MFRA NQM DEPOSITOR, LLC ABS-15G

Exhibit 99.01 - Schedule 4

 

Loan Level Exception - Final Grades

 

                                                        FINAL CREDIT LOAN GRADES FINAL COMPLIANCE LOAN GRADES FINAL PROPERTY LOAN GRADES FINAL OVERALL LOAN GRADES
AMC Loan ID Customer Loan ID EDGAR Loan ID Borrower Name Deal Number Original Loan Amount State Note Date Occupancy 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 Subject to High Cost - Unable to Test Disposition 2 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 MFA 2026-NQM3-10004 XXXX XXXX XXXXX $XXX XX XX/XX/XXXX Primary Refinance Rate/Term Exempt from ATR 2 1       1       2 [2] Federal Compliance - CDFI Bank Originated Loan submitted as Non Exempt: Loan exempt from QM/ATR submitted with a loan originator designation of other than ATR Exempt.   QM/ATR testing performed to determine if an exempt loan would otherwise meet QM/ATR criteria if it were subject to the rule.  TILA loan designation remains ATR Exempt.
[1] Federal Compliance - TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing: TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $1,175.00 exceeds tolerance of $900.00.  Sufficient or excess cure was provided to the borrower at Closing. (7506)		   REVIEWER - WAIVED COMMENT (2026-04-30): Client elects to waive
REVIEWER - CURED COMMENT (2026-04-29): Sufficient Cure Provided At Closing		   Borrower has been employed in the same industry for more than 5 years.

Borrower has verified disposable income of at least $2500.00.

Borrower has worked in the same position for more than 3 years.

Borrower's monthly mortgage payment has decreased by at least 20%.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least 10%.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%.

The qualifying DTI on the loan is at least 10% less than the guideline maximum.

The refinance has decreased the borrower's monthly debt payments by 20% or more.		   - A A A A A A A A A A A A A A A A A A A A
XXXX XXXX MFA 2026-NQM3-10005 XXXX XXXX XXXXX $XXX XX XX/XX/XXXX Investment Refinance Cash-out - Other Exempt from ATR 1 1       1       1             - A A A A A A A A A A A A A A A A A A A A
XXXX XXXX MFA 2026-NQM3-10006 XXXX XXXX XXXXX $XXX XX XX/XX/XXXX Primary Refinance Cash-out - Other Exempt from ATR 2 1       1       2 [2] Federal Compliance - CDFI Bank Originated Loan submitted as Non Exempt: Loan exempt from QM/ATR submitted with a loan originator designation of other than ATR Exempt.   QM/ATR testing performed to determine if an exempt loan would otherwise meet QM/ATR criteria if it were subject to the rule.  TILA loan designation remains ATR Exempt. Federal Compliance - CDFI Bank Originated Loan submitted as Non Exempt: CDFI Bank Originated Loan submitted as non-exempt. REVIEWER - WAIVED COMMENT (2026-04-30): Client elects to waive   Borrower has verified disposable income of at least $2500.00.

Borrower has worked in the same position for more than 3 years.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

The representative FICO score exceeds the guideline minimum by at least 40 points.		   - A A A A A A A A A A A A A A A A A A A A