VCC MORTGAGE SECURITIES, LLC ABS-15G
Exhibit 99.07
| Loan Level Exception - Final Grades (Loan Grades) |
| AMC Loan ID | Customer Loan ID | EDGAR Loan ID | Borrower Name | Deal Number | Original Loan Amount | State | Note Date | Purpose | QM Status | Overall Grade | Credit Grade | Credit Exceptions | Credit Exception Information | Credit Exception Comments | Property Grade | Property Exceptions | Property Exception Information | Property Exception Comments | Compliance Grade | Compliance Exceptions | Compliance Exception Information | Compliance Exception Comments | Compliance Comp Factors | Compensating Factors | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P |
| XXXX | XXXX | XXX 2026-P2-100260 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for DSCR <1.20% on mixed-use traditional 1 refinance with loan amount > $500,000. Comp factor seasoned business. Approved exception at origination for 59.8% vacancy//missing lease. Comp factor seasoned business. |
BUYER - GENERAL COMMENT (2026-05-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-05-22): Approved exception at origination for DSCR <1.20% on mixed-use traditional 1 refinance with loan amount > $500,000. Comp factor seasoned business. BUYER - GENERAL COMMENT (2026-05-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-05-22): Approved exception at origination for 59.8% vacancy//missing lease. Comp factor seasoned business. |
3 | [3] Property Eligibility - Site and Utilities - 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 show basement ceiling has missing tiles and damaged ceiling/water damage, broken plumbing pipe pieces are on the basement floor, a dug-out section with an exposed drainpipe was observed in the crawl space and electrical wires hanging from the ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-23): Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, the cashout proceeds would be used towards finishing renovations to the subject. The borrower has extensively renovated the property since they purchased it and XXX expects them to complete the renovations per their LOE. | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100168 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for 1) 35.9% vacancy - 1st floor unit vacant, 2) missing lease agreement for 3rd floor unit (signed lease subsequently provided) and 3) expired lease for 2nd floor (signed renewal lease subsequently provided).Comp factor: LTV. Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for 1) 35.9% vacancy - 1st floor unit vacant, 2) missing lease agreement for 3rd floor unit (signed lease subsequently provided) and 3) expired lease for 2nd floor (signed renewal lease subsequently provided).Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 notes exposed wires in unit two and security bars on windows; no proof of quick release latches provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 60% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE which stated that cash-out proceeds would be used towards completing the cited repairs immediately after closing. XXX hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment to complete them. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100261 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXX XXXX | Approved exception at origination for 100% vacancy/missing lease agreement-subject (XXXX). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for 100% vacancy/missing lease agreement-subject (XXXX). Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX XXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo/In-house review indicates cover panel for electrical box is not installed. No proof of install provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 57.02% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Missing electrical cover panels are generally not viewed as material to underwriting given the minimal cost-to-cure; however, XXX expects the borrower to maintain the property and complete any necessary repairs. XXX was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | XXX 2026-P2-100262 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX XXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review /appraisal photos indicate handrail is missing from basement stairwell; cost to cure is $500, mold in basement adjacent to garage; cost to cure is $5500. Proof of mold remediation provided; however, missing drywall. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 50% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Proof of mold remediation provided and the remaining items were considered deferred maintenance with a minimal cost to cure. XXX felt comfortable proceeding given the low LTV and borrowers investor experience. XXX hasn't confirmed the status of repairs; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | XXX 2026-P2-100169 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100170 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. Approved exception at origination for > 2X30 days late mortgage payments within the last 24 months. Comp factors: seasoned investor and seasoned business. Approved exception at origination for credit aged > 60 days. Comp factors: seasoned investor and seasoned business. Incomplete VOM-subject; missing 3 of 12 deposit receipts. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for > 2X30 days late mortgage payments within the last 24 months. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for credit aged > 60 days. Comp factors: seasoned investor and seasoned business. BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-06-30): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, LTV. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house appraisal review indicates appraisers C3 condition is inaccurate due to subject being dated and peeling paint on the exterior. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 60% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The peeling paint and dated exterior were not considered as property damage by XXX's internal reviewer, rather cosmetic updates needed. No other damages, deferred maintenance, or health and safety issues were cited by the appraiser and XXX generally disagreed with the C3 condition. Given the low LTV, XXX felt comfortable proceeding with the loan, but the borrower is expected to maintain the property and complete any necessary repairs. | 1 | Borrower's Experience/Track Record Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100171 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. Approved exception at origination for > 1X30 late payment in the last 90 days and > 1X30 late payment in the last 12 months - Comp factors: seasoned investor and seasoned business. Approved exception at origination for credit report aged > 60 Days. Comp factors: seasoned investor and seasoned business. Approved exception at origination for incomplete VOM-subject; missing 3 of 12 monthly mortgage payments. Comp factors: seasoned investor and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for > 1X30 late payment in the last 90 days and > 1X30 late payment in the last 12 months - Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for credit report aged > 60 Days. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for incomplete VOM-subject; missing 3 of 12 monthly mortgage payments. Comp factors: seasoned investor and seasoned business. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100172 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and LTV. Approved exception at origination for > 2x30 mortgage late payments within the last 24 months. Comp factor: seasoned investor. Approved exception at origination for credit report aged > 60 Days. Comp factors seasoned investor and seasoned business. Approved exception at origination for missing 2 of 3 leases. Comp factors: Seasoned investor and LTV. Approved exception at origination for incomplete VOM-subject: missing 4 of 12 deposit receipts. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and LTV. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for > 2x30 mortgage late payments within the last 24 months. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for credit report aged > 60 Days. Comp factors seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for missing 2 of 3 leases. Comp factors: Seasoned investor and LTV. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for incomplete VOM-subject: missing 4 of 12 deposit receipts. Comp factor: seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100173 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for > 2 x 30 days mortgage late payments within the last 24 mos. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for > 2 x 30 days mortgage late payments within the last 24 mos. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100174 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property is ineligible. |
Approved exception at origination for 6 x 30 days late mortgage payments within 12 months on two XXX loans. Comp factor: seasoned investor. Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. Approved exception at origination for rural property in a declining market. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for 6 x 30 days late mortgage payments within 12 months on two XXX loans. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for rural property in a declining market. Comp factor: seasoned investor. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100175 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and Property condition which is unable to be validated as a non-quantifiable trait. Approved exception at origination for property listed for sale within the last 6 months (listing cancellation provided). Comp factors: LTV and Property condition which is unable to be validated as a non-quantifiable trait. |
REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and Property condition which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for property listed for sale within the last 6 months (listing cancellation provided). Comp factors: LTV and Property condition which is unable to be validated as a non-quantifiable trait. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100176 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO and LTV. Approved exception at origination for subject currently listed for sale on the MLS; proof of cancellation provided. Comp factors: FICO and LTV. |
REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO and LTV. REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for subject currently listed for sale on the MLS; proof of cancellation provided. Comp factors: FICO and LTV. |
1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100263 | XXXX | $XXX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Application / Processing - Missing Document: Proof of Residency Status not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for expired permanent residence card (petition to remove conditions of residence provided)). Comp factor: reserves. Approved exception for missing VOR/VOM. 1) Primary; guarantor lives rent free and 2) incomplete VOM-subject; 1 of 12 deposit receipts. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for expired permanent residence card (petition to remove conditions of residence provided)). Comp factor: reserves. REVIEWER - RE-GRADED COMMENT (2026-06-16): Approved exception at origination for expired permanent residence card (petition to remove conditions of residence provided)). Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception for missing VOR/VOM. 1) Primary; guarantor lives rent free and 2) incomplete VOM-subject; 1 of 12 deposit receipts. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100264 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXX | Approved exception at origination for 100% vacancy/missing lease agreement (XXXX). Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for 100% vacancy/missing lease agreement (XXXX). Comp factor: seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
In-house appraisal review/appraisal reflect rail is missing around deck in the rear; estimated cost to cure $300 - $500' and switch plate is missing. PTD - install railing around deck at the rear. Subject is currently being worked onto make rent ready with following outstanding items: competition of flooring installation and electrical work. Estimated cost to cure $250 - $750. In-house appraisal review/appraisal indicate damaged ceiling in the kitchen that appears to be the result of leaking plumbing; estimated cost to cure is $100 - $300. It is recommended an inspection be done by a licensed professional to ensure the leak has been repaired and also provide a cost to repair the ceiling. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 66% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Property was vacant and in the process of being renovated at the time of inspection. The borrower provided photos of the installed deck railing and given the low cost-to-cure for the remaining repairs, XXX felt comfortable proceeding. Additionally, the borrower provided an LOE stating that cash-out proceeeds would be used towards upgrades to the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to compelte them prior to a tenant occupying the property. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 66% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Property was vacant and in the process of being renovated at the time of inspection. No leak was present and the cost-to-cure was minimal, so XXX felt comfortable proceeding. The borrower is expected to maintain the property and complete ay necessary repairs. |
1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | XXX 2026-P2-100177 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - 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. | BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for missing VOR - primary guarantor lives rent free. Comp factor: seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100178 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Title seasoning < 12 months and the higher appraisal value was used versus the lower sales price. Approved exception at origination for 1) incomplete VOR-primary; missing 1 of 12 monthly deposit receipts - VOR form from private party and 2) incomplete VOM-subject; missing 1 of 6 deposit receipts - VOM from private lender. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-06-30): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, reserves. BUYER - GENERAL COMMENT (2026-06-30): Correced Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for 1) incomplete VOR-primary; missing 1 of 12 monthly deposit receipts - VOR form from private party and 2) incomplete VOM-subject; missing 1 of 6 deposit receipts - VOM from private lender. Comp factor: reserves. |
3 | [3] Property Eligibility - Site and Utilities - 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 there is no stove in kitchen. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Property condition in the value/LTV. The kitchen was being repaired at the time of inspection. XXX hasn't confirmed the status, but the borrower is expected to complete the kitchen repairs and install the stove. The borrower provided an LOE commiting to complete repairs to the property post-close. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100179 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 | FICO Score< 650. | BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-06-30): Exception waived. Updated approval provided in trailing documents approving exception for FICO < 650. Comp factor, LTV. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100180 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO below 650. Comp factor: LTV. Approved exception at origination for 1x30 days late mortgage payment (rolling lates) in the past 90 days and mortgage is not current-subject. Comp factor: LTV. Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-06-30): corrected uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO below 650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-06-30): corrected uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for 1x30 days late mortgage payment (rolling lates) in the past 90 days and mortgage is not current-subject. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 missing CO/smoke detectors - cost to cure - $150-$250; exposed wiring in family room ceiling - cost to cure - $100 - $275 and cosmetic issues; frayed/worn carpet on second floor - cost to cure - $1500 - $5000. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 65% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, cash-out proceeds would be used towards completing the repairs cited in the exception. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. Given the low cost-to-cure, low LTV and borrower's investor experience, XXX felt comfortable proceeding. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100181 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect wood rot in windowsill, door frames and fascia and damaged shower grout and damaged vanity. Cost to cure; $2,000 +/-. PTD: replace rotting wood exterior frames and fascia. Proof of repair not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 46% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The RE analyst requested underwriter review for a PTD; however, the underwriter did not deem as necessary. Per borrower LOE, cash-out proceeds would be used towards upgrades/repairs to the subject property. Given the low cost-to-cure, and low ltv, XXX felt comfortable proceeding. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100182 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO below 650. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO below 650. Comp factor: reserves. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100183 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. |
Approved exception at origination for missing lease agreement (XX is owner/user XXX). Comp factors: FICO and seasoned business Approved exception at origination for loan amount > $1,000,000 with LTV > 70%. Comp factors: FICO and seasoned business |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for missing lease agreement (XX is owner/user XXX). Comp factors: FICO and seasoned business REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for loan amount > $1,000,000 with LTV > 70%. Comp factors: FICO and seasoned business |
3 | [3] Property Eligibility - Site and Utilities - 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 appraisal indicate property is used as a care home with two bathrooms modified for handicap access and emergency exit doors installed in the bedrooms. Estimate cost to cure $50,000 and applied as a line adjustment. Appraisal photos reflect peeling/worn paint on the exterior, worn side decking and peeling paint on interior ceiling due repaired leak. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Appraisal made as-is and the property condition is considered in the value/LTV. The property is occupied with the borrower's business (ALF) so the cost to remove the emergency exits and accesibility improvements in the bathrooms were not considered material to underwriting, but it was factored into the appraised value. The borrower is a seasoned investor with a seasoned business and XXX felt comfortable proceeding with the loan. XXX expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100184 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount< $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-11): Approved exception at origination for loan amount< $75,000. Comp factor: LTV. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100185 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for 1x60 within the last 12 months. Comp factor: LTV. Approved exception at origination for loan amount < $75,000 Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for 1x60 within the last 12 months. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for loan amount < $75,000 Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100186 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100187 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factor: reserves. Approved exception at origination for dwelling coverage deductible > $10,000. Comp factor: reserves. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO < 650. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for dwelling coverage deductible > $10,000. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-06-30): Exception remains. Comp factor not updated. BUYER - GENERAL COMMENT (2026-07-07): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100188 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100189 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. Approved exception at origination 6 x 30 days late mortgage payments on two XXX loans. Comp factor: seasoned investor. Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. Approved exception at origination for 33.3% vacancy (signed lease subsequently provided). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination 6 x 30 days late mortgage payments on two XXX loans. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for 33.3% vacancy (signed lease subsequently provided). Comp factor: seasoned investor. |
3 | [3] Property Eligibility - Site and Utilities - 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/appraisal photos indicate exterior siding is missing/damaged, missing rear porch windows and missing balusters on unit # 2 porch. PTD to repair/replace damaged/missing siding and install windows in rear porches and certify there is no water/structural damage; chipping and peeling paint open to the elements. LOE in file from borrower stating repairs will be done after closing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 61.54% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete the repairs post-close using cash-out proceeds. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. XXX was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100190 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] General - The property is ineligible. |
Approved exception at origination for missing government issued document. Comp factor: LTV. Approved exception at origination for rural property. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for missing government issued document. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for rural property. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100191 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor - reserves. Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor - reserves. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: reserves. REVIEWER - RE-GRADED COMMENT (2026-06-15): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100192 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for title vesting < 12 months using the higher appraised value versus the lower purchase price. Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination 100% vacancy per appraisal (1 of 2 leases subsequently provided). Comp factors: FICO. Approved exception at origination for incomplete VOM (handwritten/private)-subject; missing 12 months deposit receipts. Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for loan amount < $75,000 Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for title vesting < 12 months using the higher appraised value versus the lower purchase price. Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination 100% vacancy per appraisal (1 of 2 leases subsequently provided). Comp factors: FICO. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for incomplete VOM (handwritten/private)-subject; missing 12 months deposit receipts. Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - RE-GRADED COMMENT (2026-06-16): Approved exception at origination for loan amount < $75,000 Comp factors: DSCR and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |
1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100265 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||
| XXXX | XXXX | XXX 2026-P2-100266 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for cash out on recently listed for property (proof of cancellation provided). Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for cash out on recently listed for property (proof of cancellation provided). Comp factors: FICO and seasoned business. | 1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100267 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||
| XXXX | XXXX | XXX 2026-P2-100268 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property [2] General - Insufficient Hazard Insurance |
Approved exception at origination for state exclusion override (MI). Comp factor, FICO. Approved exception at origination for insurance premium not paid in fill, on payment plan. Comp factor, seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for state exclusion override (MI). Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for insurance premium not paid in fill, on payment plan. Comp factor, seasoned investor. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100269 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines |
Approved exception at origination for FICO < 650. Comp factor, reserves. Approved exception at origination for < 2 major tradelines reported. Comp factor, reserves. |
REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for FICO < 650. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for < 2 major tradelines reported. Comp factor, reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100270 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100271 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business. Approved exception at origination for > 0x30 days late within 90 days, and > 0x 60+ days within 24 mos on primary. Comp factors; seasoned investor and seasoned business. Approved exception at origination for credit report aged > 60 days. Comp factors; seasoned investor and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for > 0x30 days late on primary within 90 days. Comp factors; seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for credit report aged > 60 days. Comp factors; seasoned investor and seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100164 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. Approved exception at origination for > 2X30 mortgage lates within 24 months. Comp factors: seasoned investor and seasoned business. Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for > 2X30 mortgage lates within 24 months. Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. |
3 | [3] Property Eligibility - Site and Utilities - 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 notes the property shows significant basement deterioration, including exposed framing, damaged or missing wall finishes. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 60% LTV. Property condition considered in the value/LTV. The overall property condition was average at the tine of inspection. The basement was unfinished and vacant at origination. The state of the basement did not pose any immediate health and safety risk to the property and the living areas of the property were fully functional. No cost to cure was provided by the appraiser, but given that there were no safety or structural concerns XXX felt comfortable proceeding. The borrower is expected to maintain the property and complete any necessary repairs | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100272 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100273 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. [2] General - The property is ineligible. |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and seasoned business. Approved exception at origination for loan amount < $100,000 on a commercial property, Comp factors: DSCR and seasoned business. Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factors: DSCR and "other" which cannot be verified. |
REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for loan amount < $100,000 on a commercial property, Comp factors: DSCR and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factors: DSCR and "other" which cannot be verified. |
3 | [3] Property Eligibility - Site and Utilities - 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 reflects basement stairwell is missing railings and dampness on floor of basement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 60.36% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, cash-out proceeds would be used towards property upgrades. No active leak present and the cost to cure for the handrail was considered minimal, so the cited exceptions were not considered material to underwriting; however, XXX expects the borrower to complete any necessary repairs and maintain the property. | 1 | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100274 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for VOM. Comp factors LTV (LTV is not a valid comp factor for a Trad II > 60%) and reserves . Approved exception at origination for vacant property. Comp factor LTV (LTV not valid for Trad II with LTV > 60%) and reserves. |
BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for VOM. Comp factors LTV (LTV is not a valid comp factor for a Trad II > 60%) and reserves . REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for vacant property. Comp factor LTV (LTV not valid for Trad II with LTV > 60%) and reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100275 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100276 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for DSCR < 1.2x on a Traditional 1 with balance > $500,000. Comp factors, seasoned business and reserves (reserves not supported with only 1 payment verified). Approved exception at origination for FICO < 650. Comp factors reserves (reserves not supported with only 1 payment verified) and seasoned business. Approved exception at origination for < 2 active open major tradelines. Comp factors, seasoned business and reserves (reserves not supported with only 1 payment verified). Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor seasoned business. Approved exception at origination for vacant property. Comp factor, seasoned business. |
REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for DSCR < 1.2x on a Traditional 1 with balance > $500,000. Comp factors, seasoned business and reserves (reserves not supported with only 1 payment verified). REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for FICO < 650. Comp factors reserves (reserves not supported with only 1 payment verified) and seasoned business. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for < 2 active open major tradelines. Comp factors, seasoned business and reserves (reserves not supported with only 1 payment verified). BUYER - GENERAL COMMENT (2026-06-30): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor seasoned business. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for vacant property. Comp factor, seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100277 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - 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 | All three units have roughed in plumbing-not completed with no amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at the time of inspection. The borrower provided a business plan which states that their business will occupy one unit and tenants will occupy the other two units. The borrower will need to make sure the units are habitable and with active utilities prior to occupying (with their business)/renting the units. XXX hasn't confirmed the status, but expects the borrower to have functioning utilities/plumbing prior to occupancy. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100278 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100279 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Wind deductible of 5% is > $25k guideline maximum. (XXXX) Approved exception at origination for 58.3% vacancy/missing lease(s) on investor traditional 1 refinance with loan > $500k . Comp factors; seasoned investor and FICO. |
BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-06-17): Approved exception at origination for 58.3% vacancy/missing lease(s) on investor traditional 1 refinance with loan > $500k . Comp factors; seasoned investor and FICO. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100280 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for DSCR < 1.20x on investor Traditional 1 purchase with loan > $750,000. Comp factor: LTV. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. Approved exception at origination for 100% vacancy/ missing leases on investor traditional 1 purchase with loan > $750k . Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for DSCR < 1.2x on investor Traditional 1 purchase with loan > $750,000. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for 100% vacancy/ missing leases on investor traditional 1 purchase with loan > $750k . Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100281 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100282 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for override of statewide exclusion for traditional property type located in XX . Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-06-16): Approved exception at origination for override of statewide exclusion for traditional property type located in XX . Comp factors: LTV and DSCR. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100283 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor. Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. Approved exception at origination for insurance not paid in full (on payment plan). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-15): Approved exception at origination for insurance not paid in full (on payment plan). Comp factor: seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100284 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100285 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100286 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. Approved exception at origination for incomplete VOR-primary; missing 12 months deposit receipts (VOR from private party). Comp factor: seasoned investor. Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for incomplete VOR-primary; missing 12 months deposit receipts (VOR from private party). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-12): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100287 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100288 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for vacancy 36.7%. Comp factors, LTV and DCR. | REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for vacancy 36.7%. Comp factors, LTV and DCR. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100289 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100290 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100165 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100193 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100194 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Dwelling coverage < than loan amount and appraisal does not provide amount to rebuild. Lease is missing rent amount. |
BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for insurance amount. Comp factors, seasoned business and FICO. BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for missing rent amount. Comp factor, FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100195 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100196 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. Missing lease agreements. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO BUYER - GENERAL COMMENT (2026-07-07): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-08): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, FICO and LTV. |
1 | 1 | 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. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100291 | XXXX | $XXX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts (VOM form from private party). Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts (VOM form from private party). Comp factors: FICO and reserves. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX XXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects standing water in basement. . |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Property condition is considered in the value/LTV. No active leak confirmed and structural issues present. The dampness is assumed to be minor in nature and not materal. The borrower is still expected to maintian the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | XXX 2026-P2-100197 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Application / Processing - Missing Document: HOA Questionnaire not provided |
Approved exception at origination for appraisal showing owner occupied and approval reflects investment (signed lease agreement provided). Comp factor: LTV. Approved exception at origination for missing HOA documents. Comp factor: LTV. |
REVIEWER - GENERAL COMMENT (2026-07-28): Approved exception at origination for appraisal showing owner occupied and approval reflects investment (signed lease agreement provided). Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for missing HOA documents. Comp factor: LTV. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100198 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal photo reflects oven in basement; LOI remove oven and cap gas line provided by borrower. Appraisal reflects unit 3 bathroom is missing drywall. Cost to cure for damage is $2,500. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 44.48% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No structural concerns noted. Unit vacant and the borrower in the process of completing repairs at origination. Given the low LTV/cost to cure, XXX felt comfortable proceeding; however, the borrower is expected to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 44.48% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No structural concerns noted. Unit vacant and the borrower in the process of completing repairs at origination. Given the low LTV/cost to cure, XXX felt comfortable proceeding; however, the borrower is expected to maintain the property and complete any necessary repairs.The borrower provided an LOE stating that they would remove the oven and cap the gas line. XXX hasn't confirmed the status, but expects the borrower to fulfill their commitment. |
1 | 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. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100199 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit aged > 60 days. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for credit aged > 60 days. Comp factor: FICO. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house appraisal review indicates there is evidence of damaged exterior siding. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, "Physical depreciation is taken for normal wear and tear. No items of deferred maintenance were noted during the inspection. No functional or external obsolescence is noted". No structural concerns present and damaged siding appeared to be cosmetic in nature and not material to underwriting. In any case, the borrower is expected to maintain the property and make any necessary repairs. | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100200 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100201 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: reserves. | BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for FICO < 650. Comp factors: reserves. |
3 | [3] Property Eligibility - Site and Utilities - 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 water on basement floor at the time of inspection. Per the appraisal "water on the floor of the basement is a result of an overflow to the washer sink (blocked drain). No water leaks were noted at the time of inspection." No evidence blocked drain was cleared. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-17): Appraisal made as-is and the property condition is considered in the value/LTV. There was no active leak present and the standing water was not considered material in terms of underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100202 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Appraisal Documentation - Missing Document: Appraisal not provided | 1004 appraisal is missing comparable rent schedule/ market rent analysis. | BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rent schedule with appraisal. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100203 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. |
Missing lease agreement. Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease agreement. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100204 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for credit aged > 60 days. Comp factor: FICO. Missing VOR-primary; borrower lives rent free. |
REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for credit aged > 60 days. Comp factor: FICO. BUYER - GENERAL COMMENT (2026-06-30): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, reserves. |
3 | [3] Property Eligibility - Site and Utilities - 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 bars on first floor rear window; no proof of quick release latches provided. Additionally, ceiling in 2nd floor rear bedroom is water damaged, cracked and stained. Roof inspection provided stating "Upon completion of a minor maintenance completedXX/XX/XXXX, the roof was deemed safe". | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Appraisal made as-is and the property condition is considered in the value/LTV. Per the roof inspection, repairs were made and the roof was deemed safe. The borrower provided an LOE commiting to complete the remaining repairs. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. | 1 | 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. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100205 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-24): The Loan to Value (LTV) on the loan is less than the guideline maximum. BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 is missing cover, posing a potential safety concern, missing functional furnace and puddling in basement. Estimated cost to cure: $4,000. PTDs to install functional furnace (heating source) and ensure fully operational; finish construction in kitchen, including cabinet installation, sink and appliances; Ensure bathroom is finished and fully functional; Install trim throughout and install all lighting fixtures. A hold back of $5,000 provided to install the furnace. Does not cover finishing construction in kitchen, including cabinet installation, sink and appliances, finishing bathroom or installing trim throughout. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 43% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. XXX completed a 90-day holdback for $5,000 to cover the installation of the furnace. Property vacant at origination and undergoing repairs/upgrades. The borrower provided photos of repairs that had been completed post-inspection which included the cabinet installation and sink/appliance installation. At that point, the borrower was working on the final stages of renovation and provided an LOE committing to complete the remaining repairs. XXX hasn't confirmed the status of the remaining repairs; however, the borrower is expected to fulfill their commitment to complete them so they can rent out their investment property. The furnnace is expected to be installed within the holdback period. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100206 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - Missing Hazard Insurance |
Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non quantitative subjective trait. Approved exception at origination for 1x60 and 1x 90 days late within 24 months on mortgage accounts. Comp factor; LTV. Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; LTV. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for 1x60 and 1x 90 days late within 24 months on mortgage accounts. Comp factor; LTV. BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100207 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease agreement. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for missing lease agreement. Comp factor: LTV. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100208 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100209 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property | Approval reflects Rurality Check Failure. (appears to be > 25mi from city with population of 100k+) | BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100210 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property | Approval reflects "Rurality Check Failure" (appears to be > 25mi from city with pop > 100,000). | BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100211 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines [2] General - LTV does not meet guidelines |
Approved exception at origination for credit collections > 25k. Comp factor: reserves. Approved exception at origination for first time investor purchase of 1-unit property with LTV > 70%. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-07-01): Uploaded bank statements to support strong reserves REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for credit collections > 25k. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-07-01): Uploaded bank statements to support strong reserves REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for first time investor purchase of 1-unit property with LTV > 70%. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100212 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination credit report aged > 60 days. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination credit report aged > 60 days. Comp factor: seasoned investor. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100213 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for vacant property on a refi. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for vacant property on a refi. Comp factor, LTV. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100214 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100215 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100216 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - 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 investor. | REVIEWER - WAIVED COMMENT (2026-06-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100292 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 21% vacancy with > $25k in XX. Comp factor, FICO. | BUYER - GENERAL COMMENT (2026-07-01): Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 21% vacancy with > $25k in XX. Comp factor, FICO. |
2 | [2] Property Eligibility - Site and Utilities - 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/Property Inspection reflects water stains on ceiling titles in laundromat, dampness/standing water in basement. Additionally, unit 2 is undergoing renovation with cost to cure of $44887, 40% completed. Comp factor, signed 365-day Holdback agreement for $ 30,652 and amount reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for Appraisal/Property Inspection reflects water stains on ceiling titles in laundromat, dampness/standing water in basement. Additionally, unit 2 is undergoing renovation with cost to cure of $44887, 40% completed. Comp factor, signed Holdback agreement and amount reflected on HUD. | 1 | Evidence of Escrow Holdback in file. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100293 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception for first time investor purchase of a traditional 2 commercial property with LTV > 65%. Comp factors: FICO and reserves which cannot be substantiated due to insufficient reserves. Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves which cannot be substantiated due to insufficient reserves. |
REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception for first time investor purchase of a traditional 2 commercial property with LTV > 65%. Comp factors: FICO and reserves which cannot be substantiated due to insufficient reserves. REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves which cannot be substantiated due to insufficient reserves. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100294 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV>70% on investor traditional 1 mixed use purchase. Comp factors; FCIO and reserves. | REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for first time investor with LTV>70% on investor traditional 1 mixed use purchase. Comp factors; FCIO and reserves. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100295 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for FICO > 650. Comp factor: reserves. Approved exception at origination for > 2X30 days late mortgage payments in the past 24 months. Comp factor: reserves. Approved exception at origination for incomplete VOM-subject; missing 2 of 12 deposit receipts. Comp factor seasoned investor Approved exception at origination for premium not paid at closing (on payment plan). Comp factor: seasoned investor. Approved exception at origination for 49.7% vacancy per appraisal. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for FICO > 650. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for > 2X30 days late mortgage payments in the past 24 months. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for incomplete VOM-subject; missing 2 of 12 deposit receipts. Comp factor seasoned investor REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for premium not paid at closing (on payment plan). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for 49.7% vacancy per appraisal. Comp factor: reserves. |
1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100296 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX [2] General - The property is ineligible. |
Approved exception at origination for loan amount below minimum guideline amount, Comp factor; LTV. Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factor LTV. Approved exception at origination for State Exclusion. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for loan amount below minimum guideline amount, Comp factor; LTV. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factor LTV. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for State Exclusion. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal notes tarp covering a portion of the detached garage's roof, missing electrical outlet covers in one room, entry doorway missing framing, and cracked driveway/parking area. Appraisal notes tarp covering a portion of the detached garage's roof, missing electrical outlet covers in one room, entry doorway missing framing, and cracked driveway/parking area. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 50% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the borrower LOE, the cashout proceeds would be used towards making repairs at the subject property. XXX also obtained an estimate from a licensed contractor which showed that the roof repair would cost $625. Given the low LTV and cost-to-cure, XXX felt comfortable proceeding. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 50% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the borrower LOE, the cashout proceeds would be used towards making repairs at the subject property. XXX also obtained an estimate from a licensed contractor which showed that the roof repair would cost $625. Given the low LTV and cost-to-cure, XXX felt comfortable proceeding. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. |
1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100297 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal notes missing ceiling tiles, damaged flooring, unfinished ceiling repairs, graffiti, overgrown side lot, broken lighting fixtures, standing water in the basement, makeshift support columns in the basement, sump pump in basement is not working, open electrical panel space, emergency lighting in the basement, and missing smoke detectors in residential units. Appraisal notes missing ceiling tiles, damaged flooring, unfinished ceiling repairs, graffiti, overgrown side lot, broken lighting fixtures, standing water in the basement, makeshift support columns in the basement, sump pump in basement is not working, open electrical panel space, emergency lighting in the basement, and missing smoke detectors in residential units. Appraisal notes missing ceiling tiles, damaged flooring, unfinished ceiling repairs, graffiti, overgrown side lot, broken lighting fixtures, standing water in the basement, makeshift support columns in the basement, sump pump in basement is not working, open electrical panel space, emergency lighting in the basement, and missing smoke detectors in residential units. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Appraisal made as-is and the property condition is considered in the value/LTV. XXX received photos from the borrower which showed proof that the CO detectors and electrical panel covers were installed. Additionally the borrower provided photos of the repaired floor and the cleaned up basement with no presence of standing water. The remaining items were considered standard deferred maintenance, and since the borrower is actively making repairs to the property, XXX felt comfortable proceeding. There wasn't a concern for structural integrity of the property or immediate health and safety concerns. The borrower has owned the subject since XXXX and XXX expects them to continue to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Appraisal made as-is and the property condition is considered in the value/LTV. XXX received photos from the borrower which showed proof that the CO detectors and electrical panel covers were installed. Additionally the borrower provided photos of the repaired floor and the cleaned up basement with no presence of standing water. The remaining items were considered standard deferred maintenance, and since the borrower is actively making repairs to the property, XXX felt comfortable proceeding. There wasn't a concern for structural integrity of the property or immediate health and safety concerns. The borrower has owned the subject since XXXX and XXX expects them to continue to maintain the property and complete any necessary repairs. SELLER - GENERAL COMMENT (2026-07-29): No structural concerns were cited by the appraiser. The columns appear to be for additional support, rather than repairs for structural issues (there is a laundry facility in the commercial unit above the basement). XXX was comfortable with the property as-is. The comments in the appraisal appeared to be informational rather than the appraiser citing a specific concern. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Appraisal made as-is and the property condition is considered in the value/LTV. XXX received photos from the borrower which showed proof that the CO detectors and electrical panel covers were installed. Additionally the borrower provided photos of the repaired floor and the cleaned up basement with no presence of standing water. The remaining items were considered standard deferred maintenance, and since the borrower is actively making repairs to the property, XXX felt comfortable proceeding. There wasn't a concern for structural integrity of the property or immediate health and safety concerns. The borrower has owned the subject since XXXX and XXX expects them to continue to maintain the property and complete any necessary repairs. |
1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100298 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100299 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for credit report extension. Comp factors: LTV, reserves. Approved exception at origination for vacancy in of 50%. Comp factors: LTV, reserves. Approved exception at origination for incomplete VOR-primary and incomplete VOM-subject. Comp factors: LTV, reserves. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for credit report extension. Comp factors: LTV, reserves. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for vacancy in excess of guideline. Comp factors: LTV, reserves. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for incomplete VOR-primary and incomplete VOM-subject. Comp factors: LTV, reserves. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100300 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO > 650. Comp factor: LTV. Approved exception at origination for 1) missing VOM-subject; missing 12 months deposit receipts and 2) missing VOM-primary; missing 12 months deposit receipts Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for FICO > 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for 1) missing VOM-subject; missing 12 months deposit receipts and 2) missing VOM-primary; missing 12 months deposit receipts Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 commercial unit is under renovation, appliances missing from residential units and open exposed wires in electrical panel. Two doors are to be installed for the 2nd floor apartment and the building needs inspection from the village building inspector to obtain certificate of occupancy. Cost estimate is $3,500 to complete all work and final permitting. Proof of completion not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 43% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower was actively renovating the property and given the low cost to cure/LTV XXX felt comfortable proceeding. The borrower is expected to maintain the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100301 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV >70% on investor(as opposed to owner user per approval) traditional 1 mixed use. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for first time investor with LTV >70% on investor(as opposed to owner user per approval) traditional 1 mixed use. Comp factor: reserves. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Property condition rated fair - Appraisal indicates safety issues of Cracked concrete steps, unsecured light fixture, exposed plumbing, roof shingles worn or missing, wall/ceiling damage, and residential unit bedrooms lacking a heat source. Appraisal indicates safety issues of Cracked concrete steps, unsecured light fixture, exposed plumbing, roof shingles worn or missing, wall/ceiling damage, and residential unit bedrooms lacking a heat source. Approved exception at origination for deferred maintenance > $20,000. Comp factor, reserves. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Purchase transaction, property condition is considered in the value/LTV. No cost to cure was provided for the cited items of deferred maintenance but XXX's internal analyst estimated the cost to be greater than $20,000, and XXX granted an origination exception. The tenant purchased this property from the previous owner and the contract indicates there is a seller's credit to the buyer against the purchase price in an amount equal to the cost of improvements made by the buyer to the property prior to closing. Additionally, the borrower maintained strong reserves post-close (greater than the deferred maintenance cost) which further comforted XXX. XXX hasn't confirmed the status of the repairs post-close, but expects the borrower to maintain the property and to continue to complete improvements. " BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): "Purchase transaction, property condition is considered in the value/LTV. No cost to cure was provided for the cited items of deferred maintenance but XXX's internal analyst estimated the cost to be greater than $20,000, and XXX granted an origination exception. The tenant purchased this property from the previous owner and the contract indicates there is a seller's credit to the buyer against the purchase price in an amount equal to the cost of improvements made by the buyer to the property prior to closing. Additionally, the borrower maintained strong reserves post-close (greater than the deferred maintenance cost) which further comforted XXX. XXX hasn't confirmed the status of the repairs post-close, but expects the borrower to maintain the property and to continue to complete improvements. " BUYER - GENERAL COMMENT (2026-07-13): yes - this exception is for deferred maintenance greater than $20,000 REVIEWER - WAIVED COMMENT (2026-07-14): Approved exception at origination for deferred maintenance > $20,000. Comp factor, reserves. |
1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100302 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV > 70% on investor traditional 1 mixed use purchase. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for first time investor with LTV > 70% on investor traditional 1 mixed use purchase. Comp factors: FICO and reserves. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100303 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property is ineligible. |
Approved exception at origination for credit report extension. Comp factor: LTV, FICO. Approved exception at origination for State Exclusion. Comp factors: LTV, FICO. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for credit report extension. Comp factor: LTV, FICO. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for State Exclusion. Comp factors: LTV, FICO. |
1 | 1 | 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. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100304 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for State Exclusion. Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for State Exclusion. Comp factor, LTV. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100305 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Property inspection report notes exposed wire associated with the electrical panel. Appraisal notes multiple issues of deferred maintenance including peeling paint, exterior surface wear, cracking and deterioration of paved areas worn/deteriorated flooring in the bar/service area and exposed drywall. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): Purchase transaction, property condition is considered in the value/LTV. The appraiser didn't cite major deferred maintenance/structural concerns/health and safety concerns so XXX felt comfortable proceeding with the loan since no major issues were present. The wire associated with the electrical box was a cable and did not appear to pose a safety risk. XXX hasn't confirmed the status of repairs, but the borrower is expected to maintain the property and complete any necessary repairs. XXX was further comforted because the borrower is a seasoned investor BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): Purchase transaction, property condition is considered in the value/LTV. The appraiser didn't cite major deferred maintenance/structural concerns/health and safety concerns so XXX felt comfortable proceeding with the loan since no major issues were present. The wire associated with the electrical box was a cable and did not appear to pose a safety risk. XXX hasn't confirmed the status of repairs, but the borrower is expected to maintain the property and complete any necessary repairs. XXX was further comforted because the borrower is a seasoned investor |
1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100306 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property is ineligible. |
Approved exception at origination for credit report extension. Comp factor: LTV, DCR. Approved exception at origination for State Exclusion. Comp factors: LTV, DCR. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for credit report extension. Comp factor: LTV, DCR. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for State Exclusion. Comp factors: LTV, DCR. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100307 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for vacancy in excess of guideline. Comp factors: FICO, DCR. Approved exception at origination for 1) Private VOM form (other REO), 2) Incomplete VOM (subject). Comp factors: FICO, DCR. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for vacancy in excess of guideline. Comp factors: FICO, DCR. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for 1) Private VOM form (other REO), 2) Incomplete VOM (subject). Comp factors: FICO, DCR. |
1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100308 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for < 2 open major tradelines reported. Comp factor: Seasoned investor. | REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for < 2 open major tradelines reported. Comp factor: Seasoned investor. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100309 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] General - The property is ineligible. |
HOA master policy is missing subject property unit number. Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-07-01): 1 exception noted on uploaded approval. 2 email to XXXXX REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master Policy missing unit number. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100310 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100311 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for FICO < 650. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - 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 states the building has 14 broken windows with cost to cure of $40,000. Additionally, 1 of 3 units is in shell condition. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, the cash-out proceeds woul be used towards renovation and replacing the windows. XXX hasn't confirmed the status of repairs, but expects the property to fulfill their commitment to complete them. XXX was further comforted by the low LTV. SELLER - GENERAL COMMENT (2026-07-29): Per the appraisal: The windows may need to be entirely replaced, and per the appraisal, "Costs for windows can vary drastically based on size, quality and other factors. The owner's current repair estimate is considered to be a good indicator of the current replacement costs for the remaining windows as the glass accounts for the majority of the cost. If the current repair estimate represents 75% of replacement cost, this would indicate a replacement cost of $2,597 ($1,818 / 70%). Further, the current owner received quotes to replace the broken windows circa XXXX. The quotes were for approximately $25,000 - $28,000. XXXX indicates that costs are roughly 40% higher today than in XXXX. Trended for inflation, the previous quote would indicate a range of $35,000 - $39,200, or $2,500 - $2,800 per window. For the purposes of this analysis, we have estimated a replacement cost of $2,600 per window. |
1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100312 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned investor. Approved exception at origination for subject currently listed for sale. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for subject currently listed for sale. Comp factor: seasoned investor. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100313 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100314 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for no active major tradelines. Comp factor: LTV. Missing 3 months P&I reserves for first time investor. Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for no active major tradelines. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-01): Exception waived. Updated approval provided in trailing documents approving exception for FTI missing reserves. Comp factors, DSCR and reserves (reserves are not supported for an exception for reserves). REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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/property inspection report reflect open spaces in electrical panel, rusted oil tank, minor settlement cracks on exterior wall, ceiling damage due to previously repaired leak and cracked concrete floor slab. Proof of repair not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower intends to rent the subject and is expected to complete any necessary repairs prior to occupancy - XXX hasn't confirmed the status of repairs. XXX was further comforted since the borrower maintained strong reserves after bringing funds to close and the low LTV. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100315 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100316 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of a commercial property with LTV > 65%. Comp factor: FICO | BUYER - GENERAL COMMENT (2026-07-07): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination for first time investor purchase of a commercial property with LTV > 65%. Comp factor: FICO |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100317 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for DSCR < 1.00 for an owner/user traditional 2 property with loan > $750k. Comp factors: FICO and reserves. Approved exception for incomplete VOM-primary. Missing 12 months deposit receipts (handwritten VOM from private party). Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception at origination for DSCR < 1.00 for an owner/user traditional 2 property with loan > $750k. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-06-24): Approved exception for incomplete VOM-primary. Missing 12 months deposit receipts (handwritten VOM from private party). Comp factors: FICO and reserves. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects one room is missing flooring. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The appraiser estimated a $1,500 cost to cure, no other items of deferred maintenance were cited. The property was undergoing improvements at the time of inspection, and given the low cost-to-cure the flooring wasn't deemed material to underwriting. The borrower is expected to maintain the proeprty and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100318 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - LTV does not meet guidelines [2] General - Missing Document: Lease Agreement not provided [2] General - The property is ineligible. |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. Approved exception at origination for first time purchase of a multi-family property with LTV > 70%. Comp factor: reserves. Approved exception at origination for 28.2% vacancy/missing lease agreement. Comp factor: reserves. Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for first time purchase of a multi-family property with LTV > 70%. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for 28.2% vacancy/missing lease agreement. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100319 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for LTV > 70% on a commercial Trad 2 property. Comp factor: FICO. Approved exception at origination for incomplete VOM-primary; payments made by spouse. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for LTV > 70% on a commercial Trad 2 property. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-06-23): Approved exception at origination for incomplete VOM-primary; payments made by spouse. Comp factor: FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100320 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Missing Document: Lease Agreement not provided [2] General - The property is ineligible. |
Approved exception at origination for maximum cash out on a land contract transaction. Comp factor FICO. Approved exception at origination for 100 % vacancy with max LTV for commercial property. Comp factor: FICO. Approved exception at origination for land contract with < 12 months deposit receipts/tie vesting < 12 months.. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for maximum cash out on a land contract transaction. Comp factor FICO. SELLER - GENERAL COMMENT (2026-07-29): A land contract is a seller financing agreement where the buyer pays the owner in installments rather than a traditional bank mortgage (essentially a rent-to-buy). The subject was originally purchased by the borrower via a land contract in XX/XX/XXXX, the private mortgage was paid off and XXX is now the note holder. XXX UW felt comfortable proceeding with the loan (comp factor was high fico) BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 100 % vacancy with max LTV for commercial property. Comp factor: FICO. BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for land contract with < 12 months deposit receipts/tie vesting < 12 months.. Comp factor: FICO. |
2 | [2] Property Eligibility - Site and Utilities - 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 FA electrical furnace and CA not completely installed and the building had no electricity or gas service., HVAC and no gas service not functional at time of inspection. Repair hold back of $XXX provided. Comp factors: signed 120-Day holdback agreement for $XXX provided and amount reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for FA electrical furnace and CA not completely installed and the building had no electricity or gas service., HVAC and no gas service not functional at time of inspection. Repair hold back of $XXX provided. Comp factors: signed holdback agreement provided and amount reflected on HUD. | 1 | Evidence of Escrow Holdback in file. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100321 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2026-07-01): Exception written and approved REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned investor. |
3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal and in-house review notes deferred maintenance including moisture staining of basement foundation walls, exposed piping, peeling paint, worn exterior surfaces, and deteriorated walls of commercial building. Borrower indicated they intend to repair the commercial building walls, waiting on permits. Appraisal and in-house review notes deteriorated walls of commercial building. Borrower indicated they intend to repair the commercial building walls, waiting on permits. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 54% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower intends to complete the repairs to the walls, but they are waiting on permits (timeline for permits not provided). The status of the permits/repairs has not been confirmed by XXX post-close. The borrower is a seasoned investor and has made various improvements to the property since acquiring in XXXX, XXX felt comfortable proceeding and expects the borrower to complete the repairs once permits are obtained. XXX was further comforted by the low LTV. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 54% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower intends to complete the repairs to the walls, but they are waiting on permits (timeline for permits not provided). The status of the permits/repairs has not been confirmed by XXX post-close. The borrower is a seasoned investor and has made various improvements to the property since acquiring in XXXX, XXX felt comfortable proceeding and expects the borrower to complete the repairs once permits are obtained. XXX was further comforted by the low LTV. |
1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100322 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for condo association still under developer control. Comp factor: Reserves. | REVIEWER - WAIVED COMMENT (2026-06-22): Approved exception at origination for condo association still under developer control. Comp factor: Reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100323 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100324 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for premium not paid in full - on payment plan. Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for premium not paid in full - on payment plan. Comp factor, seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100325 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100326 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100327 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100328 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100329 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100217 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100218 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - FICO below 650 [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination title vesting < 12 months. Comp factors: LTV and reserves. Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. Approved exception at origination for100% vacancy per appraisal (Signed lease provided). Comp factors: LTV and reserves. |
REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination title vesting < 12 months. Comp factors: LTV and reserves. REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for100% vacancy per appraisal (Signed lease subsequently provided). Comp factors: LTV and reserves. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100219 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100330 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage. | In-house appraisal indicates dining room is missing flooring - XXXX. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 50% LTV, appraisal made as-is and the property condition is considered in the value/LTV. No health and safety or structual concerns. The dining room appears to need the vinyl flooring replaced, but that does not affect the livability of the property. The appraiser did not cite a deferred maintenance cost-to-cure. The flooring updates appear to be cosmetic in nature and were not deemed material to underwriting. XXX expects the borrower to maintain the property and complete any necessary repairs. XXX was further comforted by the low LTV and borrower's investor experience. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||||
| XXXX | XXXX | XXX 2026-P2-100220 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100221 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - 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 states appraiser observed some deferred maintenance items such as chipping and peeling paint, tub surround was taped, portion of the kitchen floor and cabinetry in need of repair and metal railings on the exterior front and rear should be reinforced. The basement may have had indoor "plant cultivation" and some areas exhibit moisture, stated may need further inspection to determine if repairs needed. Estimated cost to cure of $12,000. Proof of replacement of railing in the rear provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 41% LTV. Appraisal made as-is and the property conditon is considered in the value/LTV. The borrower provided an LOE committing to complete the repairs. XXX hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete the repairs. XXX was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100222 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Insufficient Hazard Insurance | 1) Wind/hail deductible > $25,000 and 2) dwelling deductible > $10,000. | BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100223 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. Approved exception at origination for 58.7% vacancy (signed lease subsequently provided). Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for 58.7% vacancy (signed lease subsequently provided). Comp factor: LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100224 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - 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 notes missing smoke detectors in subject. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 50% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The missing smoke detectors were not deemed material to underwriting given the assumed low cost-to-cure (amount not provided by appraiser). However, XXX does expect the borrower to install them and maintain the property as necessary. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXX | XXXX | XXX 2026-P2-100225 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination 100% vacancy/missing lease agreement. Comp factors: LTV. Approved exception at origination for cash out on property acquired within recent 6 months using the higher appraised value versus the lower list price. Comp factor, LTV. |
BUYER - GENERAL COMMENT (2026-07-01): correced uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination 100% vacancy/missing lease agreement. Comp factors: LTV. BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for cash out on property acquired within recent 6 months using the higher appraised value versus the lower list price. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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 is missing door. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 50% LTV, property condition is considered in the value/LTV. XXX generally doesn't view missing electrical panel covers as material to underwriting because of the relatively minimal cost to cure. XXX was further comforted by the low LTV. The borrower is still expected to maintain the property and complete any necessary repairs. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100166 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Ineligible property [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for cash out on property with title vesting < 12 months. Comp factors: LTV and DSCR Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for cash out on property with title vesting < 12 months. Comp factors: LTV and DSCR REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |
3 | [3] Property Eligibility - Site and Utilities - 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 kitchen counters appear to be missing (cost to cure: $2,500 - $7,500), multiple rooms are missing base and door moldings and appear to be in need of floor coverings (cost to cure: $3,500 - $10,000), exterior window trim and gutters in need of paint (cost to cure: $2,000). Additionally, ceiling area is in disrepair, damaged concrete steps and electrical panel is missing door which is considered a safety hazard. PTD for repair/replacement of electrical panel cover. Recommend a structural inspection to confirm concrete steps are not a safety hazard. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-23): 50% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete the cited repairs. Given the low LTV, relatively low cost-to-cure and borrower's investor experience, XXX felt comfortable proceeding. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100226 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100227 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property is ineligible. |
Approved exception at origination for 3x30 days late mortgage payments within the last 12 months-subject. Comp factors: seasoned investor and LTV. Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 3x30 days late mortgage payments within the last 12 months-subject. Comp factors: seasoned investor and LTV. REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo/in-house review indicates damaged/missing siding noted on side of subject dwelling. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 53% LTV, appraisal made as-is and the property condition is considered in the value/LTV. No structural concerns present and damaged siding appears to be cosmetic in nature - the siding was not called out by the appraiser and no cost-to-cure was provided - XXX did not view as material to underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||
| XXXX | XXXX | XXX 2026-P2-100228 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100229 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects patch work on ceiling. Source of damage not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 56.56% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No leak present or structural concerns noted. Given that the patchwork was work completed and no immediate concerns were present XXX felt comfortable proceeding. Per borrower LOE, cash-out proceeds would be used towards improvements at the subject property. XXX expects the borrower to maintain the property and complete any necessary repairs. XXX was further comforted by the low LTV. | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100230 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease agreement. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for missing lease agreement. Comp factors: LTV and FICO. | 1 | 1 | 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. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100231 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal photos reflect cracks in foundation with falling brick. No amount to cure provided. The foundation to the house appears compromised. Cracks are in the bricks near the ground. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 65% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The subject is rated in overall above average C3 condition, with no necessary repairs noted. Appraisal notes, the subject has falling brick on the corner of the foundation. This appears to be only cosmetic per appraisal. Since this was deemed cosmetic in nature, XXX felt comfortable proceeding. Additionally, the borrower provided an LOE stating that cash-out proceeds would be used towards cosmetic repairs and maintenance to the subject property. XXX expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 65% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The subject is rated in overall above average C3 condition, with no necessary repairs noted. Appraisal notes, the subject has falling brick on the corner of the foundation. This appears to be only cosmetic per appraisal. Since this was deemed cosmetic in nature, XXX felt comfortable proceeding. Additionally, the borrower provided an LOE stating that cash-out proceeds would be used towards cosmetic repairs and maintenance to the subject property. XXX expects the borrower to maintain the property and complete any necessary repairs. |
1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100232 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal. Comp factors: LTV and property condition which is non-quantitative subjective trait that cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 100% vacancy per appraisal. Comp factors: LTV and property condition which is non-quantitative subjective trait that cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - 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 baseboards are missing from unit 2 and lower unit stairs appear incomplete - cost to cure: $1,000. Additionally, exposed ceiling with wires hanging down in basement and construction debris in basement and in rear of property. In-house review has PTD obtain occupancy certificate, property is zoned as a triplex and if destroyed more than 60% cannot be rebuilt as a duplex (current configuration). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 47.92% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant and undergoing repairs/renovations at origination. Given the low LTV, XXX felt comfortable proceeding with the loan (for both the property condition and without the rebuild letter). The borrower is expected to complete the repairs. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100233 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100234 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for missing 1) VOR-primary; guarantor lives rent free and 2) missing VOM for second mortgage-subject (no monthly payments required). Comp factor: FICO. Approved exception at origination for 1) vacancy and 2) lease is expired. Comp factor, FICO. |
REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for missing 1) VOR-primary; guarantor lives rent free and 2) missing VOM for second mortgage-subject (no monthly payments required). Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 1) vacancy and 2) lease is expired. Comp factor, FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100235 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: DCR. | REVIEWER - WAIVED COMMENT (2026-07-07): Approved exception at origination for FICO < 650. Comp factor: DCR. | 3 | [3] Property Eligibility - Site and Utilities - 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 missing handrail on front and rear exterior steps to home. In-house review estimates cost to cure of $2,500. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 65% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE commiting to install the missing handrails using cash-out proceeds post-close. XXX hasn’t confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. XXX was further comforted by the low LTV and low cost-to-cure. | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100236 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 3 | [3] Miscellaneous - Credit Exception: [2] General - Missing Document: Lease Agreement not provided |
Transaction type on appraisal does not match final settlement statement Missing lease agreement. |
BUYER - GENERAL COMMENT (2026-07-13): Unable to clear REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Client indicated "unable to clear". BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-23): 50% LTV loan. The transaction type changed as we were working through closing the loan. The transaction type does not affect the appraised value of the subject property nor the LTV. XXX felt comfortable proceeding with the appraisal as is. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided approving exception for missing lease. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | C | C | C | C | C | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | C | C | C | C | C | |||||||||
| XXXX | XXXX | XXX 2026-P2-100237 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (signed lease subsequently provided). Comp factors: seasoned business and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-07-01): Approved exception at origination for 100% vacancy per appraisal (signed lease subsequently provided). Comp factors: seasoned business and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - 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 | An entanglement of wires are hanging from ceiling in mechanicals room in the basement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 69% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property is in good (c3) condition and no repairs appeared necessary at the time of inspection. The property was vacant at inspection and had just been upgraded. The wires were all cabeled and the appraiser did not cite as a health and safety concern. XXX expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100331 | XXXX | $XXX | XX/XX/XXXX | Purchase | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of five 1-unit SFRs with LTV > 70%. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for first time investor purchase of five 1-unit SFRs with LTV > 70%. Comp factor: FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXX, XXXX, XX XXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects entrance to property on side appears to be boarded up - XXXX. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Purchase transaction. Front door to property functional and no boarded windows. Side entrance did not post any safety risk or structural concerns so was not an immediate concern for underwriting. The borrower is expected to maintain the property and complete any necessary repairs. | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | XXX 2026-P2-100238 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - 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 no appliances installed in kitchen. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 50% LTV, property condition is considered in the value/LTV. Property vacant at origination and the borrower is expected to have appliances installed prior to tenants moving in. XXX hasn't confirmed the status, but expects the borrower to maintain the property. Property is otherwise in average condition, and XXX further comforted by the low ltv. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100239 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75K. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for loan amount < $75K. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - 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 | Electrical wire is hanging down out of ceiling in unfinished basement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 50% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Basement is unfinished and the "hanging wire" in the exception appears to be a cable wire which is fully encased and doesn't appear to pose a safety risk. The appraiser did not cite a health and safety concern or cost-to-cure, so this was not deemed as material to underwriting. Generally, XXX expects the borrower to maintain the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100240 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | HOA master policy is missing subject property address. | BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master Policy missing property address. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100241 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - 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/in-house appraisal review indicate rear porch/staircase are missing railing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): Appraisal made as-is and the property condition is considered in the value/LTV. Missing handrails are generally not viewed as material to underwriting given the minimal cost-to-cure; however, XXX expects the borrower to maintian the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | XXX 2026-P2-100332 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for vacancy. Comp factor: FICO Approved exception for First Time Investor with LTV >70% on investor traditional 1 mixed use. Comp factor: FICO Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-07-01): Uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for vacancy. Comp factor: FICO REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception for First Time Investor with LTV >70% on investor traditional 1 mixed use. Comp factor: FICO REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |
3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal photo shows no handrail for stairway to the basement and pipe burst in commercial unit. Appraisal notes a burst pipe in commercial unit. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak, but water damage to the floor was present. Commercial unit vacant at origination and the borrower intends to occupy the commercial space with their business. The borrower is expected to complete the repairs prior to occupancy at the property, especially given the owner user nature. XXX hasn't confirmed the status of repairs, but expects the borrower to complete them, XXX was further comforted since the borrower maintained strong reserves after bringing funds to close. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak, but water damage to the floor was present. Commercial unit vacant at origination and the borrower intends to occupy the commercial space with their business. The borrower is expected to complete the repairs prior to occupancy at the property, especially given the owner user nature. XXX hasn't confirmed the status of repairs, but expects the borrower to complete them, XXX was further comforted since the borrower maintained strong reserves after bringing funds to close. |
1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100333 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||
| XXXX | XXXX | XXX 2026-P2-100334 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-27): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100335 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property [2] General - Insufficient Hazard Insurance |
Approved exception at origination for state exclusion override. Comp factor, LTV. Approved exception at origination for insurance premium not paid in full, on payment plan. Comp factor, seasoned investor. |
BUYER - GENERAL COMMENT (2026-07-13): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for state exclusion override. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination for insurance premium not paid in full, on payment plan. Comp factor, seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100336 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for policy on Basic Form coverage type. Comp factor: LTV. Approved exception at origination for credit report aged >60 days. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for policy on Basic Form coverage type. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for credit report aged >60 days. Comp factor: LTV. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100337 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100338 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects ongoing/incomplete renovation to one of the units XXX with missing electrical outlet covers, exposed plumbing, cabinets not installed, missing ceiling tiles, and needs painting. Appraisal indicates an exposed electrical conduit in the occupied commercial unit. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-15): 40.91% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower was actively renovating the property and per their LOE, cash-out proceeds would go towards property improvements. Given the low LTV and borrower's investor experience, XXX felt comfortable proceeding. XXX hasn't confirmed the status, but the borrower is expected to fulfill their commitment to complete repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100339 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for cashout on property held <12 months using valuation exceeding original purchase price. Comp factors; FICO and reserves | REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for cashout on property held <12 months using valuation exceeding original purchase price. Comp factors; FICO and reserves | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100340 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property located in XX. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for override of statewide exclusion for traditional property located in XX. Comp factor: FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100341 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-06-26): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Fair property condition, Appraisal photos reveal deferred maintenance, appraiser states 1 service bay is not operational. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-13): 28.01% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not provide a cost-to-cure for the deferred maintenance and did not cite any structural or health and safety concerns. Given the low LTV, XXX felt comfortable proceeding. The borrower is expected to maintain the property and complete any necessary repairs. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100342 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factors: FICO and reserves. | BUYER - GENERAL COMMENT (2026-07-01): Corrected loan approval uploaded along with 3 mos of bank statements REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factors: FICO and reserves. |
3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal indicates property in fair condition at time of inspection. Reason for rating not specified by appraiser. However, Appraisal photos reflect instances of deferred maintenance, staining & age related wear, damaged/sagging ceiling tiles, worn flooring, aged wall finishes, exposed utilities and aging insulation. Appraisal reflects potential safety issue of damaged/sagging ceiling tiles, Appraisal photos reflect instances of deferred maintenance, staining & age related wear, damaged/sagging ceiling tiles, worn flooring, aged wall finishes, exposed utilities and aging insulation. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-10): Purchase transaction, property condition is considered in the value/LTV. Per the appraiser, no substantive deferred maintenance was observed. No significant health and safety items were observed either so the fair condition seemed to be a result of cosmetic upgrades needed throughout the property. The sagging ceiling tiles do not appear to pose any structral risk to the property. XXX expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-10): Purchase transaction, property condition is considered in the value/LTV. Per the appraiser, no substantive deferred maintenance was observed. No significant health and safety items were observed either so the fair condition seemed to be a result of cosmetic upgrades needed throughout the property. The sagging ceiling tiles do not appear to pose any structral risk to the property. XXX expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-10): Purchase transaction, property condition is considered in the value/LTV. Per the appraiser, no substantive deferred maintenance was observed. No significant health and safety items were observed either so the fair condition seemed to be a result of cosmetic upgrades needed throughout the property. The sagging ceiling tiles do not appear to pose any structral risk to the property. XXX expects the borrower to maintain the property and complete any necessary repairs. |
1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100343 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100344 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100345 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for cash out on property recently listed. Comp factor: LTV | BUYER - GENERAL COMMENT (2026-07-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for cash out on property recently listed. Comp factor: LTV |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100346 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for Seller credit > 3%. Comp factor, FICO. | BUYER - GENERAL COMMENT (2026-07-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for Seller credit > 3%. Comp factor, FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100347 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100348 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100349 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary; < 12 months pay history provided. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for incomplete VOM-primary; < 12 months pay history provided. Comp factor: reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100350 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factors: LTV and seasoned Investor. Approved exception at origination for FICO <650 for both guarantors. Comp factors: LTV and seasoned Investor. Approved exception at origination for <2 active major tradelines on credit reports for both guarantors. Comp factors: LTV and seasoned Investor. Approved exception at origination for 36% vacancy/ missing lease(s). Comp factors: LTV and seasoned Investor. Incomplete VOM-subject; < 12 months pay history receipts provided in file. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factors: LTV and seasoned Investor. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO <650 for both guarantors. Comp factors: LTV and seasoned Investor. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for <2 active major tradelines on credit reports for both guarantors. Comp factors: LTV and seasoned Investor. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for 36% vacancy/ missing lease(s). Comp factors: LTV and seasoned Investor. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100351 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x on investor traditional 2 purchase with loan > $500k. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for DSCR < 1.25x on investor traditional 2 purchase with loan > $500k. Comp factor: reserves. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect stucco damage, chipped/peeling paint. Missing ceiling tiles, and debris. No amount provided to cure. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The cited deferred maintenance was considered cosmetic in nature and not material to underwriting; however, XXX expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||
| XXXX | XXXX | XXX 2026-P2-100352 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - The property is ineligible. |
Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factors: reserves and FICO. Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factors: reserves and FICO. |
REVIEWER - WAIVED COMMENT (2026-06-27): Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factors: reserves and FICO. REVIEWER - WAIVED COMMENT (2026-06-27): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-06-27): Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factors: reserves and FICO. |
1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100353 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for premium not collected at closing - on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-02): Approved exception at origination for premium not collected at closing - on payment plan. Comp factor: seasoned investor. | 1 | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100354 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR <1.25x on investor traditional 2 with loan > $750k. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for DSCR <1.25x on investor traditional 2 with loan > $750k. Comp factors: LTV and seasoned business. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal notes multiple instances of water stains/ceiling damage, damages step, damaged flooring. (roof Inspection in file (XXXXX) indicated no apparent active leaks/ 5 yr estimated minimum remaining life). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 55% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The roof inspection confirmed that there were no active leaks and the remaining repairs were considered normal deferred maintenance. The borrower provided an LOE stating that cash-out proceeds would be used towards completing the repairs and other upgrades to the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100355 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . [2] Application / Processing - Missing Document: Proof of Residency Status not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception for domestic borrower and foreign national co-borrower as First Time Investor with LTV >65% on owner-user traditional 2. Comp factors: seasoned business and DSCR. Approved exception at origination for 'Credit" (<2 active major tradelines for both borrower and coborrower). Comp factors: seasoned business and DSCR. First time investors with < 3 mos P&I post closing reserves. ($XXX verified less $XX req'd to close results in total reserves of $XXX or 1.75 mos P&I). Approved exception at origination for missing proof of residency status/greencard for co-borrower. Comp factors: seasoned business and DSCR. Missing VOR-primary for borrower; lives rent free (with coborrower) per LOE in file (XXXX). |
REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception for domestic borrower and foreign national co-borrower as First Time Investor with LTV >65% on owner-user traditional 2. Comp factors: seasoned business and DSCR. REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for 'Credit" (<2 active major tradelines for both borrower and coborrower). Comp factors: seasoned business and DSCR. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for FTI with < 3 months P&I. Comp factor, DSCR. REVIEWER - WAIVED COMMENT (2026-06-29): Approved exception at origination for missing proof of residency status/greencard for co-borrower. Comp factors: seasoned business and DSCR. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, DSCR. |
1 | 1 | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100356 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Ineligible property [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for override of statewide exclusion for traditional property located in XX. Comp factor: LTV. Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and DSCR. Approved exception at origination for cash out on property held by entity which sole guarantor has held ownership is < 6 months. Comp factors: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for override of statewide exclusion for traditional property located in XX. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and DSCR. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for cash out on property held by entity which sole guarantor has held ownership is < 6 months. Comp factors: LTV and DSCR. |
3 | [3] Property Eligibility - Site and Utilities - 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 photos reflect water intrusion in the basement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): Appraisal made as-is and the property condition is considered in the value/LTV. There was no sign of an active leak, and the water on the basement floor was not considered material to underwriting. XXX expects the borrower to maintain the property and complete any necessary repairs. | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||
| XXXX | XXXX | XXX 2026-P2-100357 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $750k. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $750k. Comp factors: FICO and reserves. | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100358 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided |
Approved exception at origination for DSCR <1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: FICO and seasoned investor. Incoming wire receipt from attorney's escrow account institution(XXXXX) referenced in approval assets section does not indicate sending institution nor account number to verify sourcing of funds/ resultant reserves. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for DSCR <1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: FICO and seasoned investor. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100359 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [2] General - FICO below 650 |
Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan >$500k. Comp factor: LTV. Approved exception at origination for FICO < 650. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan >$500k. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO < 650. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100360 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - 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 [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Appraisal reveal possible asbestos exposure, exposed electrical junction box, left corner of porch of building 1 appears to be dropping, front concrete steps are rusted, and signs of wood boring insect activity. Appraisal reflects damaged siding, rusted roof (bldg 1), evidence of wood boring insect activity, cracked parking surface. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 57% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, no significant items of deferred maintenance were noted and the property is in average condition. The property is in typical condition for its age - presence of asbestos not confirmed. No material items were present in terms of underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. XXX was further comforted by the low LTV and borrower's investor experience. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 57% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, no significant items of deferred maintenance were noted and the property is in average condition. The property is in typical condition for its age. No material items were present in terms of underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. XXX was further comforted by the low LTV and borrower's investor experience. |
1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||
| XXXX | XXXX | XXX 2026-P2-100361 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property inspection and appraisal notes deteriorated exterior surfaces & storefront trim, worn concrete basement access steps w/rusted metal doors, missing handrail to basement exterior steps, missing handrail to residential common area steps, basement exposed framing, and piping. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-20): 50% LTV, appraisal made as-is and the property condition is considered in the value/LTV. he borrower has been, and continues to be, actively renovating the subject property. The basement is currently vacant, and while there were some items of deferred maintenance noted, they were not considered material to underwriting. XXX was comforted by the low LTV and the borrower's investment experience. XXX expects the borrower to continue maintaining the property and complete the necessary repairs and renovations. SELLER - GENERAL COMMENT (2026-07-29): A cost to cure was not provided. The appraiser didn't cite a health and safety condition for the missing handrails. The basement is used for utility and has a wall on either side (it's not entirely clear from the photos if there's a handrail or not) - basement is not accessible from inside the property, entrance is on the side of the property. In any case, the borrower is expected to complete any necessary repairs |
1 | 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. |
A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100362 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV>65% on owner user traditional 2 commercial condo. Comp factors; reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for first time investor with LTV>65% on owner user traditional 2 commercial condo. Comp factors; reserves and seasoned business. | 1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100363 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for FICO below 650. Comp factors: LTV and DSCR. Cash out on a recently list property. |
REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for FICO below 650. Comp factors: LTV and DSCR. BUYER - GENERAL COMMENT (2026-07-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-02): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factors, LTV and DSCR. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for roof in need of repairs. Comp factor: executed 90-day Holdback agreement for $XXX in repairs provided and amount reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-06-30): Approved exception at origination for roof in need of repairs. Comp factor: executed 90-day Holdback agreement for $XXX in repairs provided and amount reflected on HUD. | 1 | Evidence of Escrow Holdback in file. 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||
| XXXX | XXXX | XXX 2026-P2-100364 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100365 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100167 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100366 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100367 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXX | XXXX | XXX 2026-P2-100368 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15x. Comp factors: Seasoned investor, and reserves. ( per approval Policy exceptions) | REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination for DSCR < 1.15x. Comp factors: Seasoned investor, and reserves. ( per approval Policy exceptions) | 1 | 1 | Borrower's Experience/Track Record 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. The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100369 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. |
Approved exception at origination for DSCR < 1.15:1 for bank statement program. Comp factors: LTV and Financial Strength. Approved exception at origination for loan amount > $2,000,000 for bank statement loan program. Comp factors: LTV, reserves and company financial strength. |
REVIEWER - WAIVED COMMENT (2026-07-09): Approved exception at origination for DSCR < 1.15:1 for bank statement program. Comp factors: LTV and Financial Strength. REVIEWER - WAIVED COMMENT (2026-07-09): Approved exception at origination for loan amount > $2,000,000 for bank statement loan program. Comp factors: LTV, reserves and company financial strength. Compensating Factor(s) cite |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100370 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100371 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for waiver of preclosing survey requirement (to be obtained post closing per change Memo #1.) Comp factors: LTV and DSCR | REVIEWER - WAIVED COMMENT (2026-07-07): Approved exception at origination for waiver of preclosing survey requirement (to be obtained post closing per change Memo #1.) Comp factors: LTV and DSCR | 1 | 1 | 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. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | XXX 2026-P2-100372 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 60% for cash-out Refinance based upon projections. Comp factors: Company Financial Strength and Guarantor Support/Liquidity. | REVIEWER - WAIVED COMMENT (2026-07-09): Approved exception at origination for LTV > 60% for cash-out Refinance based upon projections. Comp factors: Company Financial Strength and Guarantor Support/Liquidity. | 1 | 1 | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100373 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 60% on cash-out refinance transaction (per policy exceptions section). Comp factors: guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for LTV > 60% on cash-out refinance transaction (per policy exceptions section). Comp factors: guarantor support/liquidity. | 1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100374 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | |||||||||||||
| XXXX | XXXX | XXX 2026-P2-100375 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - LTV does not meet guidelines |
Approved exception at origination (per approval Policy exceptions section) for DSCR < 1.15x. Comp factors: reserves and seasoned investor. Approved exception at origination (per approval Policy exceptions section) for LTV> 65%. Comp factors: reserves and seasoned investor/seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination (per approval Policy exceptions section) for DSCR < 1.15x. Comp factors: reserves and seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-08): Approved exception at origination (per approval Policy exceptions section) for LTV> 65%. Comp factors: reserves and seasoned investor/seasoned business. |
1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | |||||||||
| XXXX | XXXX | XXX 2026-P2-100376 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for LTV >70% traditional 1 First Time Investor. Comp factor: Reserves. Approved exception at origination for expired credit report. Comp factor: Reserves. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for LTV >70% traditional 1 First Time Investor. Comp factor: Reserves. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for expired credit report. Comp factor: Reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B |