier rating. Comp factor: LTV. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36480650 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for cash out on property held <12 months using valuation > original purchase price. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for cash out on property held <12 months using valuation > original purchase price. Comp factor; LTV. |
05/19/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36480658 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for "Credit" (<2 active major tradelines on credit reports for both guarantors). Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for "Credit" (<2 active major tradelines on credit reports for both guarantors). Comp factor; LTV. |
05/19/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36480681 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO <650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for FICO <650. Comp factor: LTV. |
05/19/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100300 | 36537556 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |
05/19/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100302 | 36460884 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Escrow Instructions not provided | Approved exception at origination for missing signed and executed copy of escrow waiver. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-15): Approved exception at origination for missing signed and executed copy of escrow waiver. Comp factor: FICO. |
05/15/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100302 | 36460885 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Damage to fascia boards of property per Appraisal photos. Per appraiser there is considerable deferred maintenance but no amount provided. Also noted the water heater is not double strapped as required by state. | Buyer Comment (2026-06-15): XX%LTV. Property condition considered in value/LTV. The appraiser states that the physical deterioration of the property is considered in the subject's age. The property could use cosmetic updates, but no significant/specific items of deferred maintenance were cited and a cost-to-cure was not provided. Regarding the waterheater - VCC hasn't followed-up to confirm if it's been strapped in; however, it is VCC's expectation that the borrower will make the necessary updates to make sure the subject is compliant. Given the very low ltv on this loan and that the borrower is a seasoned investor, VCC felt comfortable proceeding. |
2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100302 | 36485282 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Com factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for premium not paid in full at closing; on payment plan. Com factor: FICO. |
05/14/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100302 | 36501096 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Rural property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/19/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100303 | 36530362 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
05/18/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100303 | 36530365 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for FICO < 650. Comp factor: LTV. |
05/18/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100303 | 36530370 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |
05/18/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100303 | 36530743 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Missing handrails on basement and front porch stairs per appraisal; file contains a letter of intent to remedy from borrower (D0197) but no proof of completion is provided. | Buyer Comment (2026-06-15):XX% LTV. Property condition considered in value/LTV. The borrower provided an LOE committing to install the handrails and while VCC hasn't confirmed the status, it is expected that the borrower will fulfill their commitment. |
3 | C | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100309 | 36544755 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for rural property. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for rural property. Comp factor: LTV |
05/20/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100310 | 36468715 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approval at origination for 25% vacancy/ missing lease for 1 of 4 subject units in refinance. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approval at origination for 25% vacancy/ missing lease for 1 of 4 subject units in refinance. Comp factor: reserves. Buyer Comment (2026-05-19): Exception already approved and mitigated. Back to AMC |
05/19/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100310 | 36494547 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Approved exception at origination for 1 of 4 units was in uninhabitable condition per appraisal. Replace/repair bathroom, kitchen, flooring, plumbing, doors and hardware for $19,998. Comp factor, signed 120-day Holdback agreement for $19,998 provided with amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Approved exception at origination for 1 of 4 units was in uninhabitable condition per appraisal. Replace/repair bathroom, kitchen, flooring, plumbing, doors and hardware for $19,998. Comp factor, signed Holdback agreement provided with amount reflected on HUD. |
05/15/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100311 | 36519492 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO <650. Comp factors: LTV, and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- LTV CF- reserves. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for FICO <650. Comp factors: LTV, and reserves. |
05/20/2026 | 2 | B | 04/24/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100311 | 36519499 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The subject property has water damage on the first-floor ceiling from the second-floor bathroom with estimated cost to cure of $10k. | Buyer Comment (2026-06-04): Purchase transaction. No active leak confirmed. Appraisal made as-is and the property condition is considered in the value/LTV (including deferred maintenance). The borrower maintained strong reserves after bringing funds to close and while VCC hasn't confirmed the status, it is expected that the borrower will complete any necessary repairs/maintenance to the subject property. |
2 | B | 04/24/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100311 | 36546390 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
CF- LTV CF- reserves. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for loan < $75,000. Comp factors: LTV and reserves. |
05/20/2026 | 2 | B | 04/24/2026 | XX | Purchase | C | B | C | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100311 | 36546680 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: C5 |
Subject in C5 condition per appraisal due to ceiling and floor coverings needing repair from water damage. Estimated cost $10,000. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV (including deferred maintenance). The borrower maintained strong reserves after bringing funds to close and while VCC hasn't confirmed the status, it is expected that the borrower will complete any necessary repairs/maintenance to the subject property. |
3 | C | 04/24/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100316 | 36488344 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1x 30 days late on mortgage account within 90 days. Comp factors: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for 1x 30 days late on mortgage account within 90 days. Comp factors: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
05/14/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100318 | 36519491 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal and in-house review indicate exposed wiring and evidence of water damage/staining on bedroom ceiling tiles. Dark staining is noted on the exterior stucco surfaces. Exterior railing has excessing chipping and peeling paint and covered in rust. Basement bathroom is incomplete. | Buyer Comment (2026-06-16):XX%LTV. Appraisal made as-is and the property condition is considered in value/LTV. The estimated cost-to-cure is $5,000 which is within VCC guidelines for deferred maintenance. Given the low cost to cure and low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but the borrower is a seasoned investor and VCC expects them to complete any necessary repairs/updates to the subject property. |
2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100318 | 36545954 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | 0 of 3 Bureaus scored ('not returned' result) on credit report provided in file(D0073). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Exception waived. Updated approval provided in trailing documents approving exception for no score reported. Comp factor, LTV. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/22/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100319 | 36460819 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
05/14/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100319 | 36460822 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO <650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for FICO <650. Comp factor: LTV. |
05/14/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100319 | 36480056 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | In-house review notes Collapsing drop ceiling in one of two bedrooms in XXXX and noted in appraisal. Also, listed PTD for photos of 1 bedrooms in XXXX, 2 bedroom in XXXX, and 1 bedroom in XXXX that appraiser was not allowed access to. | Buyer Comment (2026-06-16): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The tiles in unit one were bowed, but not collapsing. There did not appear to be an immediate health and safety or structural issue, no cost-to-cure cited by appraiser. Photos of the restricted rooms were provided which cleared the PTD. |
3 | C | 04/29/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100325 | 36525875 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for Cash out on property listed within 6 months with no pre-payment penalty. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for Cash out on property listed within 6 months with no pre-payment penalty. Comp factor, FICO. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100325 | 36529777 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease on sfr refinance. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for 100% vacancy/ missing lease on sfr refinance. Comp factor: FICO. Buyer Comment (2026-05-19): Corrected Uploaded |
05/20/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100329 | 36458645 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-14): Approved exception at origination for FICO < 650. Comp factor, LTV. |
05/14/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100330 | 36480126 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for EOI provided for HOA Master Policy missing unit number for subject. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for EOI provided for HOA Master Policy missing unit number for subject. Comp factor; LTV. |
05/19/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100331 | 36472889 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for 2x rural subject properties. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for 2x rural subject properties. Comp factor: LTV. |
05/18/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100331 | 36525719 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out refinance on 1 of 2 subject properties held < 6 months and using valuation > original purchase price. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-18): Approved exception at origination for cash out refinance on 1 of 2 subject properties held < 6 months and using valuation > original purchase price. Comp factor: LTV. |
05/18/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100331 | 36525731 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXX | Approved exception at origination for missing leases for both units in 1 of 2 subject properties. Leases in file list a non-subject address for rented premises. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-22): Approved exception at origination for missing leases for both units in 1 of 2 subject properties. Leases in file list a non-subject address for rented premises. Comp factor, LTV. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/22/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100332 | 36534879 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out on property with borrower on title < 6 months. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
CF- FICO CF- seasoned business. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-19): Approved exception at origination for cash out on property with borrower on title < 6 months. Comp factors: FICO and seasoned business. |
05/19/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100332 | 36534889 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided | Approved exception at origination for missing Visa/ expired work authorization for foreign national borrower. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
CF- FICO CF- seasoned business. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-19): Approved exception at origination for missing Visa/ expired work authorization for foreign national borrower. Comp factors: FICO and seasoned business. |
05/19/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100333 | 36453675 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report DateXX/XX/XXXX | Appraisal/analyst review notes bowing in one area of the foundation wall. | Buyer Comment (2026-06-16): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The appraiser noted some bowing in one area of the foundation wall, but per the appraiser the structural integrity of the dwelling did not appear to be affected and the cause was unknown. Since there wasn't a structural concern with the property, VCC felt comfortable proceeding. It is VCC's expectation that the borrower will complete any necessary repairs to the subject property. |
3 | C | 04/16/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100337 | 36538942 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on out of state SFR purchase. Comp factor: FICO, | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for first time investor on out of state SFR purchase. Comp factor: FICO, Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100337 | 36538950 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for loan < $75k. Comp factor: FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/30/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100337 | 36538951 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for first time investor with LTV >70% on SFR purchase. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for first time investor with LTV >70% on SFR purchase. Comp factor: FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100344 | 36493972 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Living room window is cracked per appraisal photo. | Buyer Comment (2026-06-16): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser adusted the appraised value by $10,000 for minor deferred maintenance items at the subject property (including the cracked window). The amount is within VCC's guideline allowance for deferred maintenance, so VCC felt comfortable proceeding. The status of repairs has not been confirmed; however, it VCC expects the borrower to complete any necessary repairs/updates to the subject property. |
2 | B | 04/20/2026 | XX | Purchase | B | A | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100345 | 36479255 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects following items as needing to be addressed/repaired. 1. Cover the uncovered outlets-cost $50.00 2. Install vent cover-costs $150.00 3. Install smoke detectors in each bedroom-cost $100.00 4. Install carbon monoxide detectors in each floor-costs $50.00 5. Install counter top and sinks for bathroom cabinets-costs $500.00 Also visible are hanging lights and wires. |
Buyer Comment (2026-06-16): XX%LTV. Property condition considered in value/LTV. The appraiser cited $1100 for deferred maintenance which wasn't considered material to underwriting as this amount is within VCC's deferred maintenance guideline allowance (5%/$20k). The borrower provided an LOE stating that cash-out proceeds would be used towards making improvements at the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. VCC was further comforted by the low LTV. |
3 | C | 04/21/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100348 | 36456819 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (executed valid lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-13): Approved exception at origination for 100% vacancy per appraisal (executed valid lease provided in file). Comp factor: LTV. |
05/13/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100348 | 36457434 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/in-house review reflects electrical panel cover is laying on floor, missing electrical outlets and plates, missing dishwasher and refrigerator and unpainted sections of drywall/spackle. No photo was provided of electrical panel. | Buyer Comment (2026-06-16):XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant and undergoing renovation/repair at the time of origination. VCC hasn't confirmed the status of the renovation but expects the borrower to complete it so that they can rent out the property. VCC was comforted by the low LTV and the borrower's investment experience. |
3 | C | 04/30/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100351 | 36543855 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100351 | 36543902 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination forXX%vacancy/missing leases for 2 of 4 units. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination forXX%vacancy/missing leases for 2 of 4 units. Comp factors: LTV and seasoned investor. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100351 | 36544170 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full; on payment plan. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
CF- LTV CF- seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for premium not paid in full; on payment plan. Comp factors: LTV and seasoned investor. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100352 | 36489819 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for EOI for HOA Master Policy missing subject unit number. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for EOI for HOA Master Policy missing subject unit number. Comp factor; LTV. |
05/19/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100352 | 36538514 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; LTV. |
05/19/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100355 | 36519504 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: FICO, and seasoned investor which is not supported as 1 of 2 investment properties(subject) has been held < 24 mos (ref MCP 5.5) . | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-21): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: FICO, and seasoned investor which is not supported as 1 of 2 investment properties(subject) has been held < 24 mos (ref MCP 5.5) . |
05/21/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100355 | 36546761 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. Comp factors: FICO, and seasoned investor which is not supported as 1 of 2 investment properties(subject) has been held < 24 mos (ref MCP 5.5) . | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-05-21): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. Comp factors: FICO, and seasoned investor which is not supported as 1 of 2 investment properties(subject) has been held < 24 mos (ref MCP 5.5) . |
05/21/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100355 | 36547140 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Appraisal reflects missing and broken windows along with a damaged front steps; A loe indicating borrower intent to remedy was provided however no evidence of completion is provided. | Buyer Comment (2026-06-16): XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to repair the broken windows and repair the exterior front step. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. |
3 | C | 04/17/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100358 | 36494478 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | The subject property appears to have celing damage in the interior garage per Appraisal photos. | Buyer Comment (2026-06-16): The appraisal is made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite any concerns or damages regarding the celing in the interior garage. The property is in good condition with a recently replaced roof (XXXX). The appraiser didn't cite deferred maintenance/structural issues or health and safety concerns. |
2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100358 | 36494485 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for FICO < 650. Comp factor: reserves. Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100359 | 36535334 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Only one bureau reported on credit report. (2 bureaus reporting frozen status). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Exception waived. Updated approval provided in trailing documents approving exception for only one credit score reported. Comp factor, LTV. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/22/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100039 | 36453417 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO below 650. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for FICO below 650. Comp factor reserves. Buyer Comment (2026-05-19): Corrected uploaded |
05/20/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100039 | 36453419 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. Buyer Comment (2026-05-19): Correced uplaoded |
05/20/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100039 | 36453422 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 75% vacancy per appraisal (signed lease subsequently provided). Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for 75% vacancy per appraisal (signed lease subsequently provided). Comp factor: reserves. Buyer Comment (2026-05-19): Correced Uploaded |
05/20/2026 | 2 | B | 04/24/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100047 | 36438915 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 34.5% vacancy (commercial)/missing lease agreement. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-13): Approved exception at origination for 34.5% vacancy (commercial)/missing lease agreement. Comp factor: LTV. |
05/13/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100047 | 36438924 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-13): Approved exception at origination for credit report aged > 60 days Comp factor: LTV. |
05/13/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100054 | 36464795 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary. Missing 1 of 12 monthly deposit receipts. Comp factor: FICO and other. Unable to validate comp factor "other". | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for incomplete VOM-primary. Missing 1 of 12 monthly deposit receipts. Comp factor: FICO and other. Unable to validate comp factor "other". |
05/18/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100080 | 36523057 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/Inspection report reflects broken electrical faceplate in bathroom and standing water and electrical box missing cover in basement. No proof of repair provided. | Buyer Comment (2026-06-09): XX% LTV loan. The borrower provided an LOE confirming that cash-out proceeds would be used towards minor repairs/renovations at the subject property and given the low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs/renovations but expects the borrower to fulfill their commitment. |
3 | C | 04/21/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100095 | 36438456 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on an investor traditional 1 purchase with loan amount > $500,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-13): Approved exception at origination for DSCR < 1.20x on an investor traditional 1 purchase with loan amount > $500,000. Comp factor: reserves. |
05/13/2026 | 2 | B | 04/29/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100097 | 36441482 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for incomplete VOM-primary; missing 8 of 12 monthly deposit receipts. Comp factors: reserves and seasoned Investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. Borrower's Experience/Track Record |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception for incomplete VOM-primary; missing 8 of 12 monthly deposit receipts. Comp factors: reserves and seasoned Investor. |
05/13/2026 | 2 | B | 04/27/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100097 | 36441498 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for100% vacancy/missing lease agreement. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. Borrower's Experience/Track Record |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for100% vacancy/missing lease agreement. Comp factors: reserves and seasoned investor. |
05/13/2026 | 2 | B | 04/27/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100107 | 36452043 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned business and DSCR. | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
Seasoned Business The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned business and DSCR. |
05/13/2026 | 2 | B | 04/20/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100107 | 36452049 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business and DSCR. | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
Seasoned Business The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business and DSCR. |
05/13/2026 | 2 | B | 04/20/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100107 | 36470215 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Subject property in fair condition. Appraisal/in house review indicates building needs a new roof ($75,000+/- estimated expense). Exterior observations include debris accumulation, boarded openings and general site disorganization. The interior spaces reflect similar conditions, with clutter, damaged finishes and areas of deterioration throughout the office and storage and utility rooms, including damaged ceiling and patched walls, exposed framing and patched walls The basement and mechanical areas exhibit more significant concerns, including deteriorated walls, exposed wiring, rusted equipment and compromised piping suggesting the need for repair and possible system upgrades. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The subject is an automotive facility which was vacant at origination and the borrower intends to occupy with their business post-close. The borrower is CEO of a seasoned automotive business which has a strong DCR so VCC felt comfortable proceeding. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs/maintenance to the subject, especially considering the owner-user nature of the loan. |
3 | C | 04/20/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100107 | 36470217 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/in house review indicates building needs a new roof ($75,000+/- estimated expense). Exterior observations include debris accumulation, boarded openings and general site disorganization. The interior spaces reflect similar conditions, with clutter, damaged finishes and areas of deterioration throughout the office and storage and utility rooms, including damaged ceiling and patched walls, exposed framing and patched walls The basement and mechanical areas exhibit more significant concerns, including deteriorated walls, exposed wiring, rusted equipment and compromised piping suggesting the need for repair and possible system upgrades. No proof of repair provided. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The subject is an automotive facility which was vacant at origination and the borrower intends to occupy with their business post-close. The borrower is CEO of a seasoned automotive business which has a strong DCR so VCC felt comfortable proceeding. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs/maintenance to the subject, especially considering the owner-user nature of the loan. |
3 | C | 04/20/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100107 | 36470418 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for EOI and cert of liability is missing borrower/guarantor's name. Comp factors, seasoned business and DCR. | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
Seasoned Business The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-18): Approved exception at origination for EOI and cert of liability is missing borrower/guarantor's name. Comp factors, seasoned business and DCR. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/20/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100110 | 36464521 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 major active tradelines on credit report. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-15): Approved exception at origination for < 2 major active tradelines on credit report. Comp factor: reserves. |
05/15/2026 | 2 | B | 04/27/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100110 | 36500707 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Missing Document: Note - Subordinate Lien not provided | Second Mortgage has term of < 3 years. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Exception waived. Updated approval provided in trailing documents approving exception for 2nd mortgage term. Comp factor, FICO. Buyer Comment (2026-05-20): Uploaded Note. Exception written for Note term |
05/20/2026 | 2 | B | 04/27/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100112 | 36456982 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for premium not paid in full at closing- blanket policy. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-14): Approved exception at origination for premium not paid in full at closing- blanket policy. Comp factor: seasoned investor. |
05/14/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100112 | 36486046 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-14): Approved exception at origination for FICO < 650. Comp factor: LTV and seasoned investor. |
05/14/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100112 | 36487185 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing endorsement with breakdown of coverage amounts for each property. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for missing endorsement with breakdown of coverage amounts for each property. Comp factor, seasoned investor. Buyer Comment (2026-05-19): Excetption noted on uploaded approval |
05/20/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100116 | 36502513 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Missing 2 of 11 lease agreement. Property consists of 11 units. The Approval indicates that it is 100% tenant occupied. However, the file only contains 9 out of the 11 leases. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-05-22): Exception cleared. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. Buyer Comment (2026-05-21): exception noted on uploaded approval |
05/22/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100116 | 36545114 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM. Comp factor FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for missing VOM. Comp factor FICO. |
05/20/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100119 | 36437893 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Reverification of mortgage is inconsistent with original VOM | Approved exception at origination for incomplete VOM-subject; missing 7 of 12 deposit receipts. Comp factor: LTV and other. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-13): Approved exception at origination for incomplete VOM-subject; missing 7 of 12 deposit receipts. Comp factor: LTV and other. |
05/13/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100128 | 36552418 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Missing Document: Note - Subordinate Lien not provided | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-06-15): Exception waived. Updated approval provided in trailing documents approving exception for missing 2nd TD Note. Comp factor, DSCR. Buyer Comment (2026-06-12): Exception noted for missing note. Also uploaded executed purchase contract which shows the terms of of the 2nd TD financing on page 1 Reviewer Comment (2026-06-09): Exception remains. Copy of Second Security Instrument referencing the Note provided but missing the actual Note and repayment terms. Buyer Comment (2026-06-08): Uploaded |
06/15/2026 | 2 | B | 04/30/2026 | XX | Purchase | C | B | C | No | ||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100128 | 36552471 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-05-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor LTV. |
05/21/2026 | 2 | B | 04/30/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100128 | 36552473 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$100,000. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2026-05-21): Approved exception at origination for loan amount <$75,000. Comp factor LTV. |
05/21/2026 | 2 | B | 04/30/2026 | XX | Purchase | C | B | C | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100128 | 36552510 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects boarded up windows. electrical panel missing, exterior masonry deterioration, missing light fixtures. | Buyer Comment (2026-06-10): Purchase transaction. XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower intends to occupy with their business (gym/office). The cost-to-cure for deferred maintenance per the appraisal was $10,000. Given the low cost-to-cure, owner user nature of the property and low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. |
3 | C | 04/30/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100131 | 36478058 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Approved exception at origination for Credit report aged > 60 days. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for Credit report aged > 60 days. Comp factor, seasoned investor. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100131 | 36478170 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for Lease agreement provided is expired. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for Lease agreement provided is expired. Comp factor, FICO. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/20/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100132 | 36439274 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR |
05/13/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100132 | 36439287 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000 Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for loan amount < $75,000 Comp factors: LTV and DSCR. |
05/13/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100136 | 36534953 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR <1.2x on a Traditional 2 owner/user with balance > $500,000. Comp factors, seasoned business and reserves. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Seasoned business. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for DSCR <1.2x on a Traditional 2 owner/user with balance > $500,000. Comp factors, seasoned business and reserves. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100143 | 36477937 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy 16.5%. Comp factors: LTV, DCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-19): Approved exception at origination for vacancy in excess of guideline. Comp factors: LTV, DCR. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100143 | 36477944 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free.. Comp factors: DCR, seasoned business. | The qualifying DSCR on the loan is greater than the guideline minimum. Borrower's Experience/Track Record |
The qualifying DSCR on the loan is greater than the guideline minimum. Seasoned business. |
SitusAMC,Originator SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception for missing VOR - primary. Borrower lives rent free.. Comp factors: DCR, seasoned business. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100143 | 36477960 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for Foreclose with in 24 months (matured loan) Comp factors: LTV, DCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-06-25): VCC granted an exception at origination for FC in the last 24 months (XX XX/XX/XXXX. This is a low LTV/strong DCR loan made to a seasoned business. The borrower provided an LOE explaining that the FC was filed in XXXX, and once the borrower became aware of the filing they responded and the FC case was stopped. The property was not foreclosed/sold as a result. This loan is a R/T finance. Reviewer Comment (2026-05-19): Approved exception at origination for Foreclose with in 24 months. Comp factors: LTV, DCR. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100149 | 36472289 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: reserves and LTV. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for FICO < 650. Comp factors: reserves and LTV. |
05/19/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100157 | 36498867 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/Property inspection photos reflect water stains on acoustic tile ceiling in storage room and office area and boarded up entrance in the recreation area. No proof of repair provided. | Buyer Comment (2026-06-10): Appraisal made as-is and the property condition is considered in the value/LTV. The building was weather tight and there were no active leaks present at the time of the inspection. The appraiser didn't cite any deferred maintenance or a cost-to-cure. Per borrower LOE, cash-out proceeds will be used towards improvements/renovations at the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. |
3 | C | 04/21/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100157 | 36498939 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Subject property in fair condition. Appraisal/Property inspection photos reflect water stains on acoustic tile ceiling in storage room and office area and boarded up entrance in the recreation area. | Buyer Comment (2026-06-10): Appraisal made as-is and the property condition is considered in the value/LTV. The building was weather tight and there were no active leaks present at the time of the inspection. The appraiser didn't cite any deferred maintenance or a cost-to-cure. Per borrower LOE, cash-out proceeds will be used towards improvements/renovations at the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. |
3 | C | 04/21/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100172 | 36467411 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Missing wind/hail coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, LTV. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/27/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100174 | 36497705 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject unit number. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on Master HOA policy. Comp factor, reserves. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/20/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100182 | 36535979 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | DSCR < 1.20x on a multifamily traditional 1 purchase with loan amount > $500,000. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Borrower's Experience/Track Record. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-21): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factors, seasoned investor and reserves. Buyer Comment (2026-05-20): Uploaded |
05/21/2026 | 2 | B | 04/20/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100188 | 36472240 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | The Appraiser noted Deferred Maintenance of the following: "Some exterior siding damage as noted". | Buyer Comment (2026-06-12): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Exterior siding damage cosmetic and not considered material to underwriting as there were no structural concerns noted and the building is weather tight. This deferred maintenance was considered minimal and VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs/updates to the property. |
2 | B | 04/17/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100188 | 36472258 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX Property Condition: Fair |
Subject is in fair condition; appraisal photo reflects some exterior damage to siding. No further information provided for property considered in fair condition. | Buyer Comment (2026-06-12): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Exterior siding damage cosmetic and not considered material to underwriting as there were no structural concerns noted and the building is weather tight. This deferred maintenance was considered minimal and VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs/updates to the property. |
3 | C | 04/17/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100193 | 36455225 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 77.9% vacancy/missing lease agreements for 2 of 3 units. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-14): Approved exception at origination for 77.9% vacancy/missing lease agreements for 2 of 3 units. Comp factor: LTV. |
05/14/2026 | 2 | B | 04/22/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100193 | 36480132 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects subject in process of renovation with exposed duct work missing flooring Proof of competition not provided. | Buyer Comment (2026-06-12): XX% LTV. Appraisal made as-is and the property condition is considered in the value. Borrower is a seasoned investor with experience in flipping the properties and the property was actively being renovated at origination. Given the borrower's experience and low LTV, VCC felt comfortable proceeding. The borrower is expected to complete the renovations to the subject. |
3 | C | 04/22/2026 | XX | Refinance - Rate/Term | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100196 | 36502971 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject. Missing 12 monthly deposit receipts (VOM form provided by private lender). Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-15): Approved exception at origination for incomplete VOM-subject. Missing 12 monthly deposit receipts (VOM form provided by private lender). Comp factors: FICO and reserves. |
05/15/2026 | 2 | B | 04/17/2026 | XX | Refinance - Rate/Term | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100196 | 36503509 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects missing ceiling tile and exposed electrical wire. | Buyer Comment (2026-06-08): Appraisal made as-is and the property condition is included in the value/LTV. Per the appraisal, no atypical deferred maintenance noted or health and safety issues. The missing ceiling tile doesn't pose any structural concerns and the building is weathertight. The exposed wire was a cable, and not a wire that could cause damage if touched. While these weren't immediate concerns in terms of underwriting, VCC does expect the borrower to complete any necessary repairs/improvements at the subject. Borrower is a seasoned business with experience in managing properties. |
3 | C | 04/17/2026 | XX | Refinance - Rate/Term | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100196 | 36503511 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Subject in below average condition with missing ceiling tiles and exposed electrical wiring. | Buyer Comment (2026-06-08): Appraisal made as-is and the property condition is included in the value/LTV. Per the appraisal, no atypical deferred maintenance noted or health and safety issues. The missing ceiling tile doesn't pose any structural concerns and the building is weathertight. The exposed wire was a cable, and not a wire that could cause damage if touched. While these weren't immediate concerns in terms of underwriting, VCC does expect the borrower to complete any necessary repairs/improvements at the subject. Borrower is a seasoned business with experience in managing properties. |
3 | C | 04/17/2026 | XX | Refinance - Rate/Term | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100198 | 36469344 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Lease Agreements provided are incomplete; lease agreements are missing the referenced rider with the Annual Rent Amount. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Exception waived. Updated approval provided in trailing documents approving exception for missing lease rider. Comp factor, LTV. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100198 | 36525612 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing wind/hail coverage. Comp factors: LTV and property condition which is a non-qualitative subjective trait which cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for missing wind/hail coverage. Comp factors: LTV and property condition which is a non-qualitative subjective trait which cannot be substantiated. |
05/18/2026 | 2 | B | 04/29/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100205 | 36469020 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan amount > $500k. Comp factors: FICO and reserves | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan amount > $500k. Comp factors: FICO and reserves |
05/13/2026 | 2 | B | 04/17/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100205 | 36469096 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of a traditional 2 commercial 2-unit with LTV >XX%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-13): Approved exception at origination for first time investor purchase of a traditional 2 commercial 2-unit with LTV >XX%. Comp factors: FICO and reserves. |
05/13/2026 | 2 | B | 04/17/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100205 | 36469314 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with reserves < 3 months P&I; calculated reserves < underwritten verified funds per approval assets section. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, FICO. Buyer Comment (2026-05-15): Exception noted on uploaded approval |
05/18/2026 | 2 | B | 04/17/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100215 | 36523346 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-18): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |
05/18/2026 | 2 | B | 04/30/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100234 | 36538718 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/In-house appraisal reflects cracked front commercial glass door, minor exterior graffiti, weathered and unpainted boards partially covering some side windows, rusted steps with holes on the exterior metal stairs, a missing ceiling section in the rear of the commercial space, open and hanging electrical junction boxes and an open space in the basement electrical panel, clutter on the rear first floor roof and unfinished drywall repairs in the second floor common area. Proof of repair not provided. | Buyer Comment (2026-06-12): XX% LTV. Property condition considered in value/LTV. The borrower provided an LOE stating that they would make these repairs (cracked front commercial glass door, minor exterior graffiti, weathered and unpainted boards partially covering some side windows, rusted steps with holes on the exterior metal stairs, a missing ceiling section in the rear of the commercial space, open and hanging electrical junction boxes and an open space in the basement electrical panel, clutter on the rear first floor roof and unfinished drywall repairs in the second floor common area.) VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Given the low LTV/borrower investment experience/borrower commitment to complete repairs, VCC felt comfortable proceeding. |
3 | C | 04/21/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100242 | 36535918 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination first time investor with an LTV >XX% on a Trad II purchase. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination first time investor with an LTV >XX% on a Trad II purchase. Comp factor reserves. |
05/19/2026 | 2 | B | 04/30/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100248 | 36463301 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: FICO. Buyer Comment (2026-05-19): Correced uploaded |
05/20/2026 | 2 | B | 04/22/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100248 | 36548045 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Escrow for Hazard waived without disclosure. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Exception waived. Updated approval provided in trailing documents approving waiver of insurance impounds without signed disclosure. Comp factor, FICO. |
05/20/2026 | 2 | B | 04/22/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100257 | 36499467 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal (executed lease subsequently provided). Comp factors: seasoned Investor and reserves. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Seasoned Investor Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for 100% vacancy per appraisal (executed lease subsequently provided). Comp factors: seasoned Investor and reserves. |
05/20/2026 | 2 | B | 04/27/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100257 | 36544408 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for lender rating on primary. Comp factors: seasoned investor and strong reserves. | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
Seasoned Investor Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-21): Approved exception at origination for lender rating on primary. Comp factors: seasoned investor and strong reserves. |
05/21/2026 | 2 | B | 04/27/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100257 | 36544431 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for missing $2,000,000 aggregate liability. Comp factor: DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Approved exception at origination for missing $2,000,000 aggregate liability. Comp factor: DSCR. |
05/20/2026 | 2 | B | 04/27/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100257 | 36544536 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/in-house review indicates deferred maintenance including evidence of water intrusion affecting the walls, flooring and ceiling finishes and worn flooring. Roof inspection states the affected area was on the left side that showed some loose fasteners which caused water intrusion; cost to repair is $1,100. Proof of repair not provided. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak confirmed, the deferred maintenance is considered minimal and the cost-to-cure is within VCC's deferred maintenance guidelines. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs/maintenance to the subject. |
3 | C | 04/27/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100257 | 36544773 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Subject property in fair condition; Appraisal/in-house review indicates deferred maintenance including evidence of water intrusion affecting the walls, flooring and ceiling finishes and worn flooring. Roof inspection states the affected area was on the left side that showed some loose fasteners which caused water intrusion; cost to repair is $1,100. | Buyer Comment (2026-06-04): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak confirmed, the deferred maintenance is considered minimal and the cost-to-cure is within VCC's deferred maintenance guidelines. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs/maintenance to the subject. |
3 | C | 04/27/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100260 | 36453122 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business and seasoned investor. | Borrower's Experience/Track Record Borrower's Experience/Track Record |
Seasoned Business Seasoned Investor |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-14): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business and seasoned investor. |
05/14/2026 | 2 | B | 04/23/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100264 | 36503108 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Approved exception at origination for state exclusion override for extending credit IN XX. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Approved exception at origination for state exclusion override for extending credit in XXXXXXX. Comp factor, FICO. Buyer Comment (2026-05-21): Corrected Uploaded |
05/22/2026 | 2 | B | 04/22/2026 | XX | Refinance - Rate/Term | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100280 | 36522603 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date:XX/XX/XXXX | Appraisal/Property inspection photos reflect damage to roof and gutter, and water stain on ceiling in break area. No proof of repair provided. | Buyer Comment (2026-06-12): Purchase transaction. Property condition considered in value/LTV. Per the appraisal there was no deferred maintenance, and no active leaks/health and safety issues/structural concerns cited. The cited repairs all appear minor or cosmetic in nature. VCC expects the borrower to complete any necessary repairs/updates to the subject. |
3 | C | 04/27/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100280 | 36522727 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | DSCR < 1.25x on a traditional 2 investment purchase with loan amount > $500,000. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-20): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO. Buyer Comment (2026-05-19): Exception noted on uploaded approval |
05/20/2026 | 2 | B | 04/27/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100286 | 36485025 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for State Exclusion. Comp factors; LTV, DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
The DSCR is greater than the minimum required. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for State Exclusion. Comp factors; LTV, DCR. |
05/19/2026 | 2 | B | 04/22/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100304 | 36537398 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. |
05/19/2026 | 2 | B | 04/23/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100305 | 36455713 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-14): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
05/14/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100305 | 36456043 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 major active tradelines on credit report Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-14): Approved exception at origination for < 2 major active tradelines on credit report Comp factor: LTV. |
05/14/2026 | 2 | B | 04/28/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100307 | 36452702 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower has owned the subject property for at least 5 years. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close SitusAMC |
Reviewer Comment (2026-05-14): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned investor. |
05/14/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100307 | 36475914 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided | Missing HOA questionnaire. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA cert. Comp factor, LTV. Buyer Comment (2026-05-19): Execption noted on uploaded approval |
05/21/2026 | 2 | B | 04/15/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100308 | 36536967 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR-primary (lives rent free). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, FICO. Buyer Comment (2026-05-20): Exception noted on uploaded approval |
05/21/2026 | 2 | B | 04/17/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100312 | 36487737 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved at origination for missing VOR-primary. Comp factor, LTV and Seasoned Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved at origination for missing VOR-primary. Comp factor, LTV and Seasoned Investor. |
05/19/2026 | 2 | B | 04/30/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100312 | 36488515 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal noted the Basement had a damaged ceiling and also noted peeling wood panel. Appraisal reflects costs to cure of $40,000. | Buyer Comment (2026-06-05): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Property vacant at origination and borrower is expected to complete repairs prior to tenants moving in. The borrower is a seasoned investor and maintained strong reserves post-close so VCC felt comfortable proceeding with the loan. |
3 | C | 04/30/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100320 | 36480492 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy of 40.9%. Comp factors: FICO, reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum. Borrower's monthly reserves have been verified and exceed the amount required |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-19): Approved exception at origination for vacancy of 40.9%. Comp factors: FICO, reserves. |
05/19/2026 | 2 | B | 04/14/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100322 | 36501071 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception for first time investor purchase of Trad II with LTV >XX%. Comp factors: reserves and FICO. Unable to validate comp factor of reserves due to missing bank statement. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception for first time investor purchase of Trad II with LTV >XX%. Comp factors: reserves and FICO. Unable to validate comp factor of reserves due to missing bank statement. |
05/21/2026 | 2 | B | 04/28/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100322 | 36545095 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is 1) missing subject property unit number and 2) lender mortgagee clause. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Exception waived. Updated approval provided in trailing documents approving exception for HOA master policy missing XXXX. Comp factor, FICO. Buyer Comment (2026-05-21): 1. Excpetion noted. 2. Not a requirement for a Master HOA policy |
05/22/2026 | 2 | B | 04/28/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100323 | 36497780 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO and reserves. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO and reserves |
05/20/2026 | 2 | B | 04/23/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100323 | 36543532 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for guarantor ownership of business < 25%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO and reserves. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for guarantor ownership of business < 25%. Comp factors: FICO and reserves. |
05/20/2026 | 2 | B | 04/23/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100323 | 36543861 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect boarded window, damaged carpet, and damaged stucco. No proof of repair provided. | Buyer Comment (2026-06-16): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower is purchasing the subject to expand their businesss (Child Care Facility). Most of the deferred maintenance was cosmetic in nature and the cost-to-cure is considered minimal, although an exact amount wasn't provided by the appraiser. The borrower maintained strong reserves post-funding and while VCC hasn't confirmed the status, it is expected that the borrower will make any necessary repairs to the property prior to occupying the space. |
3 | C | 04/23/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100327 | 36535697 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. | Approved exception at origination for cash out with less than 12 months value seasoning. Comp factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for cash out with less than 12 months value seasoning. Comp factor seasoned investor. |
05/19/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100327 | 36536787 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement | Approved exception at origination for vacant property/missing lease. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-19): Approved exception at origination for vacant property/missing lease. Comp factor, seasoned investor. |
05/19/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100328 | 36498956 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM. Comp factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for incomplete VOM. Comp factor seasoned investor. |
05/20/2026 | 2 | B | 04/17/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100338 | 36498048 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The Appraisal indicates exposed electrical wiring, worn carpet flooring in hallway/corridor, minor floor wear in the basement storage and visible wear on the roof membrane. | Buyer Comment (2026-06-16): XX%LTV, appraisal made as-is and the property condition is considered in the value/LTV. The property was in overall average condition with minor deferred maintenance. The appraiser didn't cite any health and safety concerns with the property. Given the low LTV, VCC felt comfortable proceeding. VCC still expects the borrower to complete any necessary repairs/updates at the subject property. |
3 | C | 04/29/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100339 | 36486873 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary: Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-19): Approved exception at origination for missing VOR-primary: Comp factors: reserves and FICO. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100339 | 36538049 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for override of statewide exclusion for traditional property type located IN XX. Comp factor: reserves. |
05/19/2026 | 2 | B | 04/29/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100340 | 36469062 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1x30 days late in last 90 days-primary. Comp factors: FICO, and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-18): Approved exception at origination for 1x30 days late in last 90 days-primary. Comp factors: FICO, and reserves. |
05/18/2026 | 2 | B | 04/28/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100347 | 36499856 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception DSCR is less than 1.25% on multifamily with loan amount >$500,000. Comp factors LTV and Seasoned Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception DSCR is less than 1.25% on multifamily with loan amount >$500,000. Comp factors LTV and Seasoned Investor. |
05/20/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100347 | 36500332 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-05-20): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor. |
05/20/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100347 | 36500570 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Per the Appraisal, standing water is noted in the basement mechanical room around the floor drain and plumbing piping, as well as in the interior storage room. | Buyer Comment (2026-06-16): XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower is a seasoned investor and intends to use cash-out proceeds towards making upgrades towards the subject property per their LOE. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment. VCC was further comforted by the low LTV. |
3 | C | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100347 | 36544769 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property | Approved exception at origination for state exclusion override. Comp factors, LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's Experience/Track Record |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Seasoned investor |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for state exclusion override. Comp factors, LTV and seasoned investor. |
05/20/2026 | 2 | B | 04/23/2026 | XX | Refinance - Cash-out - Other | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100353 | 36497319 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan amount > $500k. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum by XX points. Seasoned Business |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan amount > $500k. Comp factors: FICO and seasoned business. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100353 | 36542529 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $X,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount > $1MM and LTV > 70%. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's Experience/Track Record |
The representative FICO score exceeds the guideline minimum by XX points. Seasoned Business |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for loan amount > $1MM and LTV > 70%. Comp factors: FICO and seasoned business. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Purchase | C | B | C | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100353 | 36542565 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of a multifamily property with LTV > 70% (processor cert provided). Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The representative FICO score exceeds the guideline minimum by XX points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
SitusAMC,Originator Pre-Close SitusAMC,Originator Pre-Close |
Reviewer Comment (2026-05-20): Approved exception at origination for first time investor purchase of a multifamily property with LTV > 70% (processor cert provided). Comp factors: FICO and reserves. |
05/20/2026 | 2 | B | 04/29/2026 | XX | Purchase | C | B | C | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100353 | 36542934 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report DateXX/XX/XXXX | Appraisal photos reflect bars on windows; no proof of quick release latches provided. Additionally, appraisal indicates uninstalled foundation cover and paint and stucco damage. | Buyer Comment (2026-06-16): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower runs a seasoned business with experience in running investment rental properties. Per the borrower LOE, they intend to renovate the units in the subject property to increase rental revenue. The borrower maintained strong reserves post-funding and while VCC hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment to complete them. |
3 | C | 04/29/2026 | XX | Purchase | C | B | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100354 | 36539029 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% | Approved exception at origination for Trad II purchase investment with LTV >70%. Comp factors, reserves and property condition which cannot be substantiated. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-19): Approved exception at origination for Trad II purchase investment with LTV >70%. Comp factors, reserves and property condition which cannot be substantiated. |
05/19/2026 | 2 | B | 04/17/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100356 | 36538442 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor, LTV. Buyer Comment (2026-05-20): Corrected Uploaded |
05/21/2026 | 2 | B | 04/21/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100363 | 36545807 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | HOA master policy is missing subject property unit number. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-22): Exception waived. Updated approval provided in trailing documents approving exception for HOA master policy missing XXXX. Comp factor, FICO. Buyer Comment (2026-05-21): Exception noted on uploaded approval |
05/22/2026 | 2 | B | 05/07/2026 | XX | Refinance - Cash-out - Other | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100361 | 36606063 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report DateXX/XX/XXXX | Appraisal/property inspection report photos reflect overgrown vegetation at the corner wall noted, service bay with lift shows staining on concrete floor and ceiling has visible damage missing sections and exposed wiring. Reception/waiting area with worn flooring and moisture-stained ceiling tiles, electrical panel with exposed components, roof shows discoloration and visible deteriorating shingles, sidewall showing aging exterior and cracks and utility service area with exposed meters and piping. Estimated $10,000 to make repiars. | Buyer Comment (2026-06-16): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The cited deferred maintenance had a relatively low cost-to-cure which is within VCC's guideline allowance (5%/20k). VCC hasn't confirmed the status of repairs but expects the borrower to complete them. VCC was comforted because the borrower is a seasoned investor and they maintained strong reserves post-close. |
2 | B | 05/01/2026 | XX | Purchase | B | B | B | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100361 | 36607674 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-29): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. |
05/29/2026 | 2 | B | 05/01/2026 | XX | Purchase | B | B | B | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100287 | 36504066 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 | Approved exception at origination for FICO < 650. Comp factors reserves and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for FICO < 650. Comp factors reserves and LTV. |
05/20/2026 | 2 | B | 05/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100287 | 36504460 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 | Approved exception at origination for loan amount <$75,000. Comp factors reserves and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
The Loan to Value (LTV) on the loan is less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |
SitusAMC,Originator SitusAMC,Originator |
Reviewer Comment (2026-05-20): Approved exception at origination for loan amount <$75,000. Comp factors reserves and LTV. |
05/20/2026 | 2 | B | 05/06/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100362 | 36545687 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for First time investor on a Trad I with LTV >70%. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-21): Approved exception at origination for First time investor on a Trad I with LTV >70%. Comp factor, reserves. |
05/21/2026 | 2 | B | 05/07/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100003 | 36523512 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal is aged > 180 days. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-06-05): Exception waived. Updated approval/change memo provided in trailing documents approving exception for aged documents. Comp factor, LTV and that the CDC approved the documents. Buyer Comment (2026-06-05): updated CAM with change memo attached. |
06/05/2026 | 2 | B | 05/04/2026 | XX | Purchase | B | B | A | No | ||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100004 | 36562206 | XXXXXXXXXXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines | Approved exception at origination for CLTV > 93%. Comp factors; LTV and appraised value > purchase price. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-05-26): Approved exception at origination for CLTV > 93%. Comp factors; LTV and appraised value > purchase price. |
05/26/2026 | 2 | B | 05/04/2026 | XX | Purchase | B | B | A | No | |||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100025 | 36686229 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report DateXX/XX/XXXX | Appraisal photos reflect rusted office door, interior office missing drywall and exposed wires. | Buyer Comment (2026-06-16): The cited repairs were not deemed as material by New Day. See exception commentary provided by lender. Buyer Comment (2026-06-16): Typically, and as with the property noted in this exception, when the items needing to be repaired are nominal in cost, the appraisers will note them for us to see, but they won’t assign a cost to cure, as it would be nominal in nature compared to the valuation of the properties. When there is significant deferred maintenance, or repairs needed appraisers will ask for and will provide a cost to cure estimate. In the case of this property, the repair costs would be nominal, and be considered something that any competent owner/manager would handle in the day-to-day maintenance of the properties. |
3 | C | 05/12/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100035 | 36684195 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect graffiti on walls (unknown if this intentional) and exposed insulation IN XXssing ceiling tiles/ceiling of 2nd floor interior. No proof of repair provided. | Buyer Comment (2026-06-16): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower purchased the subject property inXXXX and since then has made $XXX,XXX in improvements. New Day did not deem the cited items as material to underwriting. The appraiser didn't cite a cost-to-cure or cite any health and safety issues. The borrower is expected to maintain the subject property and complete any necessary repairs/updates to the subject. |
3 | C | 05/20/2026 | XX | Refinance - Cash-out - Other | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100036 | 36685326 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Poor |
Subject in poor - average condition. Appraisal reflects building in unshaded area on map is in need of repair. No amount provided by appraiser. | Buyer Comment (2026-06-16): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower is expected to complete any necessary repairs/updates to the property. New Day felt comfortable proceeding as confirmed in the seller commentary Buyer Comment (2026-06-16): Typically, and as with the property noted in the exception, when the items needing to be repaired are nominal in cost, the appraisers will note them for us to see, but they won’t assign a cost to cure, as it would be nominal in nature compared to the valuation of the properties. When there is significant deferred maintenance, or repairs needed appraisers will ask for and will provide a cost to cure estimate. In the case of this property, the repair costs would be nominal, and be considered something that any competent owner/manager would handle in the day-to-day maintenance of the properties. |
3 | C | 05/20/2026 | XX | Purchase | C | A | C | No | ||||||||||||
| XXXXXXXXXXX | XXXXXXXXXXX | VCC 2026-3-100036 | 36685330 | XXXXXXXXXXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects building in unshaded area on map is in need of repair. No amount provided to cure. | Buyer Comment (2026-06-17): appraisal made as-is and the property condition considered in the value/LTV. The borrower is expected to complete any necessary repairs/updates to the property. The condition of the property was not considered material to underwriting |
3 | C | 05/20/2026 | XX | Purchase | C | A | C | No |