MFRA NQM DEPOSITOR, LLC ABS-15G
Exhibit 99.04 - Schedule 5
| Loan ID | Redaction ID | Investor Loan ID | Overall Initial Loan Grade | Overall Final Loan Grade | Credit Initial Loan Grade | Credit Current/Final Loan Grade | Compliance Initial Loan Grade | Compliance Current/Final Loan Grade | Property Initial Loan Grade | Property Current/Final Loan Grade | Queue | Finding Code | Date Created | Date Modified | Finding Status | Event Level | Initial Finding Grade | Current/Final Finding Grade | Finding Category | Finding Sub Category | Finding Name | Finding Comments | Seller Comments | Resolution Comments | Reviewer Comp Factor | Originator Comp Factors | Finding Documents | Originator QM Status | Final Reviewed QM Status | Loan Amount | Property State | Occupancy | Loan Purpose | Refinance Purpose | Acknowledged / WaivedBy | Waiver in File? | Unique Finding ID |
| XXXX | 89362 | XXXX | D | B | D | A | D | B | A | A | Closed | FCRE1152 | 2026-03-19 08:41 | 2026-03-23 16:02 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Evidence of Property Tax Missing | Resolved-Received tax cert and confirmed 1.25% considered. - Due Diligence Vendor-03/23/2026 Ready for Review-Document Uploaded. uploaded tax cert for review. - Seller-03/20/2026 Open-Missing Evidence of Property Tax Missing calculation for lender qualifying taxes on the 1008. - Due Diligence Vendor-03/19/2026 |
Ready for Review-Document Uploaded. uploaded tax cert for review. - Seller-03/20/2026 |
Resolved-Received tax cert and confirmed 1.25% considered. - Due Diligence Vendor-03/23/2026 |
LTV is less than guideline maximum - Required is 80 Borrower has 70 Qualifying FICO score is at least 20 points above minimum for program - Required is 660 Borrower has 702 Qualifying DTI below maximum allowed - Required is 50 Borrower has 43.08 |
XXXX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXXX | XX | Primary Residence | Purchase | NA | N/A | N/A | 8207741 | |
| XXXX | 89362 | XXXX | D | B | D | A | D | B | A | A | Closed | FCOM1274 | 2026-03-17 16:13 | 2026-03-23 10:21 | Resolved | 1 - Information | D | A | Compliance | Missing Doc | Escrow Waiver is Missing | Resolved-Received Escrow Waiver, Finding resolved. - Due Diligence Vendor-03/23/2026 Ready for Review-Document Uploaded. uploaded requested document - Seller-03/19/2026 Open-Escrow Waiver is Missing -----Escrow Waiver is missing from loan file. Please provide. - Due Diligence Vendor-03/17/2026 |
Ready for Review-Document Uploaded. uploaded requested document - Seller-03/19/2026 |
Resolved-Received Escrow Waiver, Finding resolved. - Due Diligence Vendor-03/23/2026 |
LTV is less than guideline maximum - Required is 80 Borrower has 70 Qualifying FICO score is at least 20 points above minimum for program - Required is 660 Borrower has 702 Qualifying DTI below maximum allowed - Required is 50 Borrower has 43.08 |
XXXX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXXX | XX | Primary Residence | Purchase | NA | N/A | N/A | 8163788 | |
| XXXX | 89362 | XXXX | D | B | D | A | D | B | A | A | Closed | FCOM0013 | 2026-03-17 16:13 | 2026-03-23 10:21 | Resolved | 1 - Information | C | A | Compliance | Disclosure | Missing e-Consent | Resolved-Received evidence of eConsent. Finding resolved. - Due Diligence Vendor-03/23/2026 Ready for Review-Document Uploaded. Here you go. - Seller-03/19/2026 Open-Missing e-Consent. -----E-Consent is missing from loan file. Please provide. - Due Diligence Vendor-03/17/2026 |
Ready for Review-Document Uploaded. Here you go. - Seller-03/19/2026 |
Resolved-Received evidence of eConsent. Finding resolved. - Due Diligence Vendor-03/23/2026 |
LTV is less than guideline maximum - Required is 80 Borrower has 70 Qualifying FICO score is at least 20 points above minimum for program - Required is 660 Borrower has 702 Qualifying DTI below maximum allowed - Required is 50 Borrower has 43.08 |
XXXX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXXX | XX | Primary Residence | Purchase | NA | N/A | N/A | 8163791 | |
| XXXX | 89362 | XXXX | D | B | D | A | D | B | A | A | Closed | FCOM5135 | 2026-03-17 16:13 | 2026-03-17 16:50 | Waived | 2 - Non-Material | B | B | Compliance | Missing Doc | Missing Required Affiliated Business Disclosure | Waived-Required Affiliated Business Disclosure Missing -----Originator waiver applied to non-material Findings. - Due Diligence Vendor-03/17/2026 |
Waived-Required Affiliated Business Disclosure Missing -----Originator waiver applied to non-material Findings. - Due Diligence Vendor-03/17/2026 |
LTV is less than guideline maximum - Required is 80 Borrower has 70 Qualifying FICO score is at least 20 points above minimum for program - Required is 660 Borrower has 702 Qualifying DTI below maximum allowed - Required is 50 Borrower has 43.08 |
XXXX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXXX | XX | Primary Residence | Purchase | NA | Originator Post-Close | No | 8163789 | ||
| XXXX | 89361 | XXXX | A | A | A | A | A | A | A | A | A | A | XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Purchase | NA | |||||||||||||||||
| XXXX | 89363 | XXXX | D | A | D | A | A | A | D | A | Closed | FCOM1352 | 2026-04-03 14:49 | 2026-04-10 10:25 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Credit | Business Purpose Affidavit/Disclosure Missing | Resolved-Received Business Purpose & Occupancy Affidavit - Due Diligence Vendor-04/10/2026 Ready for Review-Document Uploaded. Uploaded business purpose affidavit - Seller-04/08/2026 Counter-Received articles of incorp. Please provide fully executed Business Purpose Affidavit as required for DSCR transactions. - Due Diligence Vendor-04/08/2026 Ready for Review-Document Uploaded. Business purpose is embedded with the article of Organization XX Limited Liability Company. - Seller-04/06/2026 Open-The Business Purpose Affidavit Disclosure is Missing - Due Diligence Vendor-04/03/2026 |
Ready for Review-Document Uploaded. Uploaded business purpose affidavit - Seller-04/08/2026 Ready for Review-Document Uploaded. Business purpose is embedded with the article of Organization XX Limited Liability Company. - Seller-04/06/2026 |
Resolved-Received Business Purpose & Occupancy Affidavit - Due Diligence Vendor-04/10/2026 |
LTV is less than guideline maximum - Required is 60 Borrower has 55 Required is 60 Borrower has 55 Qualifying FICO score is at least 20 points above minimum for program - Required is 600 Borrower has 704 Required is 600 Borrower has 704 DSCR =/> 1.00 and minimum is 0.85 or Less - Required is 0.75 Borrower has 1.497 Required is 0.75 Borrower has 1.497 |
XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Refinance | Cash Out - Other | N/A | N/A | 8481030 | |
| XXXX | 89363 | XXXX | D | A | D | A | A | A | D | A | Closed | FCRE8701 | 2026-04-06 15:58 | 2026-04-10 10:25 | Resolved | 1 - Information | C | A | Credit | Borrower | Business Entity Formation Document is Missing | Resolved-Received Business Entity Documentation. - Due Diligence Vendor-04/10/2026 Ready for Review-Document Uploaded. Operating agreement, Certificate of Good standing and Article of organization - Seller-04/08/2026 Counter-Received Art of Organization. Missing Certificate of Good Standing, Operating Agreement and LLC Borrowing Cert if applicable. Documentation meeting guideline 4.17.3 - Due Diligence Vendor-04/08/2026 Ready for Review-Document Uploaded. uploaded Article of Organization XX Limited Liability Company - Seller-04/06/2026 Open-The Business Entity Formation Document is Missing. - Due Diligence Vendor-04/06/2026 |
Ready for Review-Document Uploaded. Operating agreement, Certificate of Good standing and Article of organization - Seller-04/08/2026 Ready for Review-Document Uploaded. uploaded Article of Organization XX Limited Liability Company - Seller-04/06/2026 |
Resolved-Received Business Entity Documentation. - Due Diligence Vendor-04/10/2026 |
LTV is less than guideline maximum - Required is 60 Borrower has 55 Required is 60 Borrower has 55 Qualifying FICO score is at least 20 points above minimum for program - Required is 600 Borrower has 704 Required is 600 Borrower has 704 DSCR =/> 1.00 and minimum is 0.85 or Less - Required is 0.75 Borrower has 1.497 Required is 0.75 Borrower has 1.497 |
XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Refinance | Cash Out - Other | N/A | N/A | 8509613 | |
| XXXX | 89363 | XXXX | D | A | D | A | A | A | D | A | Closed | FCRE1145 | 2026-04-03 14:53 | 2026-04-09 12:03 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Title Document Missing | Resolved-Title provided. Modification was recorded XXXX and the loan file contains a 12-month housing history. - Due Diligence Vendor-04/09/2026 Ready for Review-Please be advised that the loan modification reflected in Schedule B, Item XX occurred on XXXX, which is more than 12 months ago. Based on this modification date, the mortgage should satisfy the required 12-month payment rating. Please review accordingly - Seller-04/08/2026 Counter-Received preliminary title report. Missing clarification and release of XX Schedule B reflecting modified term mtg XXXX and review is unable to confirm 12 month rating for this mtg. - Due Diligence Vendor-04/08/2026 Ready for Review-Document Uploaded. Uploaded - Seller-04/06/2026 Open-Title Document is missing Please provide evidence of title. - Due Diligence Vendor-04/06/2026 |
Ready for Review-Please be advised that the loan modification reflected in Schedule B, Item XX occurred on XXXX, which is more than 12 months ago. Based on this modification date, the mortgage should satisfy the required 12-month payment rating. Please review accordingly - Seller-04/08/2026 Ready for Review-Document Uploaded. Uploaded - Seller-04/06/2026 |
Resolved-Title provided. Modification was recorded XXXX and the loan file contains a 12-month housing history. - Due Diligence Vendor-04/09/2026 |
LTV is less than guideline maximum - Required is 60 Borrower has 55 Required is 60 Borrower has 55 Qualifying FICO score is at least 20 points above minimum for program - Required is 600 Borrower has 704 Required is 600 Borrower has 704 DSCR =/> 1.00 and minimum is 0.85 or Less - Required is 0.75 Borrower has 1.497 Required is 0.75 Borrower has 1.497 |
XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Refinance | Cash Out - Other | N/A | N/A | 8481148 | |
| XXXX | 89363 | XXXX | D | A | D | A | A | A | D | A | Closed | FPRO1242 | 2026-04-06 16:08 | 2026-04-08 17:10 | Resolved | 1 - Information | D | A | Property | Missing Doc | Appraisal is Missing | Resolved-Appraisal report provided. - Due Diligence Vendor-04/08/2026 Ready for Review-Document Uploaded. Uploaded appraisal - Seller-04/06/2026 Open-Appraisal is Missing - Due Diligence Vendor-04/06/2026 |
Ready for Review-Document Uploaded. Uploaded appraisal - Seller-04/06/2026 |
Resolved-Appraisal report provided. - Due Diligence Vendor-04/08/2026 |
LTV is less than guideline maximum - Required is 60 Borrower has 55 Required is 60 Borrower has 55 Qualifying FICO score is at least 20 points above minimum for program - Required is 600 Borrower has 704 Required is 600 Borrower has 704 DSCR =/> 1.00 and minimum is 0.85 or Less - Required is 0.75 Borrower has 1.497 Required is 0.75 Borrower has 1.497 |
XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Refinance | Cash Out - Other | N/A | N/A | 8509793 | |
| XXXX | 89363 | XXXX | D | A | D | A | A | A | D | A | Closed | FCRE1159 | 2026-04-03 15:08 | 2026-04-08 17:05 | Resolved | 1 - Information | C | A | Credit | Insurance | Hazard Insurance Effective Date is after the Note Date | Resolved-After further review, the prior policy is in the loan file. - Due Diligence Vendor-04/08/2026 Ready for Review-Document Uploaded. The attach property insurances go from XXXX and it follows insurance policy that goes from XXXX to XXXX. See attach - Seller-04/06/2026 Open-Hazard Insurance Effective Date of XXXX is after the Note Date of XXXX Please provide previous HOI policy with an effective date of XXXX or earlier. - Due Diligence Vendor-04/06/2026 |
Ready for Review-Document Uploaded. The attach property insurances go from XXXX and it follows insurance policy that goes from XXXX to XXXX. See attach - Seller-04/06/2026 |
Resolved-After further review, the prior policy is in the loan file. - Due Diligence Vendor-04/08/2026 |
LTV is less than guideline maximum - Required is 60 Borrower has 55 Required is 60 Borrower has 55 Qualifying FICO score is at least 20 points above minimum for program - Required is 600 Borrower has 704 Required is 600 Borrower has 704 DSCR =/> 1.00 and minimum is 0.85 or Less - Required is 0.75 Borrower has 1.497 Required is 0.75 Borrower has 1.497 |
XXXX | ATR/QM: Exempt | ATR/QM: Exempt | XXXX | XX | Investment | Refinance | Cash Out - Other | N/A | N/A | 8481497 |