J.P. MORGAN ACCEPTANCE CORPORATION II ABS-15G
Exhibit 99.28
| Seller Name | JPM Loan ID | Seller Loan ID | Exception ID | Exception ID Date | Condition Category | Condition Standardized Description | Condition ID | Initial Exception Grade | Final Exception Grade | Status | Condition Custom Description | Cleared Date | Compensating Factors | Lender Response | Comments | Loan Status | Moody's Initial Exception Grade | Moody's Final Exception Level Grade | Fitch Initial Exception Grade | Fitch Final Exception Level Grade | S&P Initial Exception Grade | S&P Final Exception Level Grade | Kroll Initial Exception Grade | Kroll Final Exception Level Grade | DBRS Initial Exception Grade | DBRS Final Exception Level Grade |
| (redacted) | 304725144 | (redacted) | 1115395 | 06/12/2025 | Credit | Missing Required Fraud Tool | CRED 0089 | 3 | 2 | Acknowledged | Missing investor acknowledgement for missing background check for borrowing entity, (redacted). Search provided rendered no results (redacted). Entity was incorporated in (redacted). | Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; | 06/20/2025 Please see response from loan (redacted) with the same condition that was satisfied. "EV2/B - Investor Acknowledged Exception, (redacted) site shows the business exists and there is no reason to believe it is not in good standing." 06/17/2025 Legal counsel reviewed this on (redacted) with an additional search result attempt. No hit likely due to limited (redacted) party information and/or activity. Ok to proceed. 06/16/2025 Attached. |
06/20/2025 EV2/B - Investor Acknowledged Exception, (redacted) site shows the business exists and there is no reason to believe it is not in good standing. 06/18/2025 Escalated to investor for review. 06/16/2025 Attached search, (redacted), does not match borrowing entity, (redacted). --Finding remains. Missing investor acknowledgement for missing background check for borrowing entity, (redacted). Search provided rendered no results (redacted). Entity was incorporated in (redacted). |
Funded | C | B | C | B | C | B | C | B | C | B | |
| (redacted) | 304725144 | (redacted) | 1115407 | 06/12/2025 | Credit | Final 1003 Application is Incomplete | APP 0002 | 3 | 1 | Closed | Missing Loan Application, which includes property / rental / financial information, declarations, and the loan originator information. The (redacted) application consists of (redacted) parts: Business Purpose Borrower Application, Loan Application, and Guarantor Application. Loan file includes Business Purpose Borrower Application and Guarantor Application. | 06/16/2025 | Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; | 06/16/2025 Attached. | 06/16/2025 Recd Loan Application. | Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 304725144 | (redacted) | 1115460 | 06/12/2025 | Credit | Missing Evidence of Verified Property Tax and / or Homeowners Insurance Information | CRED 0103 | 3 | 1 | Closed | Missing corrected insurance reflecting the subject loan number. Loan number, (redacted), is inaccurate (redacted), actual loan number, (redacted). | 06/16/2025 | Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; | 06/16/2025 Attached. | 06/16/2025 Recd revised EOI reflecting the subject loan number (redacted). | Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 304729044 | (redacted) | 1116901 | 06/23/2025 | Credit | Missing Evidence of Verified Property Tax and / or Homeowners Insurance Information | CRED 0103 | 3 | 1 | Closed | Missing revised evidence of insurance reflecting the correct loan number, (redacted). EOI in file reflects loan number (redacted). | 06/25/2025 | Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; | 06/25/2025 Attached. | 06/25/2025 Recd revised EOI reflecting the correct loan number. | Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 304729044 | (redacted) | 1116902 | 06/23/2025 | Credit | Missing Required Fraud Tool | CRED 0089 | 2 | 2 | Acknowledged | Missing investor acknowledgement for missing background check for borrowing entity, (redacted). Search provided rendered no results (redacted). Entity was incorporated in (redacted). | Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; | 06/24/2025 EV2/B - Investor Acknowledged Exception, (redacted) site shows the business exists and there is no reason to believe it is not in good standing. | Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 304734111 | (redacted) | 1118620 | 07/03/2025 | Compliance | Flood Notice Was Not Provided to Applicant(s) | FLOOD 0001 | 2 | 2 | Acknowledged | Missing evidence the Notice of Special Flood Hazard disclosure was provided to the borrower. Flood zone is AE (redacted). | Verified reserves - (redacted) months reserves or (redacted) required, (redacted) months reserves or (redacted) verified. ; |
Client: 07/03/2025 EV2/B - Investor Acknowledged Exception. | Funded | B | B | B | B | B | B | B | B | B | B | ||
| (redacted) | 305013276 | (redacted) | 1151943 | 12/01/2025 | Credit | Insufficient Verified Reserves (Number of Months) | CRED 0017 | 3 | 2 | Acknowledged | Missing documented personal assets sufficient to cover the (redacted) months PITIA reserve requirements. Business assets were used to satisfy cash to close, however investor overlay does not allow the use of business funds to satisfy reserve requirements. | Verified housing payment history - Credit report reflects(redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted) and (redacted) months.; Verified credit history - Middle Credit Score 796 > 640 Minimum Required.; | 01/16/2026 EV2/B Investor acknowledged exception based on the operating agreement reflecting guarantor as (redacted) owner of the entity listed on the business statements. | Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 305013276 | (redacted) | 1151955 | 12/01/2025 | Credit | Missing Sufficient Evidence of Insurance | INS 0001 | 3 | 1 | Closed | Missing evidence of (redacted) liability insurance. -- Per guidelines, (redacted)L requires liability on all property loan transactions, but the type of liability coverage can be either Commercial General Liability or Premises Liability. Liability insurance regardless of the type required must be on the “occurrence” basis with a limit of not less than (redacted) per property is required. | 02/06/2026 | Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted), and (redacted) months.; Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; | 02/05/2026 confirmation of loss of use coverage and safeco insurance rating 02/04/2026 HOI |
02/06/2026 Finding is cleared with the EOI previously posted, attached email from the insurer confirming loss of use covers rent loss, and insurer rating. 02/05/2026 Finding is partially cleared with the attached EOI, (redacted) liability. Borrower changed insurers. Missing insurer rating,(redacted). Also missing confirmation from the insurer that the Loss of Use coverage of (redacted) covers rent loss. |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013276 | (redacted) | 1151959 | 12/01/2025 | Credit | Missing Required Fraud Tool | CRED 0089 | 3 | 2 | Acknowledged | Missing fraud report on the borrowing entity owner, (redacted), as required per guidelines. | Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted), and (redacted) months.; Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; | 01/22/2026 BACKGROUND REPORT | 01/22/2026 EV2/B Finding is downgraded with the attached post-consummation dated background check. | Funded | C | B | C | B | C | B | C | B | C | B | |
| (redacted) | 305013276 | (redacted) | 1151964 | 12/01/2025 | Credit | Missing personal guarantee(s). | NOTE 0062 | 3 | 1 | Closed | UPDATED 3/11 NEW GUIDELINES: Missing personal guaranty, (redacted). Guaranty in file (redacted) -- Per guidelines, - The guarantor must be an individual person and not a business entity; - The guarantor must be a managing member or majority owner of the business entity. Each guarantor can own no less than (redacted) of the vesting business. A managing member must demonstrate that they have the authority to transact on behalf of the entity without approval from other members; - The guarantor is subject to the same credit requirements and fraud checks as individual borrowers. ORIGINAL EXCEPTION: Missing personal guaranty, (redacted). Guaranty in file (redacted). -- Per guidelines, (redacted) defines a Qualifying Guarantor as a warm body with ownership of the entity (at closing) that has a Guarantor Approval from (redacted). |
03/23/2026 | Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted) and (redacted) months.; Verified credit history - Middle Credit Score (redacted) >(redacted) Minimum Required.; | 03/20/2026 personal guaranty 03/13/2026 Per the operating agreement, the registered agent name is(redacted), so the guaranty is correct. Please have condition cleared. 01/22/2026 PERSONAL GUARANTY |
03/23/2026 Finding is cleared with the attached personal guaranty,(redacted). 03/16/2026 Disagree, the guarantor must be an individual person and not a business entity as per guidelines. 01/22/2026 Missing personal guaranty, (redacted). Guaranty in file (redacted). -- Per guidelines, (redacted) defines a Qualifying Guarantor as a warm body with ownership of the entity (at closing) that has a Guarantor Approval from (redacted). |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013276 | (redacted) | 1151965 | 12/01/2025 | Credit | Guideline Exception(s) | GIDE 0001 | 3 | 1 | Closed | Missing investor acknowledgement for the foreign borrowing entity: 1) (redacted), registered in (redacted) with the subject property being located in (redacted). 2) Borrowing entity, (redacted), is owned by another (redacted), (redacted), which is registered in (redacted). |
03/11/2026 | Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted) and (redacted) months.; Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; | 02/13/2026 layered vesting memo | 03/11/2026 Recd new guidelines, do not address foreign entities. Refer to remaining CRED 0143 finding. 02/13/2026 Escalated to investor for review. |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013276 | (redacted) | 1151966 | 12/01/2025 | Credit | Entity Documentation is Insufficient | CRED 0143 | 4 | 2 | Acknowledged | UPDATED 3/16 NEW INFORMATION: Borrowing entity, (redacted), is a layered entity. (redacted) is owned by > (redacted) that is owned by > (redacted). (redacted): Articles, Amendment, Operating Agreement, and post-consummation dated background check reflecting (redacted) status was previously provided via stip presentment to the original finding. --Still missing EIN; Per guidelines(redacted) Entity Identity Review Process - The following business entity documentation must be provided: - Articles of Incorporation or Articles of Organization - Corporate Bylaws and Corporate Resolutions - Tax Identification Number - Certificate of Good Standing ** Layered vesting will be reviewed on a case-by-case basis -- -- UPDATED 3/11 NEW GUIDELINES: Borrowing entity,(redacted), is a layered entity. (redacted) is owned by > (redacted) that is owned by > (redacted) that is owned by > (redacted). (redacted): Articles, Amendment, Operating Agreement, and post-consummation dated background check reflecting (redacted) status was previously provided via stip presentment to the original finding. --Still missing EIN; (redacted): Operating agreement and (redacted) in file. -- Still missing Articles and EIN. No fraud report was presented for this entity. Per guidelines(redacted) Entity Identity Review Process - The following business entity documentation must be provided: - Articles of Incorporation or Articles of Organization - Corporate Bylaws and Corporate Resolutions - Tax Identification Number - Certificate of Good Standing ** Layered vesting will be reviewed on a case-by-case basis Furthermore, (redacted) will ensure the individual signing on behalf of the borrowing entity has the authority to bind the entity. Confirmation of good standing status must be reviewed on state websites or through the corporate filing section of the entity background check to ensure borrowing counterparties are current on all state taxes and fees. Any entity must be in good standing and provide proper formation. See(redacted) Fraud Report. -- -- ORIGINAL EXCEPTION: Missing the following documentation for Trafalgar Investment Properties: Certificate of Good Standing Operating Agreement W9 or EIN Letter *This entity owns the qualifying entity, Kingsgate Group XI. |
Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted) and (redacted) months.; Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; | 03/13/2026 Title did not require a certificate of foreign qualification. Please have escalated to investor to confirm if needed along with attached processor cert for exception to be made. 02/17/2026 operating agreement 02/13/2026 memo 01/22/2026 ENITYT DOCUMENTATION |
03/16/2026 EV2/B - Investor Acknowledged Exception, Operating Agreement for (redacted) that shows (redacted) as owner. 03/16/2026 Recd (redacted) (redacted) (Active), Operating Agreement (redacted) (redacted), Operating Agreement (redacted) ((redacted)). -- Escalated to investor for review. 02/17/2026 Received operating agreement, (redacted), which is owned by (redacted). -- Finding remains. Missing the following documentation: (redacted): Certificate of Foreign Qualification, formed in (redacted) and doing business in (redacted). (redacted): Certificate of Good Standing, Certificate of Foreign Qualification, and (redacted) or EIN Letter. (redacted): COGS, (redacted) or EIN Letter, and Certificate of Foreign Qualification. Certificate of Good Standing to verified in both the state the (redacted) were formed and in the state the (redacted) conduct business as a foreign entity. 02/13/2026 Lender posted response,...TPR firm should still review the layered vesting docs to ensure that all other guidelines are met. -- Agree, missing the following documentation for (redacted): Certificate of Good Standing, Operating Agreement, Certificate of Foreign Qualification, and (redacted) or EIN Letter. 01/22/2026 Finding is partially downgraded with the attached post-consummation dated background check reflecting corporate filing and businesses active status. -- Finding remains. Missing Operating Agreement and (redacted) or EIN Letter. *This entity owns the qualifying entity, (redacted). |
Funded | D | B | D | B | D | B | D | B | D | B | |
| (redacted) | 305013276 | (redacted) | 1171437 | 03/11/2026 | Credit | Missing Letter of Explanation | CRED 0104 | 3 | 2 | Acknowledged | NEW 3/11 RECD NEW GUIDELINES - Missing LOE confirming the purpose of the borrowing entity, (redacted), is to manage real estate. --Per guidelines, (redacted): Clients must ensure loans vested in an (redacted) are solely business-purpose loans for the purchase or refinance of an investment property. The following standards apply: - Purpose of the (redacted) is for the ownership and management of real estate. An LOE or addendum to the operating agreement may be required to confirm the original purpose of the vesting entity. |
Verified housing payment history - Credit report reflects (redacted) open mortgage and (redacted) home equity loan satisfactorily rated (redacted) and (redacted) months.; Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; | 03/13/2026 Operating agreement is showing the business purpose. please have condition cleared. | 03/18/2026 EV2/B - Investor Acknowledged Exception. 03/16/2026 Business Purpose per operating agreement, The purpose of the (redacted) is to engage in any lawful activities for which a (redacted) may be organized under the Statute. Per guidelines, Purpose of the (redacted) is for the ownership and management of real estate. An LOE or addendum to the operating agreement may be required to confirm the original purpose of the vesting entity. |
Funded | C | B | C | B | C | B | C | B | C | B | |
| (redacted) | 305013284 | (redacted) | 1154113 | 12/11/2025 | Credit | Missing Payoff/Demand Statement | DMND 0003 | 3 | 1 | Closed | Missing (redacted) payoff (redacted). The loan being paid off is cross collateralized, so only a portion of the loan was to be paid. Missing confirmation of amount to be paid for full lien release on subject title. | 03/03/2026 | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 03/02/2026 payoff | 03/03/2026 Finding is cleared with the attached copy of the payoff. | Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013284 | (redacted) | 1154130 | 12/11/2025 | Credit | Insufficient Verified Reserves (Number of Months) | CRED 0017 | 3 | 2 | Acknowledged | Missing documented personal assets sufficient to cover the (redacted) months PITIA reserve requirements. Business assets from the non-borrowing entity were documented, however investor overlay does not allow the use of business funds to satisfy reserve requirements. | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 01/16/2026 EV2/B Investor acknowledged exception based on the operating agreement reflecting guarantor as (redacted) owner of the entity listed on the business statements. | Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 305013284 | (redacted) | 1154131 | 12/11/2025 | Credit | Missing evidence of property management experience | CRED 0039 | 3 | 1 | Closed | Missing evidence of property management experience. No property track record in file. Subject property is currently vacant, thus no lease or property management agreement. | 03/17/2026 | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted), and (redacted)months.; | Recd new GL, first time investor only limited to multi-family thus finding removed. | Funded | C | A | C | A | C | A | C | A | C | A | |
| (redacted) | 305013284 | (redacted) | 1154132 | 12/11/2025 | Credit | Missing Required Fraud Tool | CRED 0089 | 3 | 2 | Acknowledged | Missing fraud report on the borrowing entity owner, (redacted), as required per guidelines. | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 02/13/2026 memo 01/22/2026 background check |
02/13/2026 1/22/2026 - EV2/B Finding is downgraded with the attached post-consummation dated background check. 01/22/2026 EV2 Finding is downgraded with the attached post-consummation dated background check. |
Funded | C | B | C | B | C | B | C | B | C | B | |
| (redacted) | 305013284 | (redacted) | 1154134 | 12/11/2025 | Credit | Entity Documentation is Insufficient | CRED 0143 | 4 | 2 | Acknowledged | UPDATED 3/17 NEW GUIDELINES: Borrowing entity, (redacted), is a layered entity. (redacted) is owned by > (redacted) that is owned by > (redacted). (redacted): Articles, Amendment, Operating Agreement, and post-consummation dated background check reflecting (redacted) status was previously provided via stip presentment to the original finding. --Still missing EIN; Per guidelines (redacted) Entity Identity Review Process - The following business entity documentation must be provided: - Articles of Incorporation or Articles of Organization - Corporate Bylaws and Corporate Resolutions - Tax Identification Number - Certificate of Good Standing ** Layered vesting will be reviewed on a case-by-case basis -- -- ORIGINAL EXCEPTION: Missing the following documentation for(redacted): Certificate of Good Standing, Operating Agreement, Certificate of Foreign Qualification, and (redacted) or EIN Letter. The entity was filed in (redacted) and the subject property is located in (redacted). NOTE: Qualifying Guarantor resides in (redacted) and Borrowing Entity was filed in (redacted). *This entity owns the qualifying entity, (redacted). |
Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 03/16/2026 Title did not require a certificate of foreign qualification. Please have escalated to investor to confirm if needed along with attached processor cert for exception to be made. 02/13/2026 misc 01/22/2026 good standing is showing on background report |
03/17/2026 03/17/2026 EV2/B - Investor Acknowledged Exception, Operating Agreement for (redacted) that shows (redacted) as owner (Refer to related loan (redacted)). 02/13/2026 Lender posted response,...TPR firm should still review the layered vesting docs to ensure that all other guidelines are met. -- Agree, missing the following documentation for (redacted): Certificate of Good Standing, Operating Agreement, Certificate of Foreign Qualification, and (redacted) or EIN Letter. 01/22/2026 Finding is partially downgraded with the attached post-consummation dated background check with corporate filing information that confirms the businesses active status. -- Finding remains. Missing Operating Agreement, Certificate of Foreign Qualification, and (redacted) or EIN Letter. The entity was filed in (redacted) and the subject property is located in (redacted). *This entity owns the qualifying entity, (redacted). |
Funded | D | B | D | B | D | B | D | B | D | B | |
| (redacted) | 305013284 | (redacted) | 1154135 | 12/11/2025 | Credit | Missing personal guarantee(s). | NOTE 0062 | 3 | 1 | Closed | UPDATED 3/17 NEW GUIDELINES: : Missing personal guaranty, (redacted). Guaranty in file (redacted). -- Per guidelines, - The guarantor must be an individual person and not a business entity; - The guarantor must be a managing member or majority owner of the business entity. Each guarantor can own no less than (redacted) of the vesting business. A managing member must demonstrate that they have the authority to transact on behalf of the entity without approval from other members; The guarantor is subject to the same credit requirements and fraud checks as individual borrowers. -- -- ORIGINAL EXCEPTION: Missing personal guaranty, (redacted). Guaranty in file (redacted) . -- Per guidelines,(redacted) defines a Qualifying Guarantor as a warm body with ownership of the entity (at closing) that has a Guarantor Approval from (redacted)l. |
03/23/2026 | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 03/20/2026 personal guaranty 01/22/2026 guaranty |
03/23/2026 Finding is cleared with the attached personal guaranty, (redacted). 01/22/2026 Attached personal guaranty is for (redacted). -- Finding remains. Missing personal guaranty, (redacted). -- Per guidelines, (redacted) defines a Qualifying Guarantor as a warm body with ownership of the entity (at closing) that has a Guarantor Approval from (redacted). |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013284 | (redacted) | 1154137 | 12/11/2025 | Credit | Missing Sufficient Evidence of Insurance | INS 0001 | 3 | 1 | Closed | Missing evidence of (redacted) liability insurance. -- Per guidelines, (redacted) requires liability on all property loan transactions, but the type of liability coverage can be either Commercial General Liability or Premises Liability. Liability insurance regardless of the type required must be on the "occurrence" basis with a limit of not less than (redacted) per property is required. | 02/06/2026 | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 02/05/2026 confirmation of loss of use coverage and safeco insurance rating. 02/04/2026 hoi |
02/06/2026 Finding is cleared with the EOI previously posted, attached email from the insurer confirming loss of use covers rent loss, and insurer rating. 02/05/2026 Finding is partially cleared with the attached EOI, (redacted) liability. Borrower changed insurers. Missing insurer rating, (redacted). Also missing confirmation from the insurer that the Loss of Use coverage of (redacted) covers rent loss. |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013284 | (redacted) | 1154146 | 12/11/2025 | Credit | Guideline Exception(s) | GIDE 0001 | 3 | 1 | Closed | Missing Certificate of Foreign Qualification, (redacted). Entity was filed in the state of (redacted) and the subject is located in (redacted). NOTE: Qualifying guarantor resides in (redacted). Per guidelines, Entity Borrower Approval Submission Documentation: Formation and Managing Documents (redacted) - Certificate of Foreign Qualification (if operating in states other than state of formation) | 03/17/2026 | Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 03/16/2026 Title did not require certificate of foreign qualification. Please have cleared. 01/22/2026 ENTITY DOCUMENTATION |
03/17/2026 03/11/2026 Recd new guidelines, do not address foreign entities. Refer to remaining CRED 0143 finding. 01/22/2026 Documentation provided for (redacted) is insufficient to satisfy the finding. -- Finding remains. Missing Certificate of Foreign Qualification, (redacted). Entity was filed in the state of (redacted) and the subject is located in (redacted). Per guidelines, Entity Borrower Approval Submission Documentation: Formation and Managing Documents (redacted) - Certificate of Foreign Qualification (if operating in states other than state of formation) |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305013284 | (redacted) | 1172479 | 03/18/2026 | Credit | Missing Letter of Explanation | CRED 0104 | 3 | 2 | Acknowledged | NEW RECD NEW GUIDELINES - Missing LOE confirming the purpose of the borrowing entity, (redacted), is to manage real estate. --Per guidelines, (redacted): Clients must ensure loans vested in an (redacted) are solely business-purpose loans for the purchase or refinance of an investment property. The following standards apply: Purpose of the (redacted) is for the ownership and management of real estate. An LOE or addendum to the operating agreement may be required to confirm the original purpose of the vesting entity. |
Verified credit history - Middle Credit Score (redacted) > (redacted) Minimum Required.; Verified credit history - Credit report reflects four open mortgages satisfactorily rated (redacted) and (redacted) months.; | 03/18/2026 EV2/B - Investor Acknowledged Exception. | Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 305027010 | (redacted) | 1155756 | 12/19/2025 | Compliance | Scrivener's Error | NOTE 0060 | 3 | 2 | Acknowledged | The city is spelled incorrectly on the Note. The Note reflects the subject property city as (redacted), per the Appraisal and the tax certificate the city is (redacted). | Verified reserves - (redacted) months reserves or (redacted)required, (redacted) months reserves or (redacted) verified.; Verified credit history - FICO (redacted), minimum required (redacted).; | 01/09/2026 Initialed corrected pg (redacted). Original is on the way back to our office and will be mailed to you once we receive it. 01/08/2026 Scrivener's affidavit and intent to record. Waiting for note to be initialed. |
01/09/2026 EV2/B - Finding is downgraded with the attached corrected Note with correction initialed by the borrower and scriveners affidavit of correction previously provided. 01/09/2026 Finding is partially cleared with the attached scriveners affidavit of correction. -- Finding can be cleared upon receipt of the corrected initialed Note. |
Funded | C | B | C | B | C | B | C | B | C | B | |
| (redacted) | 305069059 | (redacted) | 1173411 | 03/24/2026 | Credit | Insufficient Verified Reserves (Number of Months) | CRED 0017 | 3 | 2 | Acknowledged | Missing (redacted) months documented reserves. No personal assets were documented in file. Investor overlay does not allow the use of business assets to be used for reserves. The only assets documented is from the guarantors non-borrowing entity business account, (redacted). | 03/26/2026 see attached | 03/26/2026 EV2/B - Investor Acknowledged Exception | Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 305069061 | (redacted) | 1173738 | 03/26/2026 | Compliance | Missing Evidence of Re-disclosure and a valid COC for the sum of non-specific (lump sum) lender credits and specific lender credits ($) that have decreased from the amount disclosed on the Loan Estimate/Closing Disclosure. | TRID 0121 | 3 | 1 | Closed | Missing COC for decrease in General Lender Credits on CD issued (redacted). -- The sum of non-specific (lump sum) lender credits and specific lender credits (redacted) has decreased from the amount disclosed on the Loan Estimate sent on (redacted), (redacted). Non-specific lender credits are generalized payments that do not pay for a particular fee. Specific lender credits are specific payments to pay for a specific fee. The total amount of non-specific and specific lender credits cannot decrease unless a new disclosure is provided and there is a valid changed circumstance associated with the re-disclosure. (redacted) The sum of non-specific (lump sum) lender credits and specific lender credits (redacted) has decreased from the amount disclosed on the Loan Estimate sent on (redacted), (redacted). Non-specific lender credits are generalized payments that do not pay for a particular fee. Specific lender credits are specific payments to pay for a specific fee. The total amount of non-specific and specific lender credits cannot decrease unless a new disclosure is provided and there is a valid changed circumstance associated with the re-disclosure. (redacted). |
04/08/2026 | 04/07/2026 see attached 04/08/2026 |
04/08/2026 Finding is cleared with the attached COC, Lock updated to reflect cost of rural property lowering the credit. | Funded | C | A | C | A | C | A | C | A | C | A | |
| (redacted) | 305066791 | (redacted) | 1173922 | 03/27/2026 | Credit | Seller Contributions exceed 2% | CRED 0081 | 2 | 2 | Acknowledged | The seller concessions of (redacted) exceed the max allowed concessions of (redacted). Per the guidelines, for investment property transactions, the property seller and/or interested parties may contribute up to (redacted). The final HUD (redacted) confirms the borrower received seller credit in the amount of (redacted) or (redacted) of the purchase price of (redacted). The file included an approved exception citing compensating factors of DSCR >(redacted), (redacted) months of reserves and (redacted) years + of on time mortgage history. | Verified reserves - (redacted) mths verified reserves w/a minimum requirement of (redacted). ; Verified housing payment history - (redacted) mortgage history for (redacted) months. ; Verified credit history - Middle Credit Score (redacted) >(redacted) Min Required.; |
03/27/2026 EV2/B - Lender Acknowledged Exception, Allowed Interested Part Contribution up to (redacted). These exception(s) were made based on the following compensating factors: DSCR above (redacted) (redacted) months + of reserves (redacted) years + of on time mortgage history |
Funded | C | B | C | B | C | B | C | B | C | B | ||
| (redacted) | 305066791 | (redacted) | 1173925 | 03/27/2026 | Credit | Asset Documentation is Insufficient | CRED 0083 | 3 | 1 | Closed | The file is missing evidence the funds to close came from the (redacted) Accounts (redacted) documented. The loan approval (redacted) requires borrower to provide proof of receipt of (redacted) account is being used at close, proof of payment direct to escrow will be required. The file included a wire receipt (redacted) confirming funds in the amount of (redacted) from (redacted). The file did not include documentation of an account ending with (redacted). | 05/05/2026 | Verified reserves - (redacted) mths verified reserves w/a minimum requirement of (redacted). ; Verified housing payment history - (redacted) mortgage history for (redacted) months. ; Verified credit history - Middle Credit Score (redacted) > (redacted) Min Required.; |
05/04/2026 see attached stmt 04/14/2026 Wire explanation 04/08/2026 Wire |
05/05/2026 Finding is cleared with the updated asset statement. 04/14/2026 Borrower has multiple accounts at (redacted). Wire of (redacted) > (redacted) balance in (redacted) as of (redacted). Missing updated (redacted) statement. 04/08/2026 Attached wire notification indicates funds came from (redacted). The file did not include documentation of an account ending with (redacted). |
Funded | C | A | C | A | C | A | C | A | C | A |
| (redacted) | 305073476 | (redacted) | 1174981 | 04/03/2026 | Credit | Missing personal guarantee(s). | NOTE 0062 | 3 | 1 | Closed | Missing personal guaranty, (redacted). Guarantor signed the Note as managing member, not individually. | 04/07/2026 | 04/07/2026 Personal Guaranty | 04/07/2026 Finding is cleared with the attached guaranty. | Funded | C | A | C | A | C | A | C | A | C | A | |
| (redacted) | 305073476 | (redacted) | 1175005 | 04/03/2026 | Credit | Entity Documentation is Insufficient | CRED 0143 | 4 | 2 | Acknowledged | Missing member signed amendment to the operating agreement amending the entity name to (redacted). Borrowing entity,(redacted), but the operating agreement reflects (redacted). | 04/14/2026 Attached is the corrected operating agreement. It was previously misspelled. | 04/14/2026 EV2/B - Finding is downgraded with the attached newly executed operating agreement, business name updated to (redacted). | Funded | D | B | D | B | D | B | D | B | D | B | ||
| (redacted) | 305096744 | (redacted) | No Finding | No Finding | 1 | No Finding | No Finding | Funded | A | A | A | A | A | A | A | A | A | A | ||||||||
| (redacted) | 305089963 | (redacted) | No Finding | No Finding | 1 | No Finding | No Finding | Funded | A | A | A | A | A | A | A | A | A | A |