Exhibit 99.03 - Schedule 3
| Loan ID | Seller Loan ID | Investor Loan ID | Overall Initial Loan Grade | Overall Final Loan Grade | Credit Initial Loan Grade | Credit Current/Final Loan Grade | Compliance Initial Loan Grade | Compliance Current/Final Loan Grade | Property Initial Loan Grade | Property Current/Final Loan Grade | Queue | Finding Code | Date Created | Date Modified | Finding Status | Event Level | Initial Finding Grade | Current/Final Finding Grade | Finding Category | Finding Sub Category | Finding Name | Finding Comments | Seller Comments | Resolution Comments | Reviewer Comp Factor | Originator Comp Factors | Finding Documents | Originator QM Status | Final Reviewed QM Status | Loan Amount | Property State | Occupancy | Loan Purpose | Refinance Purpose | Acknowledged / WaivedBy | Waiver in File? | Unique Finding ID |
| 2144462 | D | B | D | B | A | A | A | A | Closed | FCRE1194 | 2026-03-06 12:07 | 2026-03-11 08:39 | Waived | 2 - Non-Material | C | B | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted with supporting comp factors: Max LTV allowed for Elite DSCR cash out with loan amount $xxx to $xxx is 65% - Due Diligence Vendor-03/11/2026 Ready for Review-Document Uploaded. exception approval - Seller-03/10/2026 Counter-The Investor is xxx and the approved Guides to use are the Elite DSCR guides. - Due Diligence Vendor-03/10/2026 Ready for Review-Document Uploaded. See the attached Lock in confirmation. The loan is not an Elite loan. 30 yr. Fixed IO NOO 1 Yr. PP DSCR loan. See the attached Matrix - Seller-03/09/2026 Open-Audited LTV of 70% exceeds Guideline LTV of 65% . Max LTV allowed for Elite DSCR cash out with loan amount $xxx to $xxx is 65% and no exception was provided. - Due Diligence Vendor-03/06/2026 |
Ready for Review-Document Uploaded. exception approval - Seller-03/10/2026 Ready for Review-Document Uploaded. See the attached Lock in confirmation. The loan is not an xxx loan. 30 yr. Fixed IO NOO 1 Yr. PP DSCR loan. See the attached Matrix - Seller-03/09/2026 |
Waived-Exception granted with supporting comp factors: Max LTV allowed for Elite DSCR cash out with loan amount $xxx to $xxx is 65% - Due Diligence Vendor-03/11/2026 |
Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 25.35 Are Greater Than The Guideline Minimum Of 12 By Six (6) Or More Months Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 700 By Twenty (20) or More Points |
Qualifying FICO is Greater Than The Guideline Minimum By Twenty Months Reserves Are Greater Than The Guideline Minimum By Six |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | Originator Post-Close | Yes | xxx | ||
| 2144462 | D | B | D | B | A | A | A | A | Closed | FCRE1202 | 2026-03-06 06:38 | 2026-03-06 16:54 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Credit | Third Party Fraud Report Partially Provided | Resolved-Third Party Fraud Report is fully present - Due Diligence Vendor-03/06/2026 Open-Third Party Fraud Report Partially Provided . At the time of review only the xxx search and Excluded party searches were provided. A complete Fraud report is required. - Due Diligence Vendor-03/06/2026 |
Resolved-Third Party Fraud Report is fully present - Due Diligence Vendor-03/06/2026 |
Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 25.35 Are Greater Than The Guideline Minimum Of 12 By Six (6) Or More Months Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 700 By Twenty (20) or More Points |
ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | N/A | N/A | xxx | |||||
| 2144462 | D | B | D | B | A | A | A | A | Closed | FCRE8639 | 2026-03-06 11:34 | 2026-03-06 15:31 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Title | Personal Guaranty is Missing | Resolved-Personal Guaranty is Present. - Due Diligence Vendor-03/06/2026 Open-Personal Guaranty is Missing. . The Guaranty provided, is not personal as required per guidelines. Borrower executed as President of the xxx - Due Diligence Vendor-03/06/2026 |
Resolved-Personal Guaranty is Present. - Due Diligence Vendor-03/06/2026 |
Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 25.35 Are Greater Than The Guideline Minimum Of 12 By Six (6) Or More Months Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 700 By Twenty (20) or More Points |
ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | N/A | N/A | xxx | |||||
| 2164760 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2164761 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2164808 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | No Cash Out - Borrower Initiated | ||||||||||||||||||||
| 2171245 | D | A | A | A | D | A | D | A | Closed | FCOM1232 | 2026-05-01 02:19 | 2026-05-13 07:56 | Resolved | 1 - Information | D | A | Compliance | Missing Doc - Closing Package | The Final 1003 is Missing | Resolved-The Final 1003 is Present - Due Diligence Vendor-05/13/2026 Ready for Review-Document Uploaded. - Seller-05/12/2026 Counter-Please resend 1003 provided is dated 01/29/2026, would appear to be initial 1003, the other is not signed - Due Diligence Vendor-05/11/2026 Ready for Review-Document Uploaded. - Buyer-05/11/2026 Counter-The condition is for Missing Signed Final 1003 - Due Diligence Vendor-05/04/2026 Ready for Review-Document Uploaded. - Seller-05/01/2026 Open-The Final 1003 is Missing The Final Form 1003 is missing from the file. - Due Diligence Vendor-05/01/2026 |
Ready for Review-Document Uploaded. - Seller-05/12/2026 Ready for Review-Document Uploaded. - Seller-05/01/2026 |
Resolved-The Final 1003 is Present - Due Diligence Vendor-05/13/2026 |
Borrower At Current Residence For Five (5) Or More Years - Validated Borrower At Current Residence For Five (5) Or More Years - 7.33 Years Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Validated Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 700 By Twenty (20) or More Points |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | |||
| 2171245 | D | A | A | A | D | A | D | A | Closed | FPRO1244 | 2026-05-01 15:58 | 2026-05-12 04:14 | Resolved | 1 - Information | D | A | Property | Missing Doc - Third Party Valuation | 3rd Party Valuation Product is Required and Missing | Resolved-2nd appraisal provided - Due Diligence Vendor-05/12/2026 Ready for Review-Document Uploaded. - Buyer-05/11/2026 Open-Collateral Underwriter Score exceeds 2.5. An additional valuation review product is required. - Due Diligence Vendor-05/01/2026 Counter-Document Uploaded. The Appraisal provided is the Original Full Appraisal in the Loan file. The condition is for a 3rd party Valuation per Guidelines. - Due Diligence Vendor-05/04/2026 Ready for Review-Document Uploaded. - Buyer-05/01/2026 |
Resolved-2nd appraisal provided - Due Diligence Vendor-05/12/2026 |
Borrower At Current Residence For Five (5) Or More Years - Validated Borrower At Current Residence For Five (5) Or More Years - 7.33 Years Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Validated Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 700 By Twenty (20) or More Points |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | ||||
| 2164763 | D | A | D | A | A | A | A | A | Closed | FCRE1157 | 2026-04-30 03:32 | 2026-05-01 13:33 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Insurance | Hazard Insurance Policy is Missing | Resolved-Hazard Insurance Policy is fully present - Due Diligence Vendor-05/01/2026 Ready for Review-Document Uploaded. - Buyer-05/01/2026 Open-Missing Hazard Insurance Policy Provide Property Insurance for the Subject Property Located at the xxx - Due Diligence Vendor-04/30/2026 |
Resolved-Hazard Insurance Policy is fully present - Due Diligence Vendor-05/01/2026 |
Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 680 By Twenty (20) or More Points Calculated DTI Is Less Than The Guideline Maximum By Five Percent (5%) Or More - Calculated DTI Of 33.58% Is Less Than The Guideline Maximum Of 50% By Five Percent (5%) Or More Borrower At Current Residence For Five (5) Or More Years - Borrower At Current Residence For Five (5) Or More Years - 8.08 Years Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 70.77 Are Greater Than The Guideline Minimum Of 3 By Six (6) Or More Months Borrower 1 Has Stable Time In Profession By Ten (10) Years Or More - Borrower 1 Has Stable Time In Profession By Ten (10) Years Or More - 24.00 Years Borrower 1 Has Stable Job Time Of Five (5) Or More Years At Current Job - Borrower 1 Has Stable Job Time Of Five (5) Or More Years At Current Job - 14.50 Years Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Credit Line Usage Ratio equals 0.05 |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | ||||
| 2164764 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2164762 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169581 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169582 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169579 | D | A | D | A | A | A | A | A | Closed | FCRE5782 | 2026-05-20 14:09 | 2026-05-28 14:18 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 1 Gap Credit Report is Missing | Resolved-Borrower 1 Gap Credit Report is not missing. - Due Diligence Vendor-05/28/2026 Ready for Review-Document Uploaded. - Buyer-05/27/2026 Open-Borrower 1 Gap Credit Report is Missing - Due Diligence Vendor-05/20/2026 |
Resolved-Borrower 1 Gap Credit Report is not missing. - Due Diligence Vendor-05/28/2026 |
Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Credit Line Usage Ratio equals 0.03 Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 732.97 Are Greater Than The Guideline Minimum Of 6 By Six (6) Or More Months Borrower At Current Residence For Five (5) Or More Years - Borrower At Current Residence For Five (5) Or More Years - 15.00 Years Borrower 1 Has Stable Job Time Of Five (5) Or More Years At Current Job - Borrower 1 Has Stable Job Time Of Five (5) Or More Years At Current Job - 26.88 Years Borrower 1 Has Stable Time In Profession By Ten (10) Years Or More - Borrower 1 Has Stable Time In Profession By Ten (10) Years Or More - 26.00 Years Calculated DTI Is Less Than The Guideline Maximum By Five Percent (5%) Or More - Calculated DTI Of 5.95% Is Less Than The Guideline Maximum Of 50% By Five Percent (5%) Or More Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 680 By Twenty (20) or More Points |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | ||||
| 2169580 | D | A | D | A | A | A | A | A | Closed | FCRE7497 | 2026-05-19 08:18 | 2026-05-26 09:33 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing verification of taxes, insurance, and/or HOA fees for non-subject property | Resolved-Updated 1003 provided - Due Diligence Vendor-05/26/2026 Ready for Review-Document Uploaded. - Buyer-05/22/2026 Open-Per LOE on pg xxx does not have HOA however the final 1003 references $xxx in other expenses. Provide supporting documentation for the additional amount of $xxx. - Due Diligence Vendor-05/19/2026 |
Resolved-Updated 1003 provided - Due Diligence Vendor-05/26/2026 |
Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Low Credit Usage Ratio Of Twenty-Five Percent (25%) Or Less - Credit Line Usage Ratio equals 0.14 Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 720 By Twenty (20) or More Points Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 29.61 Are Greater Than The Guideline Minimum Of 6 By Six (6) Or More Months Calculated DTI Is Less Than The Guideline Maximum By Five Percent (5%) Or More - Calculated DTI Of 35% Is Less Than The Guideline Maximum Of 50% By Five Percent (5%) Or More |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | ||||
| 2169587 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169584 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169583 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2169586 | D | A | A | A | A | A | D | A | Closed | FPRO1244 | 2026-05-22 14:37 | 2026-05-26 11:46 | Resolved | 1 - Information | D | A | Property | Missing Doc - Third Party Valuation | 3rd Party Valuation Product is Required and Missing | Resolved-CU score of 1.2 provided - Due Diligence Vendor-05/26/2026 Ready for Review-Document Uploaded. - Buyer-05/22/2026 Open-Missing 3rd party valuation product. - Due Diligence Vendor-05/22/2026 |
Resolved-CU score of 1.2 provided - Due Diligence Vendor-05/26/2026 |
Original LTV Is Below The Guideline Maximum By Ten Percent (10%) Or More - Original LTV Of 42.29% Is Below The Guideline Maximum Of 80% By Ten Percent (10%) Or More Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 107.81 Are Greater Than The Guideline Minimum Of 6 By Six (6) Or More Months |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | N/A | N/A | xxx | ||||
| 2169585 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2173127 | C | A | A | A | A | A | C | A | Closed | FPRO7466 | 2026-05-28 11:05 | 2026-06-03 06:41 | Resolved | 1 - Information | C | A | Property | Third Party Valuation | AVM Value(s) Do Not Adhere To Tolerance Criteria | Resolved-Desk review provided - Due Diligence Vendor-06/03/2026 Ready for Review-Document Uploaded. Please advise what you are seeing, CDA in file says 0% variance - Buyer-05/29/2026 Open-Confidence Score is < 90%. - Due Diligence Vendor-05/28/2026 |
Resolved-Desk review provided - Due Diligence Vendor-06/03/2026 |
Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 72.31 Are Greater Than The Guideline Minimum Of 2 By Six (6) Or More Months Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 720 By Twenty (20) or More Points Original LTV Is Below The Guideline Maximum By Ten Percent (10%) Or More - Original LTV Of 70% Is Below The Guideline Maximum Of 80% By Ten Percent (10%) Or More |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | N/A | N/A | xxx | ||||
| 2169588 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2175611 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2173129 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2173128 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Purchase | NA | ||||||||||||||||||||
| 2173130 | A | A | A | A | A | A | A | A | A | A | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | ||||||||||||||||||||
| 2177286 | D | A | D | A | A | A | A | A | Closed | FCRE7497 | 2026-06-08 09:33 | 2026-06-11 14:37 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing verification of taxes, insurance, and/or HOA fees for non-subject property | Resolved-REO HOI polices provided - Due Diligence Vendor-06/11/2026 Ready for Review-Document Uploaded. - Seller-06/10/2026 Open-Provide Hazard Insurance policy for REO properties xxx Also provide HOA documentation for REO Properties - xxx. - Due Diligence Vendor-06/08/2026 |
Ready for Review-Document Uploaded. - Seller-06/10/2026 |
Resolved-REO HOI polices provided - Due Diligence Vendor-06/11/2026 |
Original LTV Is Below The Guideline Maximum By Ten Percent (10%) Or More - Original LTV Of 70% Is Below The Guideline Maximum Of 80% By Ten Percent (10%) Or More Calculated DTI Is Less Than The Guideline Maximum By Five Percent (5%) Or More - Calculated DTI Of 30.51% Is Less Than The Guideline Maximum Of 50% By Five Percent (5%) Or More Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 740 By Twenty (20) or More Points Borrower At Current Residence For Five (5) Or More Years - Borrower At Current Residence For Five (5) Or More Years - 26.17 Years Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 118.17 Are Greater Than The Guideline Minimum Of 6 By Six (6) Or More Months |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | N/A | N/A | xxx | |||
| 2177286 | D | A | D | A | A | A | A | A | Closed | FCRE1159 | 2026-06-08 06:51 | 2026-06-11 14:35 | Resolved | 1 - Information | C | A | Credit | Insurance | Hazard Insurance Effective Date is after the Disbursement Date | Resolved-Hazard Insurance Effective Date of xxx is prior to or equal to the Disbursement Date of xxx Or Hazard Insurance Effective Date Is Not Provided - Due Diligence Vendor-06/11/2026 Ready for Review-Document Uploaded. Please see attached current & renewal policy. This is a refi loan. Thanks! - Seller-06/10/2026 Open-Hazard Insurance Effective Date of xxx is after the Disbursement Date of xxx Updated as per the Note and HOI Policy Effective Dates - Due Diligence Vendor-06/08/2026 |
Ready for Review-Document Uploaded. Please see attached current & renewal policy. This is a refi loan. Thanks! - Seller-06/10/2026 |
Resolved-Hazard Insurance Effective Date of xxx is prior to or equal to the Disbursement Date of xxx Or Hazard Insurance Effective Date Is Not Provided - Due Diligence Vendor-06/11/2026 |
Original LTV Is Below The Guideline Maximum By Ten Percent (10%) Or More - Original LTV Of 70% Is Below The Guideline Maximum Of 80% By Ten Percent (10%) Or More Calculated DTI Is Less Than The Guideline Maximum By Five Percent (5%) Or More - Calculated DTI Of 30.51% Is Less Than The Guideline Maximum Of 50% By Five Percent (5%) Or More Qualifying FICO is Greater Than The Guideline Minimum By Twenty (20) or More Points - Qualifying FICO Of xxx is Greater Than The Guideline Minimum Of 740 By Twenty (20) or More Points Borrower At Current Residence For Five (5) Or More Years - Borrower At Current Residence For Five (5) Or More Years - 26.17 Years Months Reserves Are Greater Than The Guideline Minimum By Six (6) Or More Months - Months Reserves Of 118.17 Are Greater Than The Guideline Minimum Of 6 By Six (6) Or More Months |
xxx | ATR/QM: Not Applicable | ATR/QM: Not Applicable | xxx | xxx | Investment | Refinance | Cash Out - Other | N/A | N/A | xxx |