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 | 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 | VCC2026-4_100000 | 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 | VCC2026-4_100010 | 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 | VCC2026-4_100002 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 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 |
Subject is in fair condition; appraisal reflects 1 of 2 units is in white box condition (gutted-no finishes completed) with cost to cure of $33,000. Appraisal reflects 1 of 2 units is in white box condition (gutted-no finishes completed) with cost to cure of $33,000. No proof of completion provided |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-18): See New Day comment - New Day felt comfortable proceeding because there is a hold on the additional collateral, which is contingent on the completion of deferred maintenance. Property value was made as-is. There isn't a status update at this time, but the borrower is expected to complete the work. REVIEWER - GENERAL COMMENT (2026-09-22): Client's original comment: The subject property was reported to be in fair condition, with one of two units in white box condition andan estimated $33k cost to cure as of XX/XX/XXXX. VCC is comfortable proceeding due to the additional collateral located at XXXXXXXXXXXXXXXXXX, with release subject to debenture funding and completion of deferred maintenance remediation. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-18): Appraisal made as-is, and the value is considered in the LTV. New Day was comfortable proceeding as there is a lien on additional collateral with release subject to debenture fundings and completion of the deferred maintenance remediation. No status updates at this time, but the borrower is expected to complete the work. REVIEWER - GENERAL COMMENT (2026-09-22): Client's original comment: The subject property was reported to be in fair condition, with one of two units in white box condition andan estimated $33k cost to cure as of XX/XX/XXXX. VCC is comfortable proceeding due to the additional collateral located at XXXXXXXXXXXXXXXXXX, with release subject to debenture funding and completion of deferred maintenance remediation. |
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 | VCC2026-4_100012 | XXXX XXXX | 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 | VCC2026-4_100006 | 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 | VCC2026-4_100004 | 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 | VCC2026-4_100014 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Application / Processing - Missing Document: Approval not provided |
Approved exception at origination for waiver of approval condition requiring Appraisal value = or > $4.5mm (per change memo #1). Comp factors, LTV and FICO. Missing signed copy of SBA terms & conditions document (D0600). |
REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for waiver of approval condition requiring Appraisal value = or > $4.5mm (per change memo #1). Comp factors, LTV and FICO. BUYER - GENERAL COMMENT (2026-07-24): change memo addressing this attached. REVIEWER - WAIVED COMMENT (2026-07-24): Exception waived. Updated approval provided in trailing documents approving exception for missing signed SBA terms & conditions. Comp factors, LTV and FICO. |
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 | VCC2026-4_100060 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Miscellaneous - Credit Exception: | Missing Twelve (12) months of cancelled checks for the land contract. | BUYER - GENERAL COMMENT (2026-07-15): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-07-16): Exception remains. Updated approval provides a comp factor of LTV which is not supported with the loan have an LTV > 70%. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing cancelled checks. 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 | VCC2026-4_100062 | 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 | VCC2026-4_100093 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines [2] General - The property is ineligible. |
Approved exception at origination for loan amount < $75,000. Comp factors, DSCR and market trends which is a non-quantitative subjective trait that cannot be substantiated. Rural property. |
REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for loan amount < $75,000. Comp factors, DSCR and market trends which is a non-quantitative subjective trait that cannot be substantiated. BUYER - GENERAL COMMENT (2026-07-15): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-16): Exception waived. Updated approval provided in trailing documents approving exception for rural property. 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. 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 | VCC2026-4_100105 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor | REVIEWER - WAIVED COMMENT (2026-07-14): Approved exception at origination for basic form policy/coverage type. 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 | VCC2026-4_100106 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-14): Approved exception at origination for basic form policy/coverage type. 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 | VCC2026-4_100107 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy/ coverage type. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for basic form policy/ coverage type. 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 | VCC2026-4_100108 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-14): Approved exception at origination for basic form policy/coverage type. 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 | VCC2026-4_100109 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor | REVIEWER - WAIVED COMMENT (2026-07-14): Approved exception at origination for basic form policy/coverage type. 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 | VCC2026-4_100114 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Approved exception at origination for rural property. Comp factor: seasoned business. Carrier rating information is DATED XXXX (D0216). Request lender affirmation of compliance with guideline requirements. Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned business. Missing VOR-primary; guarantor lives rent free per LOE in file (D0221). Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. Comp factor: seasoned business. |
BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-21): Exception waived. Updated approval provided in trailing documents approving exception for insurance rating. Comp factor, seasoned business. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, seasoned business. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. 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 | VCC2026-4_100196 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of 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 FICO < 650. Comp factors: LTV. Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV. Approved exception at origination for timeshare foreclosure within 24 mos on credit report . Comp factors: LTV. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV. Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: LTV. |
BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factors: LTV. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for timeshare foreclosure within 24 mos on credit report . Comp factors: LTV. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded BUYER - GENERAL COMMENT (2026-07-21): A VOM is not needed for subject. Note provided in file supports no payments to be made. REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: 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 | VCC2026-4_100282 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - Missing Hazard Insurance |
Approved exception at origination for > 0x60 days late within 24 months on primary. Comp factors; seasoned investor and LTV. Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for > 0x60 days late within 24 months on primary. Comp factors; seasoned investor and LTV. REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for premium not paid in full 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 | VCC2026-4_100073 | 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 missing VOR-primary ( paid in cash). Comp factors; FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-07-10): Approved exception at origination for missing VOR-primary ( paid in cash). 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 | VCC2026-4_100077 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for premium not paid in full at closing (on payment plan). 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 | VCC2026-4_100094 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance |
Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: reserves and seasoned investor. Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned Investor. Approved exception at origination for Wind deductible of 5% is > $25k. Comp factor, seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-10): Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: reserves and seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-10): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned Investor. BUYER - GENERAL COMMENT (2026-07-15): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for Wind deductible of 5% is > $25k. Comp factor, seasoned investor. |
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. |
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 | VCC2026-4_100112 | 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 indicates no heat source in commercial unit. Cost to convert commercial unit to general purpose is $30,000 which includes installing heat source. Records indicate 28 open violations related to boiler inspection along with approximately $22,000 in outstanding violations associated with bedbug-related reports. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-20): XX% LTV. The appraised value considers the property condition and cost-to-cure. The cost to convert the laundromat to general purpose and install a hardwired heat source was considered reasonable inclsuive of entrepeneurial profit per VCC's internal reviewer. The borrower recently inherited the property and is expected to complete the conversion - VCC does not have the curret status of repairs . The violations were paid off via the Final HUD at close. VCC was 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 | VCC2026-4_100173 | 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 appraisal review indicates that property is due for significant repairs estimated to be $250,000 to bring the property within codes. No further details provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-20): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the borrower LOE, cash-out proceeds for the loan would be used for making unit upgrades and upgrading storage. The borrower was previously a tenant who purchased the property and has since made various renovations (painting/lighting upgrades, roof improvements, etc) The Costar notes indicate $250k to bring the property to code; however, there is no mention of this in the appraisal. The borrower is expected to remedy any issues with the subject property. VCC felt comfortable proceeding with the low LTV and the evidence that the borrower has been consistently updating the property. | 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 | VCC2026-4_100187 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 | Appraisal/inspection phots show basement stairwell with no handrail, basement & storage areas reflect exposed wiring. Basement reflects moisture intrusion and staining. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-20): XX% LTV. The appraisal was completed on an “as-is” basis, so the property’s condition is reflected in the appraised value and LTV. Regarding basement moisture, a VCC-commissioned inspection confirmed that the sump pumps and related water-removal equipment were operating properly. The inspector noted that condensation may occur during periods of rain or seasonal changes because the nearby creek naturally elevates the groundwater table. The basement is unoccupied/unfinished and the borrower is expected to remedy any necessary repairs (including the missing handrail). VCC was 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 | VCC2026-4_100188 | 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 | VCC2026-4_100201 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for FICO < 650. Comp factors: LTV and 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 | Stairs to 2nd floor apartment does not have a handrail and apartment is missing the stove. Estimate to install stove is $2,000. Damaged/peeling paint, prior water damage from leaking roof (no evidence of active leak per roof cert), damaged shingles, and stained ceiling tiles. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-21): XX%LTV. Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV.These were considered standard items of deferred maintenance. No active leaks were confirmed, and any necessary repairs were made - VCC confirmed with a roof cert. VCC was further comfrted as the borrower is a seasoned investror and this is a low LTV loan. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100008 | 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 waiver of VOM pay history requirement for prior notes (per change memo #1). Comp factor; DSCR. | REVIEWER - WAIVED COMMENT (2026-07-13): Approved exception at origination for waiver of VOM pay history requirement for prior notes (per change memo #1). Comp factor; DSCR. | 1 | 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 | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | VCC2026-4_100070 | 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 [2] Credit Documentation - Missing lease Agreement [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
No active major tradelines on credit report. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for loan < $75,000. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-21): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for loan < $75,000. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
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 that handrail is missing on stairs to the 2nd floor and stairs to the basements. No kitchen appliances installed and puddling of water in basements. LOE in file that the owner will install the appliances and repair the water puddling in the basement. No mention of the missing handrails or costs to cure. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-25): Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant and being renovated at the time of the inspection. The borrower provided an LOE commiting to complete repairs and VCC expects them to do so (handrail included). The borrower is expected to maintain the property. VCC hasn't confirmed the status of repairs, but was comforted as the borrower maintained strong reserves post-close. | 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 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 | VCC2026-4_100080 | XXXX | $XXX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for derogatory mortgage history; 1 x 120 within 12 months/subject, currently in deferment. Comp factors: FICO, LTV. | REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for derogatory mortgage history; 1 x 120 within 12 months/subject, currently in deferment. Comp factors: FICO, 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 | VCC2026-4_100086 | XXXX | $XXX | 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: FICO. Incomplete VOR-primary; no lease nor landlord cert to verify payment terms and timeliness is provided to supplement bank stmt pay history records(D0738) provided (only a LOE from the guarantor/tenant (D0728) found in file) . |
REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived- due to receipt of updated loan approval reflecting approved exception for Missing/incomplete VOR-primary. 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 | VCC2026-4_100088 | XXXX | $XXX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for expired credit report. Comp factor,, FICO. | REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for expired credit report. 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 | VCC2026-4_100089 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for missing lease agreement on SFR refinance. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for cash out on property held < 6 months. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for missing lease agreement on SFR refinance. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for cash out on property held < 6 months. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective 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 | VCC2026-4_100100 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 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 less than 650. Compensating Factor: LTV Approved exception at origination for primary residence rent free. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO less than 650. Compensating Factos: LTV REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for primary residence rent free. 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 | VCC2026-4_100121 | 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 | VCC2026-4_100138 | XXXX XXXX | 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 (2026-07-20): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review notes chimney brick has significant staining which may indicate water intrusion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.No concerns cited by the appraiser and the staining appears to be purely cosmetic. The property is in otherwise average condition. 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 | VCC2026-4_100145 | 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 less than 650. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for FICO less than 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 | VCC2026-4_100160 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Insufficient Flood insurance |
Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for flood coverage < than loan amount/replacement value (acceptable per FEMA) Comp factor LTV. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for flood coverage < than loan amount/replacement value (acceptable per FEMA) 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 missing wood siding and rotted wood trim with estimated cost to cure of $600. Additionally, water leak and mold-like substances in basement; estimated cost to repair the source of the water leak and remediate mold lie substance is estimated at $1200. Appraisal photo reflects cracked concrete in garage. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): XX% appraisal made as-is and the property condition is considered in the value/LTV. Given the low cost to cure and LTV, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs and maintain the property. | 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 | VCC2026-4_100179 | 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 |
Approved exception at origination for FICO < 650. Comp factor, LTV. Approved exception at origination for 1x60 in recent 24 months on primary. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO < 650. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for 1x60 in recent 24 months on primary. 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 | VCC2026-4_100181 | 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 |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for > 2 x 30 days late mortgage payments within the past 24 months. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for > 2 x 30 days late mortgage payments within the past 24 months. 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 | Appraiser notes that an area of siding soffit and fascia were damaged or missing, and the primary bathroom ceiling appears to have a stain from a prior water leak. Estimated cost to cure is $1,500. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX%. Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, cash-out proceeds would be used towards repairs/cosmetic updates at the subject property. Given the borrower commitment, and low cost-to-cure, VCC felt comfortable proceeding. VCC 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 | VCC2026-4_100183 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Appraisal is more than 180 days old. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor reserves. |
BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for appraisal more than 180 days old. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 notes window bars without release latches, bathroom wall covering damage, and extensive clutter. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Given the low LTV, VCC felt comfortable proceeding. The borrower is expected to complete the repairs and maintain the property moving forward. | 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 | VCC2026-4_100194 | XXXX | $XXX | 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 | VCC2026-4_100199 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [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 using the higher appraisal value versus the sales price. Comp factor, FICO. Approved exception at origination for rural property. Comp factor, FICO. Approved exception at origination for 100% vacancy. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for Cash-out on property with title vesting < 12 months using the higher appraisal value versus the sales price. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for rural property. Comp factor, FICO. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for 100% vacancy. 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 | VCC2026-4_100221 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for derogatory mortgage history; 1 x 120 within 12 months/subject. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for derogatory mortgage history; 1 x 120 within 12 months/subject. 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 | VCC2026-4_100224 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for recently acquired property using appraised value versus original purchase price. Comp factors, reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for recently acquired property using appraised value versus original purchase price. Comp factors, reserves and seasoned investor. | 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 | VCC2026-4_100245 | 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 | The appraiser notes that the water heater is not secured with straps. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC hasn't confirmed the status, but the borrower is expected to bring the building to code. VCC 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 | VCC2026-4_100248 | 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: reserves and LTV. Approved exception at origination for > 2 x 30 mortgage late payments within the last 24 months. Comp factor: LTV and reserves. Approved exception at origination for premium not collected at closing (on payment plan). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO < 650. Comp factors: reserves and LTV. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for > 2 x 30 mortgage late payments within the last 24 months. Comp factor: LTV and reserves. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for premium not collected at closing (on payment plan). Comp factor: seasoned investor. |
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. |
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 | VCC2026-4_100256 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines [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 loan amount < $75,000. Comp factor, LTV. Approved exception at origination for missing VOR on primary. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for FICO < 650. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for loan amount < $75,000. Comp factor, LTV. REVIEWER - GENERAL COMMENT (2026-07-24): Approved exception at origination for missing VOR on primary. 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 | Missing handrails on stairs to the outside front and back entrances. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX%%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Stairs are 4 risers high and generally VCC doesn't consider missing handrails as material to underwriting. VCC still expects the borrower to complete any necessary repairs/installations at the subject. VCC 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 | VCC2026-4_100261 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Documentation - Missing Document: Credit Report not provided [2] Loan File - Missing Document: Hazard Insurance Policy not provided [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Approved exception at origination for FICO less than 650. Comp factors, seasoned Investor and market trends which cannot be substantiated. Approved exception at origination for credit report aged > 60 days. 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 50% vacancy. Comp factors, seasoned investor and market trends which cannot be substantiated. Approved exception at origination for Borrower on Title less than 12 months- value seasoning, appraised value versus original purchase price. No record of purchase history. Bulk purchase X/XXXX. Comp factor, seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for FICO less than 650. Comp factors, seasoned Investor and market trends which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for 50% vacancy. Comp factors, seasoned investor and market trends which cannot be substantiated. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-07-21): Exception remains. Only insurance was provided. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-06): Exception remains. Updated approval provided did not clear exception REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for Borrower on Title less than 12 months- value seasoning, appraised value versus original purchase price. No record of purchase history. Bulk purchase X/XXXX. 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 | VCC2026-4_100262 | 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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount below minimum guideline amount, Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for loan amount below minimum guideline amount, 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 | VCC2026-4_100264 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-08-24): 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 | VCC2026-4_100268 | 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 | VCC2026-4_100274 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal subsequently executed lease provided. Comp factors; LTV, and marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for 100% vacancy per appraisal subsequently executed lease provided. Comp factors; LTV, and marketing trends which is unable to be validated as a non-quantitative subjective trait. | 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 | VCC2026-4_100278 | 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 | VCC2026-4_100279 | 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 | VCC2026-4_100286 | XXXX XXXX | 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 missing VOR-primary; borrower lives rent fee. Comp factor: FICO and reserves which cannot be verified due insufficient proof of reserves. | REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for missing VOR-primary; borrower lives rent fee. Comp factor: FICO and reserves which cannot be verified due insufficient proof of 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 | VCC2026-4_100288 | 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] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and reserves. Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factor; reserves. |
REVIEWER - WAIVED COMMENT (2026-07-15): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and reserves. REVIEWER - WAIVED COMMENT (2026-07-15): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. 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 | Missing electrical outlet covers in the laundry room, den, family room, and in bedrooms 2 and 3. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant and being renovated at the time of the inspection. VCC han't confirmed the status of repairs, but expects the borrower to finish repairs and install the outlet covers prior to occupancy. | 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 | C | C | C | C | C | C | C | C | C | C | ||||
| XXXX | XXXX | VCC2026-4_100292 | 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 | VCC2026-4_100312 | 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 | VCC2026-4_100328 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Ineligible property | Approved exception at origination for rural property. Comp factors, FICO and strong marketing trends which is not valid as it cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for rural property. Comp factors, FICO and strong marketing trends which is not valid as it 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 | Appraiser observed that the rear stairs were damaged and in need of repair. Estimated costs to repair $500. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, the stairs would be repairs post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low cost-to cure. | 1 | Borrower has owned the subject property for at least 5 years. 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 | VCC2026-4_100057 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for Traditional property located in XX. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for override of statewide exclusion for Traditional property located in XX. Comp factors: seasoned investor and 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 | The subject photos indicate minor cracking and minor wear observed for paved parking, open interior space under renovation, basement with low ceiling and exposed joists, exposed framing and plumbing and unfinished surfaces in the utility area and small room under renovation. With letter in the file indicating a roof replacement has been completed. Commercial unit has windows boarded, boards need to be removed. There is a 2nd kitchen in the residential unit visible in photos but not mentioned by appraiser. Cost to remove second kitchen not provided. Property only has 1 residential unit. Missing handrail to stairs in residential unit. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-25): XX%. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE stating that cash-out proceeds will be used towards renovating the subject property. Per the appraisal, the cost-to-cure for the deferred maintenance was $9,000 and VCC felt comfortable proceeding as the property was being repaired at the time of inspection, the borrower is a seasoned investor and this loan has a low LTV. VCC doesn't have a status update of the repairs, but the borrower is expected to maintain the property and complete the necessary repairs. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100059 | 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 > XX% on a owner user traditional II commercial condo. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for first time investor with LTV > XX% on a owner user traditional II commercial condo. Comp factors: FICO and seasoned business. | 1 | 1 | Borrower's Experience/Track Record 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 | VCC2026-4_100068 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - AUS Findings: Reverified Qualifying asset balance discrepancy.: Calculated Reverified qualifying asset balance of is less than AUS qualifying asset balance of (approval_asset_total_qualifying_balance}. [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for < 3 months P&I in reserves for a First time investor. Comp factor, seasoned business. Approved exception at origination for first time investor with LTV > XX% on a Trad II. Comp factor: seasoned business. Approved exception at origination for expired credit report.. Comp factor: Seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for < 3 months P&I in reserves for a First time investor. Comp factor, seasoned business. REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for first time investor with LTV > XX% on a Trad II. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-07-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for expired credit report.. Comp factor: 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. 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 | VCC2026-4_100103 | 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 factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for override of statewide exclusion for traditional property type located inXX. 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 | VCC2026-4_100104 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for Insurance premium not paid in full at closing. 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 | VCC2026-4_100116 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.00 on a Trad II refinance with loan amount > $500,000. Comp factors: FICO, reserves. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for DSCR < 1.00 on a Trad II refinance with loan amount > $500,000. Comp factors: FICO, 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. 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 | VCC2026-4_100118 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [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 DSCR < 1.25 on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. Approved exception at origination for wind deductible > $25k. Comp factor: FICO. (D0302) Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for DSCR < 1.25 on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for wind deductible > $25k. Comp factor: FICO. (D0302) REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors: FICO and 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. 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 | VCC2026-4_100122 | 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 | VCC2026-4_100125 | XXXX XXXX | 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 | VCC2026-4_100129 | 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 | Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factors: FICO and seasoned business. | 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 | VCC2026-4_100133 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located inXX. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for override of statewide exclusion for traditional property type located in XXS. 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 | Subject photos indicate rear utility area with exposed service lines. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal the property is in overall average condition. The appraiser didn't cite a health and safety concern. 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 | VCC2026-4_100136 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing unit owner's liability policy (HOA master policy provided in file) | BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-22): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. 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 | VCC2026-4_100157 | 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 exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factor, reserves. | BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-22): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. 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 | VCC2026-4_100177 | 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 |
Approved exception at origination for first time investor/ first time buyer with LTV > XX% on owner user Traditional 2 . Comp factors: reserves and seasoned business. Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for first time investor/ first time buyer with LTV > XX% on owner user Traditional 2 . Comp factors: reserves and seasoned business. REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned business. |
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 Subject photos indicate exposed piping, vegetation overgrowth and deteriorated paint on brick's exterior and rear parking lot under construction. Comp factor, 365-day executed Holdback agreement for $5,000 parking lot repairs provided and reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for Subject photos indicate exposed piping, vegetation overgrowth and deteriorated paint on brick's exterior and rear parking lot under construction. Comp factor, 365-day executed Holdback agreement for $5,000 parking lot repairs provided and reflected on HUD. | 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. Evidence of Escrow Holdback in file. |
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 | VCC2026-4_100186 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | FT investor with $0 reserves and FICO XXX; Underwritten verified funds per approval assets section are < funds req'd to close. | BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-07-22): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. 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 | VCC2026-4_100202 | 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 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 DSCR < 1.00 on owner/user Trad II refi with loan amount > $500,000 . Comp factor, seasoned business. Approved exception at origination for FICO < 650. Comp factor: seasoned business. Approved exception at origination for rolling lates of 120-149 days for the subject. Comp factors: seasoned business, seasoned investor. Approved exception at origination to allow processor cert for VOM form. Comp factors: seasoned investor, seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for DSCR < 1.00 on owner/user Trad II refi with loan amount > $500,000 . Comp factor, seasoned business. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for FICO < 650. Comp factor: seasoned business. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for rolling lates of 120-149 days for the subject. Comp factors: seasoned business, seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination to allow processor cert for VOM form. Comp factors: seasoned investor, seasoned business. |
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 | VCC2026-4_100207 | 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 Trad I investment located in XX. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for override of statewide exclusion for Trad I investment 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 | VCC2026-4_100212 | 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 | VCC2026-4_100218 | 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 VOR form. Comp factor LTV. |
REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for VOR form. 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 [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 condition, fair. The Appraiser notes exposed electrical wiring, standing water in portions of the parking area, debris accumulation, exterior storage of materials and vehicle parts, vegetation encroachment along portions of the building perimeter and cluttered interior work and storage areas. The Appraiser notes exposed electrical wiring, standing water in portions of the parking area, debris accumulation, exterior storage of materials and vehicle parts, vegetation encroachment along portions of the building perimeter and cluttered interior work and storage areas. No costs to cure provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.This is an automotive property that is occupied by the borrower's business since 2023. Per the borrower LOE, cash-out proceeds would be used towards improving the subject property. VCC hasn't confirmed the status of repairs but expects the borrower to complete them. VCC wwas further comforted by the low LTV. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.This is an automotive property that is occupied by the borrower's business since 2023. Per the borrower LOE, cash-out proceeds would be used towards improving the subject property. VCC hasn't confirmed the status of repairs but expects the borrower to complete them. VCC wwas 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 | VCC2026-4_100242 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for DSCR < 1.00 on a Trad II owner/user refinance with loan amount > $500,000. Comp factors: LTV and seasoned business. Approved exception at origination for open state tax lien on the credit report. Comp factors: LTV and seasoned business. Approved exception at origination incomplete VOM-subject; missing most recent monthly pay history receipt. Comp factors: LTV and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for DSCR < 1.00 on a Trad II owner/user refinance with loan amount > $500,000. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for open state tax lien on the credit report. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination incomplete VOM-subject; missing 1 of 12 months deposit receipt. Comp factors: LTV and seasoned business. |
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 | VCC2026-4_100251 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for First time investor with LTV >XX% on Trad II. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for First time investor 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 | VCC2026-4_100253 | 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 | VCC2026-4_100270 | 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 incorrect date of birth on credit report. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for incorrect date of birth on credit report. 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 | Subject photos indicate dense vegetation limiting clearance along building perimeter on the side and rear elevations, exposed framing on covered exterior, front elevation showing exterior paint wear and exposed roof overhang, covered storage/work area with open framing and unfinished overhead canopy. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, there is no deferred maintenance noted for the subject property, or health and safety issues. Per the appraiser the property is in average condition. The borrower is expected to maintain the property and complete any necessary repairs.VCC 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 | VCC2026-4_100272 | 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 | VCC2026-4_100273 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - Debt service ratio issue [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] General - Missing Hazard Insurance |
Approved exception at origination for DSCR < 1.0x on owner user Trad II purchase with loan > $750,000. Comp factors: seasoned business Approved exception at origination for first time investor with LTV > XX% on owner user Trad II. Comp factors: seasoned business. Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: seasoned business. FT investor with < 3 months P&I reserves. (Verified funds of $XXXk less funds to close of XXXk results in total reserves of $XXk or 2.33mps P&I) Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-05): Exception remains- referenced corp docs to support seasoned business as a comp factor were not received REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for DSCR < 1.0x on owner user Trad II purchase with loan > $750,000. Comp factors: seasoned business BUYER - GENERAL COMMENT (2026-08-05): Corp documents uploaded with an inception date of 2017. corrected loan approval uploaded BUYER - GENERAL COMMENT (2026-08-05): Corrected Approval uploaded. Please disregard prior approval REVIEWER - GENERAL COMMENT (2026-08-05): Exception remains- referenced corp docs to support seasoned business as a comp factor were not received REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for first time investor with LTV > XX% on owner user Trad II. Comp factors: seasoned business. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-05): Exception remains- referenced corp docs to support seasoned business as a comp factor were not received REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-08-05): Exception remains- referenced corp docs to support seasoned business as a comp factor were not received REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing assets. Comp factor, seasoned business. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 | Appraiser observed water damage on the ceiling in form of water stains. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): Purchase transaction, appraisal made as-is and the property condition is considered in the value/LTV. The stains appear to be cosmetic in nature and no active leak was confirmed. The borrower is expected to maintain the property and complete any necessary repairs. | 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 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 | VCC2026-4_100297 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided [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 34.1% vacancy of subject property. Comp factors: reserves, FICO. Approved exception at origination for no monthly payments required/made for subject mortgage history. Comp factors: reserves, FICO. Approved exception at origination for override of statewide exclusion for Trad I investment located in XX. Comp factors: reserves, FICO. |
REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for 34.1% vacancy of subject property. Comp factors: reserves, FICO. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for no monthly payments required/made for subject mortgage history. Comp factors: reserves, FICO. REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for override of statewide exclusion for Trad I investment located iXX. Comp factors: reserves, 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 | Subject photos shows the rear building's front elevation with boarded storefront and window openings, while the side yard are exhibits dense vegetation growth along fence line. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): Appraisal made as-is and the property condition is considered in the value/LTV. The commercial unit is vacant and in the process of repairs. VCC felt comfortable proceeding with the loan as-is; however, it is expected that the borrower will complete any remaining repairs and maintain the property. | 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 | VCC2026-4_100309 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [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 DSCR < 1.20x on investor traditional 1 multifamily purchase with loan > $750k. Comp factors; FICO and seasoned business Approved exception at origination for LTV> 70% on investor traditional 1 multifamily purchase with loan >$1mm. Comp factors; reserves and seasoned business Missing VOM-primary; mortgage held in spouse's name (per LOE D0356). |
REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for DSCR < 1.20x on investor traditional 1 multifamily purchase with loan > $750k. Comp factors; FICO and seasoned business REVIEWER - WAIVED COMMENT (2026-07-16): Approved exception at origination for LTV> 70% on investor traditional 1 multifamily purchase with loan >$1mm. Comp factors; reserves and seasoned business BUYER - GENERAL COMMENT (2026-07-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM, Comp factor, FICO. |
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 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 | VCC2026-4_100311 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on a Trad II. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-07-20): Approved exception at origination for LTV > 70% on a Trad II. 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 | Subject photos indicate attic space with exposed framing and masonry chimney, limited insulation observed and unfinished flooring, utility area containing water heater and mechanical components, torn and deteriorated plywood wall covering observed, basement ceiling framing with exposed piping and deetiolated insulation and possible asbestos wrap on heating pipes. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property was in average condition and there were no significant deferred maintenance items noted at the time of inspection. The property was vacant at origination and the borrower is expected to complete any necessary repairs prior to occupancy. The borrower intends to occupy the property with their business. VCC was further comforted as the borrower has a strong business. | 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 | VCC2026-4_100315 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for credit < 2 active major tradelines on credit report). Comp factors: reserves, FICO. | REVIEWER - WAIVED COMMENT (2026-07-17): Approved exception at origination for credit < 2 active major tradelines on credit report). Comp factors: Reserves, 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 | The subject photos indicate the second building currently under renovation with an estimated $40,000 to complete. Building 1 is missing handrail or railing around opening to stairs to the unfinished loft. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-21): Purchase transaction. XX%LTV. Appraisal made as-is and the property condition is considered in value/LTV (including the cost-to-cure). The second building is vacant and under renovation. The missing stair rail for building one is on an unfinished staircase to an unfinished vacant office. VCC doesn't have a current status on repairs, but the borrower is expected to complete them. VCC was further comforted as this borrower maintained strong reserves post-close and has a high FICO. The borrower intends to occupy the subject with their business post-close. | 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 | VCC2026-4_100005 | 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 | VCC2026-4_100013 | 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 | VCC2026-4_100022 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 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 |
Appraisal photos reflect missing/stained ceiling tiles. Unfinished interior spaces. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-07-22): Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: There is an unfinished retail space needing cosmetic updates (ceiling tile repair,carpet cleaning, standard updates) but no major repairs were cited or observed and the condition wasn't material to underwriting. The property is in overall average condition. The property was vacant at origination and the updates are expected 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 | VCC2026-4_100017 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines [2] Loan File - Missing Document: Hazard Insurance Policy not provided |
Approved exception at origination for waiver of unpaid judgement/liens. Comp factors: LTV, DSCR, and guarantor net worth. (per change memo #2) Approved exception at origination for waiver of insurance requirement for subject property. Comp factor: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for waiver of unpaid judgement/liens. Comp factors: LTV, DSCR, and guarantor net worth. (per change memo #2) REVIEWER - WAIVED COMMENT (2026-07-21): Approved exception at origination for waiver of insurance requirement for subject property. Comp factor: 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 | VCC2026-4_100036 | 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 | VCC2026-4_100064 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Insufficient Hazard Insurance [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [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 credit (< 2 active major tradelines on credit report). Comp. factors: LTV, DCR. Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Missing lease for 2 of 2 units in 1 of 6 properties being refinanced. (missingXXXXXXX) Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp. factors: LTV, DCR. Approved exception at origination for rural property. Comp factors: LTV, DCR. |
REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp. factors: LTV, DCR. BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived. Approved exception at origination for missing Blanket liability policy with required endorsement for full coverage amount applicable to each covered location. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived. Approved exception at origination for missing lease agreement. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease for 2 units. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp. factors: LTV, DCR. REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for rural property. Comp factors: LTV, 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.: Address: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser notes Property damaged flooring which appears to be a tripping hazard for 1 of 6 properties (XXXXXXX). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-25): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. There was some minor vinyl damage in the bedroom of one of the properties; however, this was not viewed as material to underwriting. The borrower is expected to maintain the property and complete any necessary repairs. VCC was comforted by 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 | VCC2026-4_100067 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] General - Missing Hazard Insurance [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file.) 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 cash out on property held < 12 months using valuation > original purchase price (schedule of improvements provided). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file.) Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. 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 | VCC2026-4_100074 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | 100% vacancy per appraisal on 1 of 2 subject properties (XXXXXXX). {an executed current/active lease(D0158) is provided in file} | BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived. Approved exception for 100% vacancy of 1 of 2 subject properties (XXXXXXX). Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property 1: Subject photos indicate missing railing for front stair case and porch, remediate leak in the basement, Install floor covering in bedrooms, ensure kitchen is fully functional, obtain structural cert form a licensed professional for significant cracking in the concrete block with separation. Property 2: Subject photos indicate basement bath is not functional & bathroom floor is damaged, Install cover plate on electrical panel, potential mold on basement wall, install railing basement staircase, Install railing to 2nd floor stair access, repair/Replace near wood deck flooring. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-26): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC completed a 365-day holdback for $5,000 to remedy the mold (both properties) and replace the wood deck and flooring in property 2. VCC has received proof that the mold remediation/leak repair have both been completed. Per the borrower LOE, the cash-out proceeds would be used to repair the subject property. VCC hasn't confirmed the status of the remaining 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 | VCC2026-4_100078 | 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 | VCC2026-4_100085 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for Insurance Premium not collected at closing (Payment Plan). Comp. factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for Insurance Premium not collected at closing (Payment Plan). Comp. factor: seasoned investor. Comment |
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 | VCC2026-4_100099 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [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 [2] General - Missing Hazard Insurance |
Approved exception at origination for FICO < 650.. Comp factor: LTV. Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-26): Approved exception at origination for FICO < 650.. Comp. Factor: LTV. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV REVIEWER - RE-GRADED COMMENT (2026-07-29): 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 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 | VCC2026-4_100123 | XXXX | $XXX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for FICO < 650. Comp factor: LTV. 42.5% vacancy/ missing lease for 1 of 3 units on on 1 of 2 properties being refinanced. |
REVIEWER - WAIVED COMMENT (2026-07-26): Approved exception at origination for FICO < 650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | VCC2026-4_100130 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Wind/hurricane policy deductible >$25k. (D0340) {EOI referencing lower deductible (D0138) indicates that it is a quotation and not evidence of bound coverage in effect.} Approved exception at origination for missing lease on SFR refinance. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for no lease for the subject. 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 | VCC2026-4_100131 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $X,XXX,XXXis greater than guideline maximum loan amount of $2,000,000. |
1) All Perils Deductible of $50k and Wildfire deductible of $250k exceeds $25k guideline maximum for loan > $1mm. 2) Liability policy holder is borrower nor guarantor. Approved exception at origination for loan > $2MM on SFR. Comp factors: FICO and seasoned investor. |
BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval BUYER - GENERAL COMMENT (2026-08-05): Uploaded proof of ownership of entity named on liability coverage REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived. All Perils Deductible of $50k and Wildfire deductible of $250k exceeds $25k guideline maximum for loan > $1mm. 2) Liability policy holder is borrower nor guarantor. REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for deductibles. Comp factor, FICO. REVIEWER - RE-GRADED COMMENT (2026-07-29): Approved exception at origination for loan > $2MM on SFR. Comp factors: FICO and seasoned investor. |
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 Subject photos indicate tiered retraining wall/drainage system und construction, hot water heater is not strapped, deferred maintenance on the porch with missing beam, pealing paint, with black tarp on roof near the fire place with a roof cert recommended. Comp Factor: an executed 365 day Repair Holdback Agreement provided for $585k and reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for Subject photos indicate tiered retraining wall/drainage system und construction, hot water heater is not strapped, deferred maintenance on the porch with missing beam, pealing paint, with black tarp on roof near the fire place with a roof cert recommended. Comp Factor: an executed 365 day Repair Holdback Agreement provided for $585k and reflected on HUD. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record 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 | VCC2026-4_100135 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Mortgage / Program Eligibility - Missing Document: Note - Subordinate Lien not provided [2] Credit Documentation - Missing lease Agreement |
Missing executed copy of original note for subordinate financing {datedXX/XX/XXXX} (the copy in file which was a Schedule to mortgage document is not signed/executed). Missing lease for 1 of 2 units being refinanced. |
BUYER - GENERAL COMMENT (2026-08-18): Uploaded subordinate mortgage with an addendum showing new not terms. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval for lease term > 3 years REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for missing copy of subordinated Note. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | Subject photos indicate a smoke detector not functioning, interior garage missing a ceiling, missing cabinet doors in the kitchen. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to install new smoke detectors.There is a missing portion of the cieling in the garage, but no concern of structural integrity cited in the appraisal. The remaining repairs had an estimated cost-to-cure of $500 (which is within VCC's guideline allowance (5% of the loan amount/20k) Given the low cost to cure, and low LTV VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but the borrower is expected 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 | VCC2026-4_100143 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for First Time Investor purchase of 1 unit SFR with LTV > 70%. Comp factors: FICO and reserves. | REVIEWER - GENERAL COMMENT (2026-07-24): Approved exception at origination for First Time Investor purchase of 1 unit SFR with LTV > 70%. 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate cracked mirror in bedroom, patched and open holes in ceilings, construction on back lot, patched walls, and missing light switch cover (LOE in file D0516 along with photos D0564-none showing ceiling repairs and reflect missing light switch cover). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV (cost to cure is not provided) Per the borrower LOE, this property is a part of a planned renovation, and they are in the process of completing repairs. The borrower also confirmed that the sheetrock damage was as a result of HVAC condensation, not any roof or structural water intrustion - no active leaks. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. | 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 | VCC2026-4_100152 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 3 | [3] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: AA mortgage rating. | BUYER - GENERAL COMMENT (2026-08-18): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factor: AA mortgage rating. |
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 | The Appraiser notes, in the photos, that the lack of stairs is a safety hazard. The Appraiser also notes that the subject is zoned and recognized for single family residential use only. However, at the time of inspection, the subject was illegally set up as a duplex with a second kitchen and living area. A contractor's estimate to convert the property back to single family use, $18,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-16): Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as is, but the borrower is expected to make any necessary. Our comfort level was based on treating the property as an SFR and accounting for the applicable costs to cure rather than recognizing the existing duplex use. We ultimately received an $18K contractor estimate to convert it back to SFR, which was accounted for in the appraisal. The missing stairs were handled the same way… with a separate $2K CTC. When we account for a CTC, we aren’t necessarily expecting the borrower to complete the work. We’re discounting the value for what it could potentially cost VCC to cure the issue if we ever had to take the property back. As far as the safety concern with the stairs, it’s also possible that exterior door could be permanently secured from use if it ever became necessary. From the photos, it looks like it may already be secured, but VCC did not further confirm. | 1 | Borrower has a clean housing payment history Borrower has owned the subject property for at least 5 years. |
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 | VCC2026-4_100154 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Documentation - Missing Document: Credit Report not provided |
DL lists subject address as primary residence. There is no LOE found in file addressing this discrepancy. Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing LOE. Comp factor, LTV. REVIEWER - GENERAL COMMENT (2026-07-24): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Per the Appraiser: The subject has an area of missing interior ceiling. Estimated cost to cure is $500-$1000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): XX% LTV appraisal made as-is and the property condition is considered in the value/LTV. No structural concerns cited and given the low LTV and low cost-to-cure, VCC felt comfortable proceeding. The borrower is expected to maintain the property and complete the 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 | VCC2026-4_100156 | 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 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. 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 | VCC2026-4_100162 | XXXX | $XXX | XX/XX/XXXX | Purchase | 3 | 2 | [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 blanket liability coverage without required endorsement. Comp factor: seasoned investor. Approved exception at origination for incomplete VOM- primary; <12 months pay history provided (recent purchase). Comp factors: reserves and FICO. |
REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination to allow blanket insurance on policy form. Comp factor: seasoned investor. REVIEWER - GENERAL COMMENT (2026-07-25): Approved exception at origination for incomplete VOM- primary; <12 months pay history provided (recent purchase). Comp factors: reserves and 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: XXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Analyst Review notes that the property is assessed as a triplex, however set-up and appraised as a duplex. Triplex is not legal use for the indicated RT-5.5 zoning district. Subject garage door is missing. Evidence of Moisture noted in basement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Analyst reviewed the appraisal and noted comments regarding the property's assessed use, garage condition, and basement moisture. The appraisal was completed and valued as a duplex property, with two residential units identified and analyzed throughout the report. The appraiser identified the subject zoning as RT-5.5, "One- and Two-Family," and concluded the current use is a legally permissible use with the highest and best use being the existing residential improvement. No value was attributed to a third unit. Additionally, the appraisal indicates all utilities were on and functioning in both units and the property was determined to be marketable with an "as-is" value conclusion. The appraiser noted deferred maintenance, including exterior painting needs and securing the garage, but did not identify any condition affecting livability, soundness, or structural integrity. Evidence of basement dampness/moisture was specifically addressed in the addendum, where the appraiser stated that signs of dampness and moisture are typical for basements of this age. The appraisal was completed "as-is" with no required repairs, inspections, or conditions to value. Based on the appraiser's analysis and value conclusion, the collateral is considered acceptable | 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 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 | VCC2026-4_100163 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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: seasoned business. Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free {per LOE in file (D0390)}, and 2) incomplete VOM-subject; < 12 months pay history provided Comp factor: seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for FICO < 650. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-08-18): Exception remains. No updated approval provided. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, seasoned business. BUYER - GENERAL COMMENT (2026-08-18): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-18): Exception remains. No updated approval provided. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free {per LOE in file (D0390)}, and 2) incomplete VOM-subject; < 12 months pay history provided 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 | VCC2026-4_100164 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for FICO < 650. Comp factor: seasoned business. Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided (land contract payments paused from for most recent 4 month period.) Comp factor: seasoned business. Approved exception at origination for loan amount < $75,000. Comp factor: seasoned business. |
REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for FICO < 650. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, seasoned business. REVIEWER - GENERAL COMMENT (2026-07-25): Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided (land contract payments paused from for most recent 4 month period.) Comp factor: seasoned business. REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for loan amount < $75,000. 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 | VCC2026-4_100165 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the 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 FICO < 650. Comp. factor: seasoned business. Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Approved exception at origination for loan amount < $75,000. Comp factor: seasoned business. Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided (land contract payments paused from for most recent 4 month period.) Comp factor: seasoned business. 50% vacancy/ missing lease on SFR refinance- the sole lease provided in file (D0044) is a week to week rental for only 1 of 2 bedrooms. An approved exception is not documented) |
REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for FICO < 650. Comp. factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, seasoned business. REVIEWER - WAIVED COMMENT (2026-07-25): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned business. REVIEWER - GENERAL COMMENT (2026-07-25): Approved exceptions at origination for 1) missing VOR/VOM- primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided (land contract payments paused from for most recent 4 month period.) Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-18): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | VCC2026-4_100167 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for LTV > 70% on SFR cashout refinance with loan > $1mm. Comp factor: seasoned business. Approved exception at origination for missing lease on SFR refinance. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for LTV > 70% on SFR cashout refinance with loan > $1mm. Comp factor: seasoned business. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for missing lease on SFR refinance. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
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 | VCC2026-4_100191 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [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] Credit Documentation - Missing lease Agreement [2] General - Property has been listed for sale in the past 12 months. |
1) > 0x 30 days past due within 90 days (D0394, & 0397), 2) > 1x 30 days late within 12 months, on VCC note(s) within 90 days (D0394, & 0397) {LTV >50%}. Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV. Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price with LTV >50%. (schedule of improvements provided {D0401}). Comp factor, LTV. |
BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): Exception waived. Updated approval provided in trailing documents approving exception for mortgage lates. Comp factor, LTV. REVIEWER - GENERAL COMMENT (2026-07-24): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV. REVIEWER - GENERAL COMMENT (2026-07-24): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price with LTV >50%. (schedule of improvements provided {D0401}). 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 | VCC2026-4_100195 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for loan < $75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - GENERAL COMMENT (2026-07-25): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for loan < $75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |
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 | VCC2026-4_100213 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | 100% vacancy/ missing lease on SFR refinance. | BUYER - GENERAL COMMENT (2026-09-08): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-08): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | VCC2026-4_100263 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower |
Seller credit > 3% of purchase price {per final HUD(D0166) and Amendment to purchase agreement (D0092).} First time investor on 1 unit SFR purchase. (Ineligible per flex term matrix document.) |
BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): Exception waived. Updated approval provided in trailing documents approving exception for seller credit > 3%. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): Exception waived. Updated approval provided in trailing documents approving exception for FTI of 1 unit SFR. 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 | VCC2026-4_100267 | 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 | VCC2026-4_100271 | 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 100% vacancy/missing lease on SFR refinance. Comp factor: LTV. | REVIEWER - GENERAL COMMENT (2026-07-25): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. 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 | VCC2026-4_100277 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Application / Processing - Missing Document: HOA Questionnaire not provided [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 factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for missing HOA Cert/budget/P&L. Comp factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for Incomplete VOR-primary; missing most recent monthly pay history. Comp factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for missing HOA Cert/budget/P&L. Comp factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for Incomplete VOR-primary; missing most recent monthly pay history. Comp factors: seasoned investor and Marketing trends, which is unable to be validated as a non-quantitative subjective trait. |
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 | Appraiser notes concerns with subjects damage to steps, railing and front porch area. Cost to cure $3,500. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is and the property condition is considered in the value/LTV. The $3500 in deferred maintenance was within VCC's guideline tolerance (XX/XX of the loan amount), so VCC did not consider material to underwriting. The borrower is expected to complete any necessary repairs and maintain the property. | 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 | VCC2026-4_100298 | 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 | VCC2026-4_100299 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: LTV and reserves. Approved exception at origination for cash out on property held/inherited < 6 months (a warranty deed (D0039) from apparent relative(s) dated within 1 month of note is provided in file). Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: LTV and reserves. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): Approved exception at origination for cash out on property held/inherited < 6 months (a warranty deed (D0039) from apparent relative(s) dated within 1 month of note is provided in file). Comp factor, LTV. |
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 | VCC2026-4_100324 | 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 | VCC2026-4_100325 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] General - The property is ineligible. |
Approved exception at origination for FICO < 650. Comp factor: seasoned investor. Approved exception at origination for rural property. Comp factor: seasoned investor. |
REVIEWER - GENERAL COMMENT (2026-07-25): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. REVIEWER - GENERAL COMMENT (2026-07-25): Approved exception at origination for rural property. 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 | VCC2026-4_100327 | 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 on 1 unit SFR condo purchase with LTV >70%. Comp factor: reserves | REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for first time investor on 1 unit SFR condo purchase 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 | VCC2026-4_100329 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 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 missing lease on refinance (vacant per LOE in file). Comp factor: reserves. Missing VOR-primary; guarantor lives rent free per LOE in file (D0215). |
BUYER - GENERAL COMMENT (2026-08-18): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-19): Approved exception at origination for missing lease on refinance (vacant per LOE in file). Comp factor: reserves. BUYER - GENERAL COMMENT (2026-08-18): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-19): 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 | Subject photos indicate unfinished area of home with framing only in the walk out basement/being remodeled. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower was actively renovating the subject and provided an LOE stating that cash-out proceeds would be used to finish the rehab of the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. VCC was further comforted as the borrower is a seasoned investor with rehab experience. | 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 | VCC2026-4_100336 | 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 | VCC2026-4_100343 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 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: DCR. Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: DCR. |
REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for FICO < 650. Comp. factor: DCR. REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: DCR. |
1 | 1 | Borrower has owned the subject property for at least 5 years. 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 | VCC2026-4_100346 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided [2] General - Missing Document: Lease Agreement not provided |
Missing Business Purpose Disclosure for Guarantor 2. Missing lease for 1 of 2 units being refinanced. |
BUYER - GENERAL COMMENT (2026-09-08): Uploaded REVIEWER - GENERAL COMMENT (2026-09-08): Exception remains. BP disclosure provided is signed by XXXXX on behalf of the LLC. XXXXX name is typed on the document but not signed by this person. BUYER - GENERAL COMMENT (2026-09-10): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-11): Exception waived. Updated approval provided in trailing documents approving exception for missing 1 of 2 BP disclosures. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 exposed wires, evidence of active roof/plumbing leak, significant rot/deterioration observed in wood siding, and missing sink/vanity in bathroom. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided a contractor's contract for completion of the cited repairs for a total of $6,535.00. The borrower has since provided a roof cert, which confirmed that the roof is sound and not leaking, and that the leak was a result of bathroom plumbing. The borrower also provided photo proof that the siding and exposed electrical wires had been repaired. VCC hasn't confirmed status of the leak repair; however, felt comfortable proceeding as there is a contract for repairs in place and the borrower has provided proof of multiple completed repairs. VCC was further comforted by the low LTV and borrower's investor experience. | 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 | VCC2026-4_100347 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided |
Approved exception at origination for loan amount < $75,000. Comp factor: LTV. Missing BP disclosure for 1 of 2 guarantors. |
REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-09-08): Uploaded REVIEWER - GENERAL COMMENT (2026-09-08): Exception remains. BP disclosure provided is not signed by the guarantor XXXXX. It is signed by XXXXX which we already have. BUYER - GENERAL COMMENT (2026-09-10): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-11): Exception waived. Updated approval provided in trailing documents approving exception for missing 1 of 2 BP disclosures. 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 | Subject photos indicate exterior exposed wood, missing/damaged facia on garage, two windows on the left side of the house appear to be boarded, steps in the attic area are missing the handrail and banister and electric panel door is missing with exposed wires. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower is actively making repairs to the subject. The property is in overall average condition and the borrower provided an LOE committing to install handrails and repair the missing facia.Thr borrower also provded photo proof that the electrical panel door had been installed. VCC expects the windows to be rememdied as well. VCC was comforted by the low LTV and borrower's investor experience. | 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 | VCC2026-4_100058 | 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 "Credit (< 2 active major tradelines on credit). Comp factor: seasoned business Missing VOR-primary; guarantor lives rent free per LOE in file (D0223). |
BUYER - GENERAL COMMENT (2026-08-05): corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for "Credit (< 2 active major tradelines on credit). Comp factor: seasoned business BUYER - GENERAL COMMENT (2026-08-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. 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 | VCC2026-4_100083 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 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 21.4% vacancy/ missing lease(s). Comp factors: FICO and LTV. Approved exception at origination for incomplete VOR/VOM-primary; <12 months pay history receipts provided. Comp factors: FICO and LTV. |
REVIEWER - GENERAL COMMENT (2026-07-28): Approved exception at origination for 21.4% vacancy/ missing lease(s). Comp factors: FICO and LTV. REVIEWER - GENERAL COMMENT (2026-07-28): Approved exception at origination for incomplete VOR/VOM-primary; <12 months pay history receipts provided. Comp factors: FICO and 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 | XX% LTV - Subject photos indicate commercial kitchen area with worn flooring, bathroom with worn flooring and debris, side elevation with visible stain, interior stairwell with worn treads and peeling wall surfaces, vacant interior with worn flooring and saggy ceiling, residential unit with damaged/saggy ceiling panels as well as wall damage, peeling paint, and scattered debris, kitchen area with stained ceiling and peeling wall paint, rear roof slope and aging shingles and chimney penetration, roof section with visible wear at flashing and vent stack. Cost to cure roof repair is $1,955. (File contains a LOE evidencing borrower intent to cure(D0571) but no evidence of completion.) | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-27): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV.). VCC obtained a roof cert which confirmed that the roof repairs are fixable and as is the roof as an economic life of 5 years. The borrower provided an LOE commiting to complete the repairs immediately post-close. VCC hasn't confirmed the status of the roof repairs or the remaining repairs (which were considered standard deferred maintenance), but does expect the borrower to complete them and maintain the property moving forward. VCC was comforted as this is a low LTV loan with a high FICO borrower. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100111 | 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 missing lease(s). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for missing lease(s). 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 | Subject photos indicate interior stairway with worn treads and damaged wall surfaces and stair landing with peeling wall and surfaces and visible cracking. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-28): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding with the loan given the low LTV. 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 | VCC2026-4_100115 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.25x on investor Trad II refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. Approved exception at origination for 100% vacancy per appraisal (validated lease in file). Comp factors: seasoned investor and LTV. |
REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for DSCR < 1.25x on investor Trad II refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for 100% vacancy per appraisal (validated lease in file). Comp factors: seasoned investor, 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 | Subject photos indicate drop ceiling with water stains, side parking area with asphalt surface showing ponding and wear. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-28): Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, majority of the cash-out proceeds would be used towards renovating and updating the subject property.. VCC hasn't confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was comforted by the low LTV and the borrower's investor experience | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100132 | 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 Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $750,000. Comp factors: seasoned business and LTV. Approved exception at origination for FICO < 650. Comp factors: seasoned business and LTV. Approved exception at origination for missing VOM-subject for both 1st and 2nd mortgages. Comp factors: seasoned business and reserves. Approved exception at origination for cash-out on property listed within 6 months and no listing cancellation provided. Comp factors: seasoned business and LTV. |
REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $750,000. Comp factors: seasoned business and LTV. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for FICO < 650. Comp factors: seasoned business and LTV. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for missing VOM-subject for both 1st and 2nd mortgages. Comp factors: seasoned business and reserves. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for cash-out on property listed within 6 months and no listing cancellation provided. Comp factors: seasoned business and LTV. |
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. |
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 | VCC2026-4_100137 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] General - Debt service ratio issue [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 DSCR < 1.25 on Investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. Approved exception at origination for LTV > 70% on investor Trad II rate/term refinance. Comp factors: FICO and reserves. Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for DSCR < 1.25 on Investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for LTV > 70% on investor Trad II rate/term refinance. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-07-22): Approved exception at origination for missing VOR-primary, guarantor lives rent free. 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Retail store under renovation with interior gutted and trash everywhere, Subject photos indicate the bathroom ceiling access panel is open with exposed HVAC ductwork and unsecured wiring visible. Missing handrail on interior stairway to basement. Missing handrail on interior stairs to second floor and second floor landing rail. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The retail space was vacant and actively being renovated at the time of the appraisal. VCC hasn't confirmed the status of the remaining repairs, but expects the borrower to complete them. VCC was comforted as this is a high FICO borrower on a low LTV loan, additionally the borrower maintained strong reserves post-close. | 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 | VCC2026-4_100139 | XXXX XXXX | 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 - GENERAL COMMENT (2026-07-26): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate side elevation with exposed venting and weathered interior exterior services, interior garage area with exposed framing, rear access corridor, major rusting noted, storage area with cracked and patched ceiling surfaces, reception area with ceiling stains, interior workshop with exposed roof framing and deferred maintenance. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low LTV, VCC felt comfortable proceeding. However, the borrower is expected to remedy any issues/repairs needed at the subject property. | 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 | VCC2026-4_100153 | 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 | Subject photos indicate the reception or service counter area is currently under renovation, restroom with stained ceiling and rear yard area with overgrown vegetation. | REVIEWER - GENERAL COMMENT (2026-09-22): Clients comment: Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the cost-to-cure was $2,000. The borrower was actively renovating the space (which is in the owner/user occupied unit) and VCC expects them to complete the repairs. VCC was further comforted by the low cost-to-cure. | 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. |
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 | VCC2026-4_100161 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Debt service ratio issue [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 DSCR < 1.0x on owner user traditional 2 refinance with loan amount > $500,000. Comp factor: seasoned business. Approved exception at origination for FICO < 650. Comp factor: seasoned business. Approved exceptions at origination for 1) incomplete VOM-subject; missing recent payments and 2) missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |
REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan amount > $500,000. Comp factor: seasoned business. REVIEWER - WAIVED COMMENT (2026-07-26): Approved exception at origination for FICO < 650. Comp factor: seasoned business. REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factor: seasoned business. REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exceptions at origination for 1) incomplete VOM-subject; missing recent payments and 2) missing VOR-primary; guarantor lives rent free. 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 | Subject photos indicate exposed electrical wiring/exposed utilities and deteriorated stair treads, warehouse area with exposed structural components, parking lot area with cracks, rear exterior with vegetation overgrown, side exterior with vegetation encroachment at building perimeter, office area with damaged ceiling and exposed wiring, restroom with exposed wall framing and unfinished all surface, storage/work room with damaged ceiling tiles and unfinished wall opening, storage/work room with damaged ceiling tiles and general cluttered condition, interior stairway with deteriorated stair treads and missing tread finishes. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property is in overall average condition and there were no obvious signs of deffered maintenance and no cost-to-cure was provided. Since the appraiser didn't cite any deferred maintenance or health and safety conditions, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs and maintain the property. | 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 | VCC2026-4_100171 | 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 > $500,000. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-07-23): Approved exception at origination for DSCR < 1.25x on investor Traditional 2 purchase with loan > $500,000. 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 | VCC2026-4_100176 | 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 incomplete VOR-primary; < 12 months pay history receipts to supplement VOR summary from private landlord. Comp factor: reserves. | REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for incomplete VOR-primary; < 12 months pay history receipts to supplement VOR summary from private landlord. 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 | VCC2026-4_100197 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exceptions at origination for first time investor/first time buyer on owner user Traditional II with LTV > XX%. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-08-05): corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-05): Exception waived due to receipt of updated approval with removal if unsupported comp factor- Approved exceptions at origination for first time investor/first time buyer on owner user Traditional II with LTV > 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 | VCC2026-4_100200 | XXXX XXXX | 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 (2026-08-06): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/In-house review states unit occupied by church is missing drywall ceilings and does not appear to be leasable in its current condition to a large pool of prospective retail tenants. Property inspection report reflects deferred maintenance such as peeling exterior paint, aging exterior finishes, unfinished interior wall and ceiling surfaces, exposed utilities/wires, worn wood railing and general cosmetic wear. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low LTV, VCC felt comfortable proceeding. The space is curently leased to a church, and the borrower is expected to make any necessary updates/repairs should they need to lease to a new tenant. Generally, the borrower is expected to make any ncessary repairs and maintain the property. | 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 | VCC2026-4_100203 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [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 first time investor on Investor traditional 1 5+ family with LTV > 70%. Comp factor: FICO. Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for first time investor on Investor traditional 1 5+ family with LTV > 70%. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination 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 | Subject photos indicate a broken exterior window on the ground floor. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal and inspection report there were no obvious signs of deferred maintenance outside of the broken window. The window was boarded up and appeared to be weather tight. VCC hasn't confirmed if the window has been repaired, but expects the borrower to repair it along with any other necessary repairs/maintenance. | 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 | VCC2026-4_100206 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for DSCR < 1.00 on a Trad II owner/user refinance with loan amount > $500,000. Comp factors: FICO and seasoned investor. Approved exception at origination for credit report aged > 60 days. Comp factor: FICO |
REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for DSCR < 1.00 on a Trad II owner/user refinance with loan amount > $500,000. Comp factors: FICO and seasoned investor. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for credit report aged > 60 days. 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 | VCC2026-4_100209 | 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 for missing VOR-primary; borrower lives rent free. Comp factor: reserves. | REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception for missing VOR-primary; borrower 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 | VCC2026-4_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 | VCC2026-4_100228 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [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 DSCR < 1.0x on owner user trad II refinance with a loan > $750,000. Comp factors: FICO and seasoned business. Approved exception at origination for incomplete VOR-primary; <12 months payment history provided. Comp factors: FICO and seasoned business. Approved exception at origination for cash out on property held < 6 months ( borrower will be added to title at closing). Comp factors: FICO and seasoned business. |
REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for DSCR < 1.0x on owner user trad II refinance with a loan > $750,000. Comp factors: FICO and seasoned business. REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for incomplete VOR-primary; <12 months payment history provided. Comp factors: FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for cash out on property held < 6 months ( borrower will be added to title at closing). Comp factors: FICO and seasoned business. |
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 | VCC2026-4_100230 | 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 | VCC2026-4_100239 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines [2] General - The property is ineligible. |
Approved exception at origination for LTV > 70% on owner user Trad II refinance. Comp factor: reserves. Approved exception at origination for override of statewide exclusion for Trad II owner user located in XX Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for LTV > 70% on owner user Trad II refinance. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for override of statewide exclusion for Trad II owner user 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 | VCC2026-4_100240 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.20x on investor traditional I refinance with loan > $750,000. Comp factors: reserves and seasoned investor. Approved exception at origination for missing leases on traditional 1 multifamily refinance with loan > $500k (master lease, treated as vacant investment property). Comp factors: reserves and seasoned investor. |
REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for DSCR < 1.20x on investor traditional I refinance with loan > $750,000. Comp factors: reserves and seasoned investor. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for missing leases on traditional 1 multifamily refinance with loan > $500k (master lease, treated as vacant investment property). Comp factors: reserves and seasoned investor. |
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 | VCC2026-4_100243 | 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 Incomplete VOM-primary; < 12 months pay history provided. Comp factors: FICO and seasoned investor. Approved exception at origination for override of statewide exclusion for traditional property type located in xx. Comp factor: FICO. |
REVIEWER - GENERAL COMMENT (2026-07-28): Approved exception at origination for Incomplete VOM-primary; < 12 months pay history provided. Comp factors: FICO and seasoned investor. BUYER - GENERAL COMMENT (2026-08-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for override of statewide exclusion for traditional property type located in XX 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 | VCC2026-4_100249 | 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 on owner user Traditional II with LTV > XX% . Comp factor: FICO. | REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for first time investor on owner user Traditional II with LTV > XX% . 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 | Subject photos indicate side yard area with overgrown vegetation, side elevation with weathered wood siding, front entrance area with exterior wood siding showing wear and discoloration, side elevation with aged wood siding, side wall showing weathered wood shingles, rear yard area with overgrown vegetation, exterior gas meter surrounded by vegetation, rear elevation with weathered wood siding and aging exterior finishes. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal the property is in overall average condition and no cost to cure was provided. All of these items were considered deferred maintenance and while VCC hasn't confirmed the status of any repairs/upgrades, the borrower is expected to complete them. | 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 | VCC2026-4_100265 | 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 | Subject photos indicate rear entry stairs with collapsed steps inward, and side elevation and parking area with uneven surface. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered. Office is occupied with the borrower's business and stairs are at the rear entry which customers do not appear to utilize. There is a slight inward slope to the back steps, but they are not fully collapsed. Given the low LTV, VCC felt comfortable proceeding with the loan. VCC expects the borrower to complete any necessary repairs to the subject. | 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 | VCC2026-4_100281 | XXXX XXXX | 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 | VCC2026-4_100289 | 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 Trad I multi-family with LTV>XX%. Comp factors: reserves and seasoned business. | BUYER - GENERAL COMMENT (2026-08-06): Borrowing entity has been in formation since 2016. Seasoned Business is an acceptable comp factor REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for first time investor Trad I multi-family with LTV>XX%. Comp factors: reserves and seasoned business. |
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 | VCC2026-4_100290 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on investor traditional 1 5+ family purchase with loan> $750,000. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for DSCR < 1.20x on investor traditional 1 5+ family purchase with loan> $750,000. 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 | VCC2026-4_100291 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on investor Traditional I multifamily purchase with loan > $750k. Comp factors: FICO and DSCR which is unable to be validated as a comp factor for insufficient DSCR. | REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for DSCR < 1.20x on investor Traditional I multifamily purchase with loan > $750k. Comp factors: FICO and DSCR which is unable to be validated as a comp factor for insufficient DSCR. | 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 | VCC2026-4_100293 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 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 - Ineligible property [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 DSCR < 1.20 on investor Trad I Purchase with loan amount > $750,000. Comp factors: seasoned business. Approved exception at origination for FICO < 650 for 1 of 2 guarantors. Comp factors: seasoned business and reserves Approved exception at origination for credit- Doesn't meet minimum credit requirements (< 2 active major tradelines on credit reports for both guarantors). Comp factors: seasoned business and reserves. Approved exception at origination for override of statewide exclusion on traditional property located in IL Comp factor: reserves. Approved exception at origination for LTV > 70% on traditional I mixed use purchase by first time investor. Comp factors: seasoned business and reserves Approved exception at origination for missing VOR-primary for 1 of 2 guarantors; lives rent free. Comp factors: seasoned business and reserves. |
BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-06): Request confirmation of non-owner user portion of DSCR exception comment. LOE in file(D0252) indicates borrower intent to operate restoration service out of subject property (Borrower occupancy of all commercial units would result in Owner user occupancy of <51% of subject GLA ) REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for DSCR < 1.20 on investor Trad I Purchase with loan amount > $750,000. Comp factors: seasoned business. BUYER - GENERAL COMMENT (2026-08-06): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650 for 1 of 2 guarantors. Comp factors: seasoned business and reserves BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded. Seasoned business is acceptable. Borrowing entity has been in formation for >2 years REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for credit- Doesn't meet minimum credit requirements (< 2 active major tradelines on credit reports for both guarantors). Comp factors: seasoned business and reserves. BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-06): Exception remains- State Exclusion Override exception comp factors are not updated on uploaded document. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for override of statewide exclusion on traditional property located in IL Comp factor: reserves. BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-08-06): Exception waived- subject to lender affirmation that the cited comp factor is valid/compliant with guideline requirements and receipt of updated approval with additional revised comp factor: Approved exception at origination for LTV > 70% on traditional I mixed use purchase by first time investor. Comp factors: seasoned business and reserves BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for missing VOR-primary for 1 of 2 guarantors; lives rent free. Comp factors: seasoned business 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate rear elevation with older wood porches showing weathering and deferred maintenance and worn exterior stairways and deteriorated wood surfaces, basement area with exposed mechanicals, moisture staining and aged finishes, basement storage area with deteriorated wall surfaces and exposed ceiling framing, gas meter bank with aging piping and exposed brick wall conditions, electrical services area with exposed wiring and unfinished wall surfaces, basement area with uneven flooring, exposed piping, and signs of moisture intrusion, commercial interior with worn flooring and patched wall finishes, dated finishes and exposed ceiling, unfinished wall openings and exposed ceiling framing, restroom with dated fixtures and wear to wall and floor finishes, fitness studio with worn flooring and patched wall finishes, rear deck walkway with weathered wood surfaces and peeling finishes, aging decking and visible exterior wear. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Per borrower LOE, they operate a restoration service and they plan to open an additional location in the vacant unit of the subject property. The borrowing entity has a full team of renovation experts who intend to renovate the entire building post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. VCC was comforted as the borrowing entity is a strong business which maintained strong reserves post-close. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100303 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 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 [2] General Appraisal Requirements - The appraisal revealed property damage. |
Approved exception at origination for Subject photos indicate ceiling damage in restroom, open wiring at boiler, ceiling damage in several interior photos, cracked parking, dripping valve and ceiling damage, wet floor in the restroom, hole in the ceiling in the restroom, open electrical box, spalling concrete at the front porch, falling rear fence, mismatched and missing roof shingles, dropping valance soffit and a tarped roof. Comp factor, signed 365 day holdback agreement provided for $40,000 and reflected on HUD. Approved exception at origination for deferred maintenance/ roof repairs estimated cost to cure >$25k. Comp factor, 365-day executed Holdback agreement for $40,000 parking lot repairs provided and reflected on HUD. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for Subject photos indicate ceiling damage in restroom, open wiring at boiler, ceiling damage in several interior photos, cracked parking, dripping valve and ceiling damage, wet floor in the restroom, hole in the ceiling in the restroom, open electrical box, spalling concrete at the front porch, falling rear fence, mismatched and missing roof shingles, dropping valance soffit and a tarped roof. Comp factor, signed 365 day holdback agreement provided for $40,000 and reflected on HUD. REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for deferred maintenance/ roof repairs estimated cost to cure >$25k. Comp factor, 365-day executed Holdback agreement for $40,000 parking lot repairs provided and reflected on HUD. |
1 | Borrower has owned the subject property for at least 5 years. 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. |
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 | VCC2026-4_100308 | 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 | VCC2026-4_100317 | 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 | VCC2026-4_100318 | 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 | The damaged ceiling in the bedroom of unit 3 is molded from the water damage. The bathroom in unit 5 has chipped paint along the crack on the wall. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite water damage or active leaks in the property; however, there is ceiling tile repair needed in unit 3 (no cost to cure was provided). No structural concerns noted. Unit 3 was vacant and being repairs at the time of inspection. VCC hasn't confirmed the status, but expects the borrower to maintain the property and complete any necessary repairs prior to occupancy. | 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 | C | C | C | C | C | C | C | C | C | C | |||||||
| XXXX | XXXX | VCC2026-4_100319 | 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 | VCC2026-4_100320 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 1 | 3 | [3] General - Subject is not in average or better condition. [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 |
Subject is in 'Average-minus' condition per appraisal with $20k cost to cure. Mold remediation estimate $16.2k and Roof repair estimate $11.7k. Subject photos indicate possible asbestos exposure, damage to roof/ceiling, damaged drywall, water seepage, cracked asphalt in parking lot, deteriorated mortar joints. Subject photos indicate possible asbestos exposure, damage to roof/ceiling, damaged drywall, water seepage, cracked asphalt in parking lot, deteriorated mortar joints. Subject is in 'Average-minus' condition per appraisal with $20k cost to cure. Mold remediation estimate $16.2k and Roof repair estimate $11.7k. |
REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Clients comments: XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC completed a 120-day holdback for $30,000 for the mold remediation/roof replacement/debri removal.The borrower provided an LOE commiting to complete any remaining repairs. The borrower has requested a holdback draw and an inspection has been ordered, funds will be released post-inspection. VCC hasn't confirmed the status of all of the repairs, but expects the borrower to complete them. VCC is further comforted by the low LTV, and signs that the property has actively been improved post-close. The borrower occupies the subject with their business. REVIEWER - GENERAL COMMENT (2026-09-14): Copy of holdback agreement provided for part of the repairs with a letter from the customer stating they will make the additional repairs provided in trailing documents. No evidence of any repairs being made provided. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC completed a 120-day holdback for $30,000 for the mold remediation/roof replacement/debri removal.The borrower provided an LOE commiting to complete any remaining repairs. The borrower has requested a holdback draw and an inspection has been ordered, funds will be released post-inspection. VCC hasn't confirmed the status of all of the repairs, but expects the borrower to complete them. VCC is further comforted by the low LTV, and signs that the property has actively been improved post-close. The borrower occupies the subject with their business. REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: The presence of asbestos wasn't officially confirmed; however, the borrower is renovating that entire space and any asbestos (if present) is expected to be remedied. The borrower is actively renovating the subject. |
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 | VCC2026-4_100323 | 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 - Missing Hazard Insurance [2] General - The property is ineligible. |
Approved exception at origination for missing/incomplete VOR/VOM-primary- borrower lived rent free until 3 months prior to note date and proof of most recent monthly payment on new mortgage is not provided. Comp. factors: LTV and 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 rural property. Comp factors: LTV and seasoned investor. |
REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for missing/incomplete VOR/VOM-primary- borrower lived rent free until 3 months prior to note date and proof of most recent monthly payment on new mortgage is not provided. Comp. factors: LTV and seasoned investor. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for rural property. Comp factors: LTV and 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 | VCC2026-4_100339 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - Debt service ratio issue [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided |
Approved exception at origination for DSCR < 1.0x on owner user Trad II purchase with loan > $750,000. Comp. factors: FICO and seasoned business. Approved exception at origination for first time investor on owner user traditional 2 with LTV > XX%. Comp. factors: FICO and seasoned business. First time investor with < 3 months P&I reserves (actual closing costs per final HUD(uncertified) result in ~ 1.2mos P&I based on underwritten verified funds). |
REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for DSCR < 1.0x on owner user Trad II purchase with loan > $750,000. Comp. factors: FICO, seasoned business. REVIEWER - GENERAL COMMENT (2026-07-26): Approved exception at origination for first time investor on owner user traditional 2 with LTV > XX%. Comp. factors: FICO and seasoned business. BUYER - GENERAL COMMENT (2026-08-06): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): {Funds to close reverified per certified final settlement atmt received in trailing docs} Exception waived - due to receipt of updated loan approval reflecting approved exception for First time investor with reserves < 3 months P&I. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-08-10): Exception waived. Updated approval provided in trailing documents approving exception for FTI with < 3 months reserves. 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 | Appraisal photos identifies noteworthy deferred maintenance; general cleanup , electrical wire issues, ceiling beams need replacing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX%LTV, appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the cost-to-cure for deferred maintenance is $10,000 and was deducted from the final value. The 10k cost to cure is within VCC guideline allowance (XX/XX of the loan amount). The borrower is an existing tenant who is purchasing the subject property. VCC hasn't confirmed the status of repairs, but the borrower is expected 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 | VCC2026-4_100344 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [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 |
Gen Agg liability coverage is < $2MM. (D0055) Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factor: FICO. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
BUYER - GENERAL COMMENT (2026-08-06): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived - due to receipt of updated loan approval reflecting approved exception for insufficient liability coverage amount. Comp factor: seasoned investor REVIEWER - GENERAL COMMENT (2026-07-27): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factor: FICO. REVIEWER - RE-GRADED COMMENT (2026-07-28): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
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 |
Fair condition per appraisal Subject photos indicate exterior wall with damaged siding and rear parking area with deteriorated gravel/asphalt surface and uneven areas. |
BUYER - GENERAL COMMENT (2026-08-06): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived - due to receipt of updated loan approval reflecting approved exception for property rated in fair condition I. Comp factor: FICO. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any deferred maintenance or health and safety issues. The damaged siding and parking lot damage appear to be cosmetic in nature and were not considered material to underwriting. Generally, the borrower is expected to complete any necessary repairs and maintain the subject. |
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 | C | C | C | C | C | C | C | C | C | C | ||||
| XXXX | XXXX | VCC2026-4_100345 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [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 missing Gen agg. liability coverage < $2MM. (ref D0166). Comp factor, seasoned investor. Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors; seasoned investor and FICO. Approved exception at origination for premium not paid in full at closing(on payment plan). Comp factor; seasoned investor. |
BUYER - GENERAL COMMENT (2026-08-20): Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for missing Gen agg. liability coverage < $2MM. (ref D0166). Comp factor, seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary from private lender. Comp factors; seasoned investor and FICO. REVIEWER - WAIVED COMMENT (2026-07-28): 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 | Appraisal reflects front steps and railing contains rotting wood. Foundation cracking. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Appraisal made as-is and the property condition is considered in the value/LTV. No cost-to-cure was provided and while the deferred maintenance was noted, VCC felt comfortable proceeding without further action prior to funding. Cracking/damage appears to be cosmetic in nature. The borrower is expected to complete any necessary repairs. VCC felt further comforted as the borrower is a seasoned investor. | 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 | VCC2026-4_100351 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. [2] General - The property is ineligible. |
Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business. Approved exception at origination for loan < $100,000 on traditional property type. Comp factors: DSCR and seasoned business. Approved exception at origination for override of statewide exclusion for traditional property type located in XX Comp factor: DSCR. |
REVIEWER - RE-GRADED COMMENT (2026-07-29): Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business. REVIEWER - GENERAL COMMENT (2026-07-29): Approved exception at origination for loan < $100,000 on traditional property type. Comp factors: DSCR and seasoned business. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for override of statewide exclusion for Trad II property type located in XX 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 | VCC2026-4_100355 | XXXX XXXX | 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 missing VOR-primary; borrower lives rent free. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-07-23): Approved exception at origination for missing VOR-primary; borrower lives rent free. 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 | VCC2026-4_100356 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] General - LTV over 75% [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 first time investor on owner user traditional II with with LTV > XX%. Comp factor: reserves. Approved exception at origination for LTV > XX% on owner user traditional II purchase by FT investor. Comp factor: reserves. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: reserves. |
REVIEWER - GENERAL COMMENT (2026-07-28): Approved exception at origination for first time investor on owner user traditional II with with LTV > XX%. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for LTV > XX% on owner user traditional II purchase by FT investor. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-07-28): Approved exception at origination for premium not paid in full at closing - on payment plan. 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 | VCC2026-4_100003 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for valuation aged > 6 months. Comp factors: seasoned investor/seasoned business, DSCR, and FICO. (D0788) | BUYER - GENERAL COMMENT (2026-08-06): Correct, approved exception. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for valuation aged > 6 months. Comp factors: seasoned investor/seasoned business, DSCR, and FICO. (D0788) |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record 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 | VCC2026-4_100009 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 50% on 1st DOT in 504 purchase transaction. Comp Factors: FICO, seasoned investor, and guarantor net worth, (Per approval policy exceptions) | BUYER - GENERAL COMMENT (2026-08-06): Correct, approved exception. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for LTV > 50% on 1st DOT in 504 purchase transaction. Comp Factors: FICO, seasoned investor, and guarantor net worth, (Per approval policy exceptions) |
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 | VCC2026-4_100015 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Ineligible property [2] General - LTV does not meet guidelines |
Approved exception at origination for Hotel property located outside of a major metro MSA. Comp factors: LTV (LTV not a valid comp factor with an exception for LTV listed) and guarantor support/liquidity. (Per approval policy exceptions) Approved exception at origination for LTV> 50% on 1st DOT 504 transaction. Comp factor: guarantor support/liquidity. (Per approval policy exceptions) |
REVIEWER - GENERAL COMMENT (2026-07-24): Approved exception at origination for Hotel property located outside of a major metro MSA. Comp factors: LTV (LTV not a valid comp factor with an exception for LTV listed) and guarantor support/liquidity. (Per approval policy exceptions) REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for LTV> 50% on 1st DOT 504 transaction. Comp factor: guarantor support/liquidity. (Per approval policy exceptions) |
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 | VCC2026-4_100021 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for waiver of down payment fund verification requirements. Comp factors: DSCR, FICO, and guarantor net worth. (per change memo #1) | REVIEWER - WAIVED COMMENT (2026-07-27): Approved exception at origination for waiver of down payment fund verification requirements. Comp factors: DSCR, FICO, and guarantor net worth. (per change memo #1) | 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 | VCC2026-4_100028 | 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 | VCC2026-4_100031 | 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 | VCC2026-4_100033 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: DSCR and company financial strength (per Approval policy exceptions) | REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factors: DSCR and company financial strength (per Approval policy exceptions) | 1 | 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 | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | VCC2026-4_100034 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: 1040 not provided | Approved exception at origination for missing personal tax returns. Comp factors; LTV and DSCR ( Per approval Policy Exceptions) | REVIEWER - WAIVED COMMENT (2026-07-24): Approved exception at origination for missing personal tax returns. Comp factors; LTV and DSCR ( Per approval Policy Exceptions) | 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 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 | VCC2026-4_100148 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-08-06): 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 reflect basement shows evidence of moisture/water, some deterioration noted on subject front exterior, sections of repaired/unpainted drywall noted in multiple rooms and missing siding on the majority of rear with exposed plywood. PTD to replace any discolored plywood and install siding. Appraiser estimates a cost to cure of $10,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC has an invoice which confirms that the cost to install new siding (including materials and labor) would be $2,000. No active leaks confirmed, so most items considered standard deferred maintenance. Proof of repairs not received, but VCC felt comfortable proceeding given the low LTV. 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. |
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 | VCC2026-4_100151 | 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 factor: LTV. | BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): 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 | VCC2026-4_100185 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] General - Missing Hazard Insurance [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). 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 loan < $75,000. Comp factor: LTV. Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price (schedule of improvements provided). Comp factor: LTV. |
REVIEWER - GENERAL COMMENT (2026-07-31): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. REVIEWER - GENERAL COMMENT (2026-08-05): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price (schedule of improvements provided). 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 | The appraiser observed that the property did not have a furnace installed and the half bath was undergoing renovations as well as missing furnace, basement/rec room with missing ceiling panels, | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower was actively renovating the subject property at the time of origination and later provided photos of the furnace/oven installed and the half bath repairs completed. The borrower is expected to 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100223 | 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 - Ineligible property [2] General - The property is ineligible. |
Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. Rural property (rurality check failure per approval) Cash out on property acquired within recent 12 months using value greater than the acquisition price. |
REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. BUYER - GENERAL COMMENT (2026-08-20): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-20): Exception waived. Updated approval provided in trailing documents approving exception for rural property/ Comp factor, seasoned investor. BUYER - GENERAL COMMENT (2026-08-20): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-20): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently acquired property using appraised value. 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 | VCC2026-4_100232 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 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. Incomplete VOR- primary; pay history receipts in file, however no lease nor landlord cert is provided to verify contractual terms/timely payment history. |
BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for FICO <650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-20): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-20): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. 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 | VCC2026-4_100252 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for missing lease on SFR refinance (Subject is listed as a ST rental). Comp factor: LTV. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for missing lease on SFR refinance (Subject is listed as a ST rental). Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): 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 | VCC2026-4_100260 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - Ineligible property [2] Credit Documentation - Missing Document: Credit Report not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for rural property. Comp factor: reserves . Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. Approved exception at origination for loan amount < $75,000. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for rural property. Comp factor: reserves BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for loan amount < $75,000. 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 | The appraiser observed unsecured electrical outlets and damaged wood trim, an aged roof, and missing wood in the soffit. ( file contains a LOE expressing intent to address issues (D0204) but no evidence of completion) | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX%LTV. Appraisal made as-is and the property condition is considered in the value and LTV. The borrower provided an LOE commiting to complete the repairs. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete them. | 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 | VCC2026-4_100275 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for > 0x 30 days late within 90 days, and > 0 x 60 days late within 24 months on primary mortgage. Comp factors: FICO and marketing trends which is unable to be validated as an non-quantitative subjective trait. | REVIEWER - GENERAL COMMENT (2026-08-01): Approved exception at origination for > 0x 30 days late within 90 days, and > 0 x 60 days late within 24 months on primary mortgage. Comp factors: FICO and marketing trends which is unable to be validated as an non-quantitative subjective trait. | 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 | VCC2026-4_100322 | 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 incomplete VOM-primary; < 12 months pay history provided. Comp factors: seasoned business and seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for FICO < 650. Comp. factor: LTV. REVIEWER - GENERAL COMMENT (2026-07-31): Approved exception at origination for incomplete VOM-primary; < 12 months pay history provided. Comp factors: seasoned business and 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 | Per appraisal, subject has broken & boarded rear windows. Noted as a PTD condition per analyst review- file contains a LOE indicating borrower intent to remedy(D0184) but no evidence of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): XX% 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. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100335 | XXXX XXXX | 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/ missing lease on SFR refinance. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. 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 | Upstairs bathroom lacks a heat source. file contains a LOE from borrower(D0157) indicating intent to correct, however no evidence of completion is provided | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to install a heatsource. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment. VCC was further comforted by 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 | VCC2026-4_100353 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on blanket cash out refinance with loan > $1mm secured by 2x 1-4 family properties. Comp factor: seasoned investor and FICO. | REVIEWER - GENERAL COMMENT (2026-07-31): Approved exception at origination for LTV > 70% on blanket cash out refinance with loan > $1mm secured by 2x 1-4 family properties. Comp factor: seasoned investor and 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 | VCC2026-4_100378 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Insufficient Hazard Insurance |
Approved exception at origination for FICO < 650. Comp. factor: LTV. Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp. factor: LTV. Hurricane deductible of 5% is > guideline max wind deductible of $25k. |
REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for FICO < 650. Comp. factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp. factor: LTV. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Exception waived. Updated approval provided in trailing documents approving exception for deductible. 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 | VCC2026-4_100380 | 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 | VCC2026-4_100383 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 | The appraiser noted that the property, a single family residence, has been converted to be utilized as an assisted care facility. Cost to cure is estimated at $20,000 to remove partitions, ramps, updates bathrooms and create a floorplan more suitable to a single family residence arrangement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Appraisal made as-is and the property condition is considered in the value/LTV (including the 20k cost-to-cure). The borrower has operated this ALF facility for 8 years and purchased the subject back in 2012. VCC felt comfortable proceeding given the current business purpose use, but expects the borrower to restore the property if the current use is changed from ALF so a single family rental. | 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 | VCC2026-4_100395 | XXXX XXXX | 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 | VCC2026-4_100397 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Insufficient Hazard Insurance [2] General - The property is ineligible. |
Hurricane deductible of 5% exceeds guideline max wind deductible of $25k. Approved exception at origination for rural property. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-08-20): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-20): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for rural property. 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 | The appraiser observed the following property damage: 1. Primary Dwelling - kitchen cabinetry, countertops, and drywall damage. 2. Attached ADU - exterior plywood paneling, flooring, walls and ceiling damage. 3. Detached ADU - exterior trim and siding, entry stairs and landing, flooring, kitchen cabinetry, and bathroom wall damage. and 4. Finished Under House Area - ceiling and wall damage. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite a cost-to-cure, but provided details of the repairs/improvements needed. Per the borrower LOE, cash-out proceeds would be used for renovations to the subject property. VCC hasn't confirmed the status of repairs; however, expects the borrower to fulfill their commitment. | 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 | VCC2026-4_100095 | 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 property held < 12 months using valuation > original purchase price. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for cash out on property held < 12 months using valuation > original purchase price. 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 | VCC2026-4_100370 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and seasoned investor which is unable to be validated as file evidenced < 2 investments owned 24+ mos (Per MCP 5.5). Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and seasoned investor which is unable to be validated as file evidenced < 2 investments owned 24+ mos (Per MCP 5.5). REVIEWER - WAIVED COMMENT (2026-08-03): 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. 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 | VCC2026-4_100092 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for insufficient carrier rating. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for insufficient carrier rating. 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 | VCC2026-4_100142 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed-use refinance with loan > $500,000. Comp factor: seasoned investor. Approved exception at origination for missing leases for residential units (listed as ST rental). Comp factor: seasoned investor. Approved exception at origination for rural property. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed-use refinance with loan > $500,000. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for missing leases for residential units (listed as ST rental). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for rural property. 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 | VCC2026-4_100254 | 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 exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-03): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history provided. 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 | VCC2026-4_100405 | 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 incomplete VOM-subject; missing pay history receipts to supplement VOM summary which indicates matured note as the explanation of no payments for past 2 most recent months. Comp factor: FICO. Approved exception at origination for override of statewide exclusion for traditional property type located in xx. Comp factor; FICO. |
REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement VOM summary which indicates matured note as the explanation of no payments for past 2 most recent months. Comp factor: FICO. BUYER - GENERAL COMMENT (2026-08-20): Correced Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for override of statewide exclusion for traditional property type 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 | VCC2026-4_100211 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Debt service ratio issue [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 DSCR <1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV Approved exception at origination for FICO <650. Comp factor: LTV. Named storm deductible of 5% exceeds guideline max wind deductible of $25k . Missing VOM-subject. |
REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO <650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-20): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-08-20): Exception remains. No updated approval provided. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. 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 | Analyst Review notes that the walls and other finished were removed in the warehouse. It is not in move-in-ready or leasable condition with estimated cost to cure of $45k. ( No holdback agreement found in file) | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX%. Appraisal made as-is and the property condition is considered in the value/LTV. Per the borrower LOE, cash-out proceeds would be used towards repairs and renovations to the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment 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 | VCC2026-4_100247 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for EOI for liability appears to be a quote and not evidence of bound coverage in effect. Premium not paid in full/payment plan Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-08-20): Uploaded REVIEWER - WAIVED COMMENT (2026-08-20): Approved exception at origination for EOI for liability appears to be a quote and not evidence of bound coverage in effect. Premium not paid in full/payment plan 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 | Subject photos indicate interior space with stacked materials and limited clearance, ceiling tiles with significant staining, water staining around vent and other damage, floor area with damaged finishes and exposed substrate, ceiling with missing tiles and exposed areas, narrow storage corridor with shelving and stained ceiling, ceiling with visible holes, stains and missing sections, sales counter area with damaged and stained ceiling, damaged fluorescent lights, exposed fixtures, storage area with missing tiles, ceiling and door frame with staining and deterioration, damage on the store frame. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property is in average condition with deferred maintenance (no cost to cure provided). Per the borrower LOE, cash-out proceeds would be used towards repairing the subject property. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. VCC 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 | VCC2026-4_100352 | 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 | VCC2026-4_100236 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for credit report aged > 60 days. 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 (2026-08-03): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 | VCC2026-4_100238 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for credit report aged > 60 days. 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 (2026-08-03): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 | VCC2026-4_100384 | XXXX XXXX | 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 | VCC2026-4_100069 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines [2] Mortgage / Program Eligibility - Missing Document: Note - Subordinate Lien not provided |
Approved exception at origination for multiple bankruptcy filings with the past 5 years. Comp. factor: LTV. Missing signed/executed copy of seller-held second mortgage note documents |
REVIEWER - WAIVED COMMENT (2026-07-31): Approved exception at origination for multiple bankruptcy filings with the past 5 years. Comp. factor: LTV. BUYER - GENERAL COMMENT (2026-08-06): Uploaded REVIEWER - GENERAL COMMENT (2026-08-06): Exception remains- 1) The referenced Private Second Mortgage Note document was not provided 2) the uploaded Second mortgage document provided contains blank fields for the Day of the Private mortgage note and payment in the second paragraph. BUYER - GENERAL COMMENT (2026-08-20): Excption noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for incomplete 2nd Note. Comp factor, seasoned business. |
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 | VCC2026-4_100159 | 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 | VCC2026-4_100234 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 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 (2026-08-03): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate peeling paint and deteriorated door frame on the side entry door and side elevation with fencing and climbing vegetation on exterior wall. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. Property vacant at the time of origination and VCC expects the borrower to complete any necessary repairs prior to occupancy. VCC 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 | VCC2026-4_100301 | 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 | Subject photos indicate interior access corridor with unfinished wall repairs noted, basement utility with exposed framing and mechanical systems, storage area with missing ceiling tile, flat roof surface showing weathered membrane condition. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): Purchase transaction. XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Property under renovations at the time of the inspection and while VCC hasn't confirmed the status, the borrower is expected to complete them. VCC was further comforted by the low LTV. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | 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 | VCC2026-4_100365 | 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 | VCC2026-4_100210 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > XX% on traditional I multifamily purchase by foreign national investor with no FICO. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for LTV > XX% on traditional I multifamily purchase by foreign national investor with no FICO. 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 | Subject photos indicate basement area with exposed masonry walls, exposed piping and upper wall exterior on the exterior with peeling fascia trim and staining along room edge. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. Appraisal made as is and the proeprty condition is considered in the property/LTV. The basement area is an unoccupied space which appears to be used for utility. VCC hasn't confirmed the status of repairs, but expects the borrower to complete any necessary repairs and maintenance. | 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 | VCC2026-4_100244 | 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 VOR-primary; missing 12 months pay history receipts. Comp factors: seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts. Comp factors: seasoned business and 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 | VCC2026-4_100369 | 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 | VCC2026-4_100296 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Debt service ratio issue [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower |
Approved exception at origination for seller credit > 3%. Comp factors: FICO and reserves which is unable to be validated due to missing VOF stmt and inconsistent FT investor status which would result in reserves < guideline min requirement. Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves which is unable to be validated due to missing VOF stmt and inconsistent FT investor status which would result in reserves < guideline min requirement. Approved exception at origination for first time investor with LTV > XX% on investor traditional II. Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for seller credit > 3%. Comp factors: FICO and reserves which is unable to be validated due to missing VOF stmt and inconsistent FT investor status which would result in reserves < guideline min requirement. REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves which is unable to be validated due to missing VOF stmt and inconsistent FT investor status which would result in reserves < guideline min requirement. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded Borrower is FT investor. REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for first time investor with LTV > XX% on investor traditional II. 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 | VCC2026-4_100147 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 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 . |
Approved exceptions at origination for first time investor/first time buyer on owner-user traditional 2 with LTV>XX% . Comp factor: seasoned business. Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: seasoned business. First time investor with reserves < 3 mos P&I. (Underwritten verified funds per approval assets section less funds to close per final HUD result in < 1 mo P&I) |
BUYER - GENERAL COMMENT (2026-08-06): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-10): Approved exceptions at origination for first time investor/first time buyer on owner-user traditional 2 with LTV>XX% . Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-06): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-08-06): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-06): Exception waived - due to receipt of updated loan approval reflecting approved exception for First time investor with reserves < 3 months P&I. 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 | Subject photos indicate missing shingle at the front entry, bent down section of front gutter, cracked parking surface, overgrowth onto left rear of building. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): Purchase transaction. XX% LTV, Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding with the property as-is; however, the borrower is expected to complete any necessary repairs and maintain the property | 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 | VCC2026-4_100061 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - The property is ineligible. |
Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves which is unable to be validated as stmt is file reflects $0 reserves and insufficient balance for funds due at closing. Approved exception at origination for override of statewide exclusion for traditional property type located in xx. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves which is unable to be validated as stmt is file reflects $0 reserves and insufficient balance for funds due at closing. BUYER - GENERAL COMMENT (2026-08-20): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for override of statewide exclusion for traditional property type located in XX 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 | Subject photos indicate no cover for electrical panel in XXXXXX, rear area with overgrown and debris and exterior corridor with weathered ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-25): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low LTV, VCC felt comfortable proceeding; however, the borrower is expected to maintain the property and complete any necessary repairs. VCC was comforted by the low LTV. | 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 | VCC2026-4_100227 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance |
Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor. Approved exception at origination for EOI for liability coverage is an umbrella policy which 1) does not list the subject property address as covered location and 2) Gen agg coverage is < $2MM. Comp factors, LTV and seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-03): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor. BUYER - GENERAL COMMENT (2026-08-20): Uploaded REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for EOI for liability coverage is an umbrella policy which 1) does not list the subject property address as covered location and 2) Gen agg coverage is < $2MM. Comp factors, LTV and 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 | VCC2026-4_100072 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property is ineligible. |
Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts. Comp factor: LTV. Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-08-04): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. 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 | Subject photos indicate Pavement with cracks and week growth in driveway to the garage and rear exit with unfinished walls, basement bathroom area with unfinished surfaces and missing fixtures and interior stairway with handrails and worn threads. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-25): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The cracks in the pavement and weed growth were not considered material to underwriting as there's no health and safety risk. The unfinished spaces in the property were vacant and under repair at the time of the inspection. Given the low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs; however, the borrower is expected to maintain the property and complete any necessary repairs/renovations. | 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 | VCC2026-4_100363 | 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 owner user traditional II refinance. Comp factors: reserves and seasoned business. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factors: reserves and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | VCC2026-4_100382 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [2] General - LTV does not meet guidelines [2] General - Missing Hazard Insurance |
Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves. Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factor: reserves. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-08-04): Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-08-04): 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 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 | VCC2026-4_100071 | 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 - The property is ineligible. |
Approved exception at origination for FICO < 650. Comp. factor: LTV. Approved exception at origination for default interest due to loan maturity included in payoff for the subject. Comp factors: LTV and reserves. Approved exception at origination for override of statewide exclusion for traditional property type located inXX. Comp factors: reserves and LTV. |
REVIEWER - WAIVED COMMENT (2026-08-18): Approved exception at origination for FICO < 650. Comp. factor: LTV. REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for default interest due to loan maturity included in payoff for the subject. Comp factors: LTV and reserves. REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for override of statewide exclusion for traditional property type located in XX Comp factors: reserves and LTV. |
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. 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 | VCC2026-4_100020 | 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 | VCC2026-4_100023 | 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 | VCC2026-4_100035 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of 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 . |
Approved exception at origination for waiver of requirement for SNDA/Tenant estoppel. Comp factors: seasoned investor and DSCR. (per Change Memo #4) Approved exception at origination for waiver of late pay history in excess of guideline maximum (11x 30 days late within 24 months). Comp factor: DSCR. (per Change Memo #2) Approved exception at origination for waiver of verified deposit account reserves below guideline requirements (a retirement asset statement is provided in lieu of requirement). Comp factors: DSCR and seasoned investor. (per Change Memo #1) |
REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for waiver of requirement for SNDA/Tenant estoppel. Comp factors: seasoned investor and DSCR. (per Change Memo #4) REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for waiver of late pay history in excess of guideline maximum (11x 30 days late within 24 months). Comp factor: DSCR. (per Change Memo #2) REVIEWER - WAIVED COMMENT (2026-08-05): Approved exception at origination for waiver of verified deposit account reserves below guideline requirements (a retirement asset statement is provided in lieu of requirement). Comp factors: DSCR and seasoned investor. (per Change Memo #1) |
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 | VCC2026-4_100039 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided |
Approved exception at origination to waive requirement for SNDA's/tenant estoppels. Comp factors: DSCR and FICO. (per Change Memo #1) Approved exception at origination for principal with <24 months investment property ownership history. Comp factors: DSCR and guarantor support/liquidity. (per approval Policy Exceptions) Approved exception at origination for cash injection funds seasoned < 6 months. Comp factors: DSCR and guarantor support/liquidity. (per approval Policy Exceptions) |
REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination to waive requirement for SNDA's/tenant estoppels. Comp factors: DSCR and FICO. (per Change Memo #1) REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for principal with <24 months investment property ownership history. Comp factors: DSCR and guarantor support/liquidity. (per approval Policy Exceptions) REVIEWER - WAIVED COMMENT (2026-07-30): Approved exception at origination for cash injection funds seasoned < 6 months. Comp factors: DSCR and guarantor support/liquidity. (per approval Policy Exceptions) |
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 | VCC2026-4_100101 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for rural property. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for rural property. 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 | VCC2026-4_100127 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 1 | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Approved exception at origination for Appraisal/XXX ANALYST review reflects some damage was observed on the wood front door frame, some missing concrete on the basement floor, roof appears to have some missing shingles. Comp factor, 90-day holdback agreement provided with holdback of $10,000 for singles, synthetic underlayment rolls, ice and water rolls, drip edge, pipe boot, roof tear off labor, single installation and disposal of trash - materials, reflected on HUD. Approved exception at origination for Appraisal/XXX ANALYST review reflects peeling paint on exterior wood siding and trim and the covered porches and wood trim. On the interior, chipping paint was observed on the trim, Kitchen vinyl flooring was peeling in multiple areas, water stains were observed on kitchen ceiling tiles (there is a bathroom above), the areas appeared dry, carpet in bedroom 2 on the upper level appeared worn and stained and evidence of moisture was observed in basement and a moldlike substance was observed on some of the basement walls. Comp factor, 90 days hold back agreement of $10,000 provided and reflected on HUD to install 5" gutter with roof strap hangers, downspout extension installation, draining hose, mold treatment, bring humidity below XX% cleaning solution to affected areas, scrub, scape and paint with waterproof paint. |
REVIEWER - WAIVED COMMENT (2026-08-17): Approved exception at origination for Appraisal/XXX ANALYST review reflects some damage was observed on the wood front door frame, some missing concrete on the basement floor, roof appears to have some missing shingles. Comp factor, 90-day holdback agreement provided with holdback of $10,000 for singles, synthetic underlayment rolls, ice and water rolls, drip edge, pipe boot, roof tear off labor, single installation and disposal of trash - materials, reflected on HUD. REVIEWER - WAIVED COMMENT (2026-08-17): Approved exception at origination for Appraisal/XXX ANALYST review reflects peeling paint on exterior wood siding and trim and the covered porches and wood trim. On the interior, chipping paint was observed on the trim, Kitchen vinyl flooring was peeling in multiple areas, water stains were observed on kitchen ceiling tiles (there is a bathroom above), the areas appeared dry, carpet in bedroom 2 on the upper level appeared worn and stained and evidence of moisture was observed in basement and a moldlike substance was observed on some of the basement walls. Comp factor, 90 days hold back agreement of $10,000 provided and reflected on HUD to install 5" gutter with roof strap hangers, downspout extension installation, draining hose, mold treatment, bring humidity below XX% cleaning solution to affected areas, scrub, scape and paint with waterproof paint. |
1 | Borrower has owned the subject property for at least 5 years. Evidence of Escrow Holdback in file. |
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 | VCC2026-4_100140 | 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 [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for 100% vacancy on a refi with missing lease agreement. Comp factor: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. Approved exception at origination or value seasoning < 12 months. Comp factors: seasoned investor, property condition Input from the property history report. |
REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination for 100% vacancy on a refi with missing lease agreement. Comp factor: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination or value seasoning < 12 months. Comp factors: seasoned investor, property condition Input from the property history report. |
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 | VCC2026-4_100174 | 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 (2026-08-11): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 2 | [2] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: C5 [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 subject property in C5 Condition-roof is dilapidated as it is coming off, shingles could be found in yard, there are two sections in the garage that shows a section of the roof to be damaged, exposing the interior of the garage. Garage interior has ceiling insulation that is falling down and an extensive amount of yard debris. bathroom with missing drywall and flooring, some holes in ceiling. Comp factor: 90 day Hold back Agreement provided with hold back of $15,000 to replace roof, new vents, kitchen vents, drywall mud and tape, hard board and tile, vanity installation, tub, shower title installation, toilet replacement and clean up and disposal. Approved exception at origination for subject property roof is dilapidated as it is coming off, shingles could be found in yard, there are two sections in the garage that shows a section of the roof to be damaged, exposing the interior of the garage. Garage interior has ceiling insulation that is falling down and an extensive amount of yard debris. bathroom with missing drywall and flooring, some holes in ceiling. Comp factor: 90 day Hold back Agreement provided with hold back of $15,000 to replace roof, new vents, kitchen vents, drywall mud and tape, hard board and tile, vanity installation, tub, shower title installation, toilet replacement and clean up and disposal. |
REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for subject property in C5 Condition-roof is dilapidated as it is coming off, shingles could be found in yard, there are two sections in the garage that shows a section of the roof to be damaged, exposing the interior of the garage. Garage interior has ceiling insulation that is falling down and an extensive amount of yard debris. bathroom with missing drywall and flooring, some holes in ceiling. Comp factor: 90 day Hold back Agreement provided with hold back of $15,000 to replace roof, new vents, kitchen vents, drywall mud and tape, hard board and tile, vanity installation, tub, shower title installation, toilet replacement and clean up and disposal. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for subject property roof is dilapidated as it is coming off, shingles could be found in yard, there are two sections in the garage that shows a section of the roof to be damaged, exposing the interior of the garage. Garage interior has ceiling insulation that is falling down and an extensive amount of yard debris. bathroom with missing drywall and flooring, some holes in ceiling. Comp factor: Hold back Agreement provided with hold back of $15,000 to replace roof, new vents, kitchen vents, drywall mud and tape, hardie board and tile, vanity installation, tub, shower title installation, toilet replacement and clean up and disposal. |
1 | Borrower has owned the subject property for at least 5 years. Evidence of Escrow Holdback in file. 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 | VCC2026-4_100190 | 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 | VCC2026-4_100237 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property [2] General - Missing Document: Comparable Rent Schedule not provided [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for Rural Property. Comp Factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. Missing rent schedule. Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. 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. Comp Factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for Rural Property. Comp Factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rent schedule to appraisal. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. BUYER - GENERAL COMMENT (2026-08-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 100% vacancy. Comp Factors: LTV and strong marketing trends which is a non-qualitative subjective trait which cannot be substantiated. |
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 | VCC2026-4_100250 | XXXX | $XXX | 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.: Address: XXXXXXXXXXXX // 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: XXXXXXXXXXXX // 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: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Broken front steps and kitchen wall damage. No cost to cure provided. Boarded basement window. XXXX and XXXX reflects missing handrail to basement stairs, boarded windows, and no smoke detectors installed. No cost to cure provided. XXXXreflects moisture in basement. XXXX moisture in basement and a substance was observed on the foundation walls. PTD Mold inspection and remediation due to noted mold like substance in basement. Garage missing overhead door. XXXX Attic conversion without permits. PTD for permits. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): Appraisal made as-is, property condition considered in value/LTV. The borrower is expected to complete the necessary repairs (VCC hasn't confirmed the status). VCC was further comforted as this borrower is a seasoned investor who provided an LOE committing to use cash-out proceeds towards property improvementss/repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): Appraisal made as-is, property condition considered in value/LTV. The window is boarded and appears to be weather tight. VCC hasn't confirmed if the window has been repaired; however, the borrower is expected to repair it. VCC was further comforted as this borrower is a seasoned investor who provided an LOE committing to use cash-out proceeds towards property improvementss/repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): Appraisals are made as-is and the property condition is considered in the value/LTV. Per borrower LOE, cash-out proceeds to be used towards property improvements. Deferred maintenance was observed, but VCC felt comfortable proceeding as the borrower is a seasoned investor and provided a commitment to complete repairs. VCC hasn't confirmed the status, but expects the borrower to fufill their commitment and maintain the properties. VCC did not obtain an update on permits, but expects the borrower to get any that are required. Cost to convert back was not provided. Borrower is expected to rememdy any possible mold. REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: The attic was not considered in the value/GLA. No cost-to-cure was provided to reconvert. |
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 | VCC2026-4_100259 | 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 | XX% LTV- Subject photos indicate ceiling damage from previous roof leak. Estimate cost to repair $250. Also, noted in basement a gas stove that should be removed and line capped to prevent any safety issues. No cost to cure provided for this. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak present and given the low cost to cure and low LTV, VCC felt comfortable proceeding. The borrower is still expected 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 | VCC2026-4_100295 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Ineligible property [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for Rural Property. Comp factors: LTV and Property Condition which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for 100% vacancy. Comp factors: LTV and Property Condition which is a non-quantitative subjective trait which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for Rural Property. Comp factors: LTV and Property Condition which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 100% vacancy. Comp factors: LTV and Property Condition which is a non-quantitative subjective trait which 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 | XX% LTV - Appraiser states the subject has a private easement across a small bridge then a shared drive around to get to home. PTD for easement agreement with neighboring properties who are also using the private easement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): XX% (not 10%), appraisal made as-is and the property condition is considered in the value/LTV. The UW did not view the PTD as necessary given 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 | VCC2026-4_100300 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 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: reserves. | REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | The appraiser observed loose interior paster ceilings in the second and third bedrooms and walls and ceiling in finished attic, worn wood floor and interior paint finishes. Cost to cure is $2,000. PTD for roof certification. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): Appraisal made as-is and the property condition is considered in the value/LTV. VCC UW felt comfortable proceeding without the roof cert given the low cost-to-cure. VCC was further comforted as the borrower is a seasoned investor who maintained strong reserves post-close. VCC expects the borrower 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 | VCC2026-4_100332 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] General - The property is ineligible. |
Approved exception at origination for 100% vacancy per appraisal Comp factor: LTV. Approved exception at origination for Rural Property. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for 100% vacancy per appraisal Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for Rural Property. Comp factor, LTV. |
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 Appraiser states at the time of inspection the power was off during the walkthrough the dwelling has a septic system and a private well. The appraiser attempted to contact the county to verify the septic system and drain fields distance from the well; however, in the normal course of business the appraiser did not get a response and was unable to confirm the distance from the well to the drain field. Additionally, appraiser states in this area it is free to turn on or transfer electricity to a new property. no financial cost associated with turning on the electricity at the property. A 90 hold back Agreement was provided with hold back of $12,500 for septic tank to be upgraded. | REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for Appraiser states at the time of inspection the power was off during the walkthrough the dwelling has a septic system and a private well. The appraiser attempted to contact the county to verify the septic system and drain fields distance from the well; however, in the normal course of business the appraiser did not get a response and was unable to confirm the distance from the well to the drain field. Additionally, appraiser states in this area it is free to turn on or transfer electricity to a new property. no financial cost associated with turning on the electricity at the property. A 90 hold back Agreement was provided with hold back of $12,500 for septic tank to be upgraded. | 1 | Evidence of Escrow Holdback in file. 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 | VCC2026-4_100333 | 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 as the subject property was recently listed and now off the market. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination as the subject property was recently listed and now off the market. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantitative subjective trait. | 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 | VCC2026-4_100372 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [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] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for liability coverage < $300,000. Comp factor: LTV. Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: DSCR and strong 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 strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for liability coverage < $300,000. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |
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 | VCC2026-4_100381 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet 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 LTV > XX% for foreign investor. Comp factor: seasoned investor. Missing VOM-primary. Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. |
BUYER - GENERAL COMMENT (2026-08-21): Corrected Uploaded BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for LTV > XX% for foreign investor. Comp factor: seasoned investor. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for premium not paid in full 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 | VCC2026-4_100385 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [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: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for 1X30 days late mortgage payment in last 90 days and > 2X30 days late mortgage payments in the last 24 months. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for FICO < 650. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for 1X30 days late mortgage payment in last 90 days and > 2X30 days late mortgage payments in the last 24 months. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: DSCR and property condition which is a non-quantitative subjective trait which cannot be substantiated. |
1 | 1 | Borrower has owned the subject property for at least 5 years. 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 | VCC2026-4_100386 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [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 FICO < 650. Comp factor: LTV. Approved exception at origination for VOM with private party, not standard provided. Comp factors: seasoned business. Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination for FICO < 650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for VOM with private party, not standard provided. Comp factors: seasoned business. BUYER - GENERAL COMMENT (2026-08-21): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-21): Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned business. |
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 | VCC2026-4_100408 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Comparable Rent Schedule not provided [2] General - Missing Document: Lease Agreement not provided |
Missing comparable rent schedule. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |
BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rent schedule to appraisal. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-08-13): 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 | XX% LTV - Subject photos indicate boarded windows, debris in backyard, HVAC vent covers missing, incomplete kitchen and second bathroom, vandalized electric panel, vandalized HVAC unit on the exterior with notes from the borrower statins proceeds from cash out will be used to finish kitchen, second bathroom, HVAC and electrical with cost to cure of $20,000. Proof repair not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to use cash-out proceeds to complete all of the cited repairs. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment. VCC was comforted by 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 | VCC2026-4_100415 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Liability coverage < $300,000. Missing lease agreement. |
BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for liability insurance. Comp factor,. LTV. BUYER - GENERAL COMMENT (2026-08-21): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-21): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | VCC2026-4_100418 | XXXX | $XXX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1X30 days late mortgage payment in the past 3 months. Comp factors: seasoned investor and DSCR. | REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for > 2X30 days late mortgage payments in the past 12 months. Comp factors: seasoned investor and DSCR. REVIEWER - RE-OPEN COMMENT (2026-08-11): Comment revised REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 1X30 days late mortgage payment in the past 3 months. Comp factors: seasoned investor 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.: Address: XXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects furnace is missing cover plate - XXXXXXXXXXX. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the missing furnace cover was "cosmetic only", so this was not considered material to underwriting. No cost-to-cure was provided, but it's assumed to be minimal. VCC expects the borrower to maintain the property and complete any necessary repairs, and the borrower was making updates to the property at the time. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. 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 | VCC2026-4_100425 | 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 | VCC2026-4_100435 | 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 | XX% LTV - Appraisal photo reflects insulation hanging from ceiling and missing ceiling tiles in the garage. Proof of repair not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the borrower LOE, cash-out proceeds would be used towards repairs to the subject property. VCC 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 | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXX | XXXX | VCC2026-4_100439 | 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 and appraisal indicate property has multiple ADU's grandfathered in; however, borrower has applied to have the ADU's legally approved with the county, if not approved there could be health and safety issues. Originally the in-house review was requiring Cert of Occupancy and final permits but was removed. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14):XX% appraisal LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC underwrote to an internal value withXX% that does not include the ADU's as the permits were not finalized. VCC hasn't confirmed the status of the permits; however, ADU's are common in the market area and we felt comfortable proceeding. The borrower is expected to obtain the necessary permits (thery are in process). | 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 | VCC2026-4_100440 | 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 | XX% LTV - Appraisal reflects there are two kitchens; however, is listed on XXXXX County Public Records as being a one family dwelling only. Cost to cure for removal of the second kitchen is estimated to be $1,000. No proof of removal provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low cost -to-cure and the low LTV, VCC felt comfortable proceeding. There was no information provided regarding permits. VCC expects the borrower to remedy any issues with the subject property. | 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 | VCC2026-4_100460 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease/vacant property on a refi. Comp factors, DSCR and marketing trends which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-08-14): Approved exception at origination for missing lease/vacant property on a refi. Comp factors, DSCR and marketing trends which 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 | In house review and appraisal reflect kitchen missing appliances and numerous windows with bars and no quick release latches. Recommended bars be removed. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-18): Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower is expected to remedy both issues prior to occupancy. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them | 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 | VCC2026-4_100469 | 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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for premium not paid in full at closing - on a payment plan. Comp factor: LTV. Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for 2nd lien. Comp factor: LTV. Approved exception at origination for cash out on property listed within recent 6 months. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-08-14): Approved exception at origination for premium not paid in full at closing - on a payment plan. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-14): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for 2nd lien. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-14): Approved exception at origination for cash out on property listed within recent 6 months. 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 | VCC2026-4_100474 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 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. Comp factor: reserves. Approved exception and origination for missing VOM-primary; guarantor lives rent free. Comp factor: reserves. |
BUYER - GENERAL COMMENT (2026-08-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-08-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception and origination for missing VOM-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 | VCC2026-4_100480 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for title seasoning < 12 months. Comp factor: reserves. Approved Exception at origination for 1) 1X30 days late mortgage payment in the last 3 months and 2) notice of foreclosure within the last 24 months (payoff demand shows mortgage paid current). Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for title seasoning < 12 months. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-08-11): Approved Exception at origination for 1) 1X30 days late mortgage payment in the last 3 months and 2) notice of foreclosure within the last 24 months (payoff demand shows mortgage paid current). 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 | VCC2026-4_100485 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 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] General - Missing Document: Lease Agreement not provided [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 credit (< 2 active major tradelines on credit report). Comp Factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception for rolling 30 days late for X/XX & X/XXand due for theXX/XX/XXXXith the same maturity date. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception for lease beginning date is after the date of the appraisal. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved Exception for no Green Card/Visa. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. Approved exception for no VOM for the subject property. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp Factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception for rolling 30 days late for X/XX & X/XXand due for theXX/XX/XXXXith the same maturity date. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. BUYER - GENERAL COMMENT (2026-08-24): Uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception for lease beginning date is after the date of the appraisal. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-09): Approved Exception for no Green Card/Visa. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-09): Approved exception for no VOM for the subject property. Comp factors: LTV, marketing trends which is unable to be validated as a non-quantitative subjective trait. |
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 | VCC2026-4_100492 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Hazard Insurance [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for Liability coverage < $300,000 on an investor 1-unit property. Comp factor, LTV. Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. |
BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for Liability coverage < $300,000 on an investor 1-unit property. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-08-17): Approved exception at origination for loan amount < $75,000. 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 | XX% LTV - Appraisal photos reflect rotted wood soffit on the front line, rotting wood on the extension roof line, damaged wood on the rear awning. leaking around main water line and standing water in the basement - cost to cure $7,500. PTD: leak in basement to be repaired by licensed plumber. Evidence of repair from a licensed plumber provided and LOI from borrower to use proceeds to complete the deferred maintenance and repairs listed on the appraisal report. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.The borrower provided proof that the leak repair had been completed and the borrower provided an LOE commiting to complete the remaining repairs. Given the low LTV and strong DCR, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower 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. 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 | VCC2026-4_100494 | 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 | XX% LTV - The Appraiser notes evidence of a Termite Infestation. Underwriter PTD for termite damage. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE stating that they would use cash-out proceeds to hire a professional to fix the doorframe where the termite damage was present. VCC hasn't since confirmed the status, but does expect the borrower to fulfill their commitment to complete the repairs. VCC 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 | VCC2026-4_100508 | 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 $XX,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 (2026-08-10): 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 | XX% LTV - The Appraisal photos and notes indicate water damage in the ceiling of the rear den and the basement bathroom is noted as not being functional. A cost to cure estimate is $5000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.No active leak and the ceiling damage is considered cosmetic not structural. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC was comforted by the low LTV. The overall property condition is average, and the borrower has shown evidence of recent remodeling. | 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 | VCC2026-4_100511 | XXXX XXXX | 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 100% vacancy/missing lease agreement. Comp factors: LTV and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | 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 | VCC2026-4_100517 | 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. Comp- factors: LTV, Marketing trends, which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-08-17): Approved exception at origination for missing lease. Comp- factors: LTV, Marketing trends, which is unable to be validated as a non-quantifiable trait. | 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 | VCC2026-4_100518 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for FICO below 650. Comp factor: LTV. Approved exception at origination for insurance not paid in full, on payment plan. Comp factor. LTV. Missing lease for the subject on a refinance. |
REVIEWER - WAIVED COMMENT (2026-08-27): Approved exception at origination for FICO below 650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-09-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-01): Approved exception at origination for insurance not paid in full, on payment plan. Comp factor. LTV. BUYER - GENERAL COMMENT (2026-09-01): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | XX% LTV- Appraisal photos reflect missing electrical panel cover. Appraisal notes laundry room does not have floor covering. No costs to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committig to complete the cited repairs. VCC hasn't confirmed the status, 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 | VCC2026-4_100189 | 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 | VCC2026-4_100432 | XXXX XXXX | 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 | VCC2026-4_100444 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for source of EMD (foreign accounts). Comp Factor: reserves. | REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for source of EMD (foreign accounts). 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 | VCC2026-4_100484 | 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 | VCC2026-4_100079 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] General - FICO below 650 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Title seasoning < 12 months using the higher VVC value vs the purchase price. Approved exception at origination for FICO < 650. Comp factors: LTV. VOR incomplete-primary; missing 12 months most recent deposit receipts. |
BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-24): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-24): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for FICO < 650. Comp factors: LTV. BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-24): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, LTV. |
3 | [3] Appraisal Documentation - Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal completed subject to completion to Plans & Specs. Home was build in 1889 and was recently renovated, appraisal does not indicate what Plans & Specs need to be completed. Noted in photos stairs to second floor are missing a handrail. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-15): VCC completed an original loan XXXXXXX, was an ARV with a $XX,XXX HB. For the subject to be renovated – based on Bids, work was to be completed. The subject was gutted at the time of this funding. The recent loan XXXXXXXX does reflect photos of the subject’s completion and the subject being tenant-occupied. VCC felt comfortable proceeding as this borrower had a previous loan and completed extensive renovations to the subject property. |
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 | VCC2026-4_100287 | XXXX | $XXX | 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 Document: Lease Agreement not provided: Address: XXXXXXXXXXXX, XXXXX, XX XXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. Approved exception at origination for 1x60 days late mortgage payment in the last 12 months Comp factors: LTV and seasoned investor. Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. Approved exceptions at origination for 1) Missing VOM-subject and 2) missing VOR-primary. Comp factors: LTV, seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 1x60 days late mortgage payment in the last 12 months Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for missing lease agreement (renewal or extension of lease provided) - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exceptions at origination for 1) Missing VOM-subject and 2) missing VOR-primary. Comp factors: LTV, 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 | VCC2026-4_100348 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 | Appraisal photo reflects boarded window on side of property. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. There wasn't a cost to cure provided for the boarded window and it appears the building is weather tight. VCC did not view as material to underwriting; however, the borrower is expected to complete any necessary repairs. VCC 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 | VCC2026-4_100349 | 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 | VCC2026-4_100350 | 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 | VCC2026-4_100362 | 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 lease Agreement |
Approved exception at origination for FICO > 650. Comp Factor: seasoned investor. Approved exception at origination for > 1x30 days mortgage late payments in past 12 months. Comp factor: seasoned investor. Approved exception at origination for missing lease agreement - Airbnb statement provided. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for FICO > 650. Comp Factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for > 1x30 days mortgage late payments in past 12 months. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for missing lease agreement - Airbnb statement provided. 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 | VCC2026-4_100373 | 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 | VCC2026-4_100374 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] Application / Processing - Missing Document: Proof of Residency Status not provided | Approved exception at origination for no proof of U.S. legal residency. Comp factors: LTV, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for no proof of U.S. legal residency. Comp factors: LTV, 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 | VCC2026-4_100375 | 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 | VCC2026-4_100394 | 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 | VCC2026-4_100430 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - LTV over 75% [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for refinance of a 1-unit property with LTV > 75%. Comp factor: seasoned investor. Approved exception at origination for 100% vacancy missing/lease agreement (subject is a short-term rental). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for refinance of a 1-unit property with LTV > 75%. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for 100% vacancy missing/lease agreement (subject is a short-term rental). 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 | VCC2026-4_100455 | 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] Application / Processing - Missing Document: HOA Questionnaire not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination 1x60 days late mortgage payments within the last 12 months. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for missing HOA certification and P&L for PUD. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for incomplete VOM-subject; missing 1 of 12 deposit receipts. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. Approved exception at origination for subject listed within the last 6 months (proof of cancellation provided). Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination 1x60 days late mortgage payments within the last 12 months. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for missing HOA certification and P&L for PUD. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for incomplete VOM-subject; missing 1 of 12 deposit receipts. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: reserves. REVIEWER - RE-OPEN COMMENT (2026-08-11): Comment revised REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for subject listed within the last 6 months (proof of cancellation provided). Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. |
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. |
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 | VCC2026-4_100477 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 factors: FICO and strong marketing trends which is a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is a non-quantitative subjective trait. | 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 | VCC2026-4_100192 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | 1 of 2 leases has expired. | BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-24): Exception waived. Updated approval provided in trailing documents approving exception for expired lease. 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 | The appraisal photos show unfinished flooring in bonus room of UNIT XXXXcost to cure is $700). Additionally, the basement is noted as having dampness, bars on front window; no evidence of quick release latches provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is and the property condition is considered in the value/LTV. Per appraiser: Dampness was observed in the basement. The appraiser did not observe any obvious water intrusion in the subject's basement and the overall condition is considered typical of a home of the subject's age and overall condition. Due to there being no noted water intrusion, there are no effects on marketability or value. The borrower is expected to remediate any repairs or health and safety items. Given the low cost-to-cure, VCC felt comfortable proceeding. | 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 | VCC2026-4_100193 | 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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-08-17): Approved exception at origination for loan amount < $75,000. 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 | XX% LTV - Appraisal photos reflect dampness in basement, dark substance on basement walls, spalling concrete porch and stairs, facia damage, rotted soffit, missing kitchen window for UNIT XXXX, and boarded first floor bathroom window in unit# XXXX. No cure or proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value. Per borrower LOE, cash-out proceeds would be used towards property improvements and renovations. VCC hasn't confirmed the status of repairs, but the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 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 | VCC2026-4_100225 | 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 | VCC2026-4_100472 | 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 | VCC2026-4_100226 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for > 1x30 days mortgage late payment in the last 3 months. Comp factor: FICO and LTV. Missing 1) bank statement verifying funds required to close and 2) certified settlement statement for sale of investment property used for cash proceeds. Approved Exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and LTV. |
BUYER - GENERAL COMMENT (2026-08-24): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for > 1x30 days mortgage late payment in the last 3 months. Comp factor: FICO and LTV. BUYER - GENERAL COMMENT (2026-08-24): Uploaded certified copy of final funds for proceeds BUYER - GENERAL COMMENT (2026-08-24): Exception written for missing bank statement REVIEWER - WAIVED COMMENT (2026-08-24): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO. BUYER - GENERAL COMMENT (2026-08-24): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-24): Approved Exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and 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 low hanging wires in basement. Additionally, the appraisal lists the property as a triplex; however, XXX ANALYST Review states that the property record card reflects subject as a duplex, not a triplex and has therefore been reduced to a duplex. Cost to cure of $2,000 was considered to remove additional kitchen from 1st floor and open wall. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low cost-to-cure and low LTV, VCC felt comfortable proceeding with the loan. 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. 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 | VCC2026-4_100503 | 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 agreements for 2 of 3 units with 37.6% vacancy per appraisal. Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-24): Approved exception at origination for missing lease agreements for 2 of 3 units with 37.6% vacancy per appraisal. Comp factor, seasoned business. |
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 subject photos reflect open dry wall sections exposing electric and open permit for new sewer to the in third unit. PTD for finalized signed off permits for the electrical and sewer attachment for the rear as well as the certificate of occupancy. LOE provided by borrower stating there are no problems the property's sewer system. All three units currently have functioning plumping with running water and operational sewer service to every kitchen and bathroom. 120 day Holdback Agreement with holdback of $5,000 and provided for open dry wall sections exposing electric in third unit and to obtain the final certificate of occupancy for the third unit. | REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for subject photos reflect open dry wall sections exposing electric and open permit for new sewer to the in third unit. PTD for finalized signed off permits for the electrical and sewer attachment for the rear as well as the certificate of occupancy. LOE provided by borrower stating there are no problems the property's sewer system. All three units currently have functioning plumping with running water and operational sewer service to every kitchen and bathroom. Holdback Agreement with holdback of $5,000 and provided for open dry wall sections exposing electric in third unit and to obtain the final certificate of occupancy for the third unit. REVIEWER - GENERAL COMMENT (2026-08-24): Evidence of Escrow Holdback in file. |
1 | Borrower's Experience/Track Record Evidence of Escrow Holdback in file. |
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 | VCC2026-4_100387 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 34.9% vacancy (signed lease subsequently provided). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for 34.9% vacancy (signed lease subsequently provided). 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 | VCC2026-4_100097 | 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 | VCC2026-4_100216 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 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 < 1.0x for owner-user traditional 2 refinance with loan > $500k. Comp factor: seasoned business. Approved exception at origination for incomplete VOM-subject; missing 12 months pay history to supplement VOM-summary from private lender. Comp factor: seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan > $500k. Comp factor: seasoned business. REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for incomplete VOM-subject; missing 12 months pay history to supplement VOM-summary from private lender. Comp factor: seasoned business. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal/inspection notes unfinished ceilings, rusted roof. No amount provided to cure and roof inspection provided is for the shingled portion of roof and not the metal roof. | BUYER - GENERAL COMMENT (2026-08-24): Exception noted for deferred maintenance. REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance/ Comp factor, seasoned business. REVIEWER - GENERAL COMMENT (2026-09-22): Client comment: Appraisal made as-is and the property condition is considered in the value/LTV. VCC received a roof certifcation which stated that the roof is in good condition and has a life of 5-7 years. VCC felt comfortable proceeding and expects the borrower 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 |
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 | VCC2026-4_100509 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] General - Missing Hazard Insurance |
Approved exception at origination for First Time Investor with LTV > XX% on owner user traditional 2. Comp factors: FICO and reserves. Approved exception at origination for premium not paid in full - on payment plan. Comp factor; FICO. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for First Time Investor with LTV > XX% on owner user traditional 2. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for First Time Investor with LTV > XX% on owner user traditional 2. 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 | VCC2026-4_100257 | 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: LTV. Approved exception at origination for liability coverage < $1,000,000 and aggregate < $2,000,000. Comp factor: seasoned investor. Approved exception at origination for missing VOM-subject property. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for liability coverage < $1,000,000 and aggregate < $2,000,000. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for missing VOM-subject property. 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 | VCC2026-4_100470 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 3 | [3] General - Insufficient Hazard Insurance [2] General - Insufficient Hazard Insurance |
Missing HO6 dwelling coverage. Missing unit number on HOA master policy. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-17): the process to force place insurance has been started with the loan servicer BUYER - GENERAL COMMENT (2026-09-17): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing unit # HOA master policy. Comp factor, FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | 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 | VCC2026-4_100486 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [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 first time investor on owner user traditional 2 commercial condo with LTV > XX%. Comp factor: reserves. Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for first time investor on owner user traditional 2 commercial condo with LTV > XX%. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-08-10): 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 | VCC2026-4_100514 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance |
DSCR < 1.00 on a purchase of an owner/user traditional commercial property with loan amount > $750,000. HOA Blanket policy is missing subject unit number. |
BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO. BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for master HOA policy missing unit number. 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 | VCC2026-4_100516 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines [2] General - Insufficient Hazard Insurance [2] General - LTV does not meet guidelines |
Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business. Credit report reflects collection accounts with balances > $25,000. HOA master policy is missing subject property unit number. Approved exception at origination for purchase of a Trad II commercial property with LTV > 70%. Comp factors: Reserves and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business. BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for collection account with balance > $25,000 Comp factors, seasoned business and reserves. BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master policy missing unit number. Comp factors, seasoned business and reserves. REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for purchase of a Trad II commercial property with LTV > 70%. 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 | VCC2026-4_100490 | 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 | XX% LTV - Appraisal photos reflect dampness on basement floor and side exterior wall with deteriorated brickwork and patch masonry. No costs to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): XX%LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, the dampness in the basement was a result of condensation from the furnace and was normal. No leaks observed. The borrower has extensively renovated the subject since 2025 and is expected to repair the patch masonry as needed, but repairs appear to be cosmetic and not structural. Given the low LTV, VCC felt comfortable proceeding. The borrower is expected to 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 | VCC2026-4_100305 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided |
Credit report aged > 60 days. Missing 3 of 6 lease agreements. |
BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for expired credit report. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-08-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | XX% LTV- Property inspection report reflects office/work area missing ceiling tiles and kitchen area with sagging ceiling tile. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): XX% Appraised LTV (XX% based on internal value which was more conservative). Appraisal made as-is and the property condition is considered in the value/LTV. The tile damage appears to be cosmetic in nature and was not considered material to underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 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 | VCC2026-4_100498 | 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 | VCC2026-4_100075 | 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 | Appraisal/inspection photos reflect missing basement stairway handrail, exposed wires, and possible mold. Appraisal photos reflect exposed fixtures, and incomplete finishes, ceiling damage, stained, and peeling surfaces. | BUYER - GENERAL COMMENT (2026-08-24): Exception for deferred maintenance on uploaded approval REVIEWER - GENERAL COMMENT (2026-08-25): Exception remains. Items listed are health and safety issues, not deferred maintenance. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-26): Purchase transaction. XX% Appraisal made as-is and the property condition is considered in the property condition and LTV. There are ongoing interior renovations and deferred maintenance, which the appraisal estimated at $5,000 to cure. Given the low cost to cure and evidence that a plumbling repair had just been completed, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs; however, the borrower is expected to maintain the property and complete any necessary work. VCC was further comforted because this is a high FICO borrower who maintained strong reserves post-close. |
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. |
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 | VCC2026-4_100222 | 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 'credit' (<2 active major tradelines on credit report). Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 'credit' (<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 | VCC2026-4_100246 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [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 exceptions at origination for First Time Investor/First Time Buyer on investor traditional 1 mixed-use with LTV > 70%. Comp factors; reserves and FICO. Approved exception at origination for Incomplete VOR-primary; missing pay history receipts to supplement VOM summary from private lender. Comp factors: reserves and FICO. |
REVIEWER - WAIVED COMMENT (2026-08-12): Approved exceptions at origination for First Time Investor/First Time Buyer on investor traditional 1 mixed-use with LTV > 70%. Comp factors; reserves and FICO. REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for Incomplete VOR-primary; missing pay history receipts to supplement VOM summary from private lender. 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 | VCC2026-4_100466 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100,000 on a investor traditional 1 purchase. Comp factor: reserves. | REVIEWER - GENERAL COMMENT (2026-08-08): Approved exception at origination for loan < $100,000 on a investor traditional 1 purchase. 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 photos reflect 1 of 2 interior stairway missing handrail, fascia, soffit, and front door showing deterioration, peeling paint, and visible wood rot, and exterior vinyl siding with damaged and bucked panels. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Property vacant at origination and repairs appear to be mostly cosmetic. VCC hasn't confirmed the status of repairs, but the borrower is expected to complete them. VCC was further comforted as this borrower is a seasoned investor. | 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100400 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 | XX% LTV - Appraisal photos reflect boarded/barricaded door/window openings at rear, damage to walls and framing and rotted exterior wood trim noted. Repair estimate in file reflects $20k. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The first floor was vacant and actively under renovation at the time of inspection. The borrower provided an LOE stating that cash-out proceeds were going to be used towards renovations to the subject. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. VCC was further comforted by the low LTV and the 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 | VCC2026-4_100330 | XXXX XXXX | 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 factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for override of statewide exclusion for traditional property type located inXX. 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 | VCC2026-4_100081 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750,000. Comp factors: FICO and seasoned business. Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business. Approved exception at origination for 17.5% vacancy/missing lease agreements. Comp factors: FICO and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750,000. Comp factors: FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for 17.5% vacancy/missing lease agreements. Comp factors: FICO and seasoned business. |
3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Subject in fair condition; appraisal photos reflect deferred maintenance, chipped/peeling exterior paint. Appraiser does not provide further details as to why property is considered in fair conditon. Appraisal photos reflect deferred maintenance, chipped/peeling exterior paint. No costs to cure provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-27): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. VCC granted an exception for the deferred maintenance (chipped/peeling paint). There were no obvious signs of major deferred maintenance, health and safety issues, or a cost-to-cure provided by appraiser. VCC felt comfortable proceeding with the loan becuase this is a high FICO borrower with a seasoned business who maintained very strong reserves post-close. VCC expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-08-27): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. VCC granted an exception for the deferred maintenance (chipped/peeling paint). There were no obvious signs of major deferred maintenance, health and safety issues, or a cost-to-cure provided by appraiser. VCC felt comfortable proceeding with the loan becuase this is a high FICO borrower with a seasoned business who maintained very strong reserves post-close. VCC 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 | VCC2026-4_100144 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Insufficient Hazard Insurance [2] General - Missing Hazard Insurance [2] General - The property is ineligible. |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. Approved exception at origination for Gen. Agg. liability coverage < $2mm guideline requirement. Comp factor: FICO. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. Approved exception at origination for override of statewide exclusion for traditional property type located in XX Comp factor: LTV. |
REVIEWER - GENERAL COMMENT (2026-08-07): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-08-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for Gen. Agg. liability coverage < $2mm guideline requirement. Comp factor: FICO. BUYER - GENERAL COMMENT (2026-08-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. REVIEWER - GENERAL COMMENT (2026-08-07): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. 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 [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 |
Subject is rated in Fair condition per appraisal report. Condition is based on dated appliances with a cost of $3,750, roof needs replacing, mixed older wood windows with some vinyl replacement, kitchen and bath cabinets are mostly older, and cracked and heaving concrete noted. Additional cost to cure $25,000. Subject photos indicate rear corner of with deteriorating siding and old door trimming in the interior common stairwell. Roof needs replacing with cost to cure of $25,000 and new appliances of $ 3,750. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as is, but expects the borrower to maintain the property and to complete any necessary repairs. No current structural concerns cited about the appraiser. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as is, but expects the borrower to maintain the property and to complete any necessary repairs. No current structural concerns cited about the appraiser. |
1 | Borrower's Experience/Track Record 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 | C | C | C | C | C | C | C | C | C | C | ||||
| XXXX | XXXX | VCC2026-4_100326 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | 100% vacancy/ missing leases on investor purchase of traditional 1 property with loan > $500k. | BUYER - GENERAL COMMENT (2026-08-25): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacancy. 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 | VCC2026-4_100437 | XXXX XXXX | 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 < 1.20 on a traditional 2 investment refinance with loan amount > $500,000. Comp factors: reserves and seasoned business. Approved exception at origination for incomplete VOM- primary; < 12 months pay history provided. Comp factor: FICO. |
REVIEWER - GENERAL COMMENT (2026-08-08): Approved exception at origination for DSCR < 1.20 on a traditional 2 investment refinance with loan amount > $500,000. Comp factors: reserves and seasoned business. REVIEWER - GENERAL COMMENT (2026-08-08): Approved exception at origination for incomplete VOM- primary; < 12 months pay history provided. Comp factor: FICO. |
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 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 | VCC2026-4_100515 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for hazard insurance on basic form. Comp factor: seasoned investor. Lease for Units D & F are not signed. |
REVIEWER - WAIVED COMMENT (2026-08-07): Approved exception at origination for hazard insurance on basic form. Comp factor: seasoned investor. BUYER - GENERAL COMMENT (2026-08-25): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacancy. 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 | VCC2026-4_100504 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 |
Property condition fair. Appraisal/inspection reflect overgrown vegetation, cracked concrete walkway, missing handrail on basement stairway and exterior missing facia board. Appraisal photos show missing handrail on basement stairway, exterior missing facia board and overgrown vegetation. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower has provided evidence of improvements made since they initially acquired the subject. The appraiser didn't cite any current deferred maintenance or health and safety items, so VCC felt comfortable proceeding. However, the borrower is expected to maintain the property and complete any necessary repairs/safety installations. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower has provided evidence of improvements made since they initially acquired the subject. The appraiser didn't cite any current deferred maintenance or health and safety items, so VCC felt comfortable proceeding. However, the borrower is expected to maintain the property and complete any necessary repairs/safety installations. |
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 | VCC2026-4_100155 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 refinance with loan > $750k. Comp factors. FICO and seasoned business. Approved exception at origination for 100% vacancy per appraisal/ missing lease(s) on refinance. Comp factors: FICO and seasoned business. |
BUYER - GENERAL COMMENT (2026-08-25): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 refinance with loan > $750k. Comp factors. FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for 100% vacancy per appraisal/ missing lease(s) on refinance. Comp factors: FICO and seasoned business. |
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. 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 | VCC2026-4_100314 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Debt service ratio issue [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750k. Comp factor: seasoned investor. Approved exception at origination for Cash out on property listed for sale within 6 months (listed per appraisal and analyst review). Comp factor, FICO. |
REVIEWER - WAIVED COMMENT (2026-08-12): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750k. Comp factor: seasoned investor. BUYER - GENERAL COMMENT (2026-08-25): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for Cash out on property listed for sale within 6 months (listed per appraisal and analyst review). 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 | Subject is undergoing renovation & includes unfinished spaces. Appraisal notes exposed duct work, exposed mechanical systems, unfinished walls, concrete flooring/missing flooring, and no doors or framing. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): Appraisal made as-is and the property condition is considered in the value/LTV. The area of the property that's being renovated is vacant and per borrower LOE, cash-out proceeds would be used towards completing the repairs. VCC 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 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 | VCC2026-4_100364 | 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 for DSCR > 1.00 for owner/user traditional II property with loan > $500,000. Comp factors: FICO and seasoned business. Approved exception at origination for LTV > 70% on owner-user traditional II refinance with loan > $1,000,000. Comp factors: FICO and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for DSCR > 1.00 for owner/user traditional II property with loan > $500,000. Comp factors: FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for LTV > 70% on owner-user traditional II refinance with loan > $1,000,000. 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 | VCC2026-4_100410 | 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 | VCC2026-4_100235 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 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. Comp factor: reserves. Approved exception for missing VOR - primary; borrower lives rent free. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception for missing VOR - primary; borrower lives rent free. 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 | XXX ANALYST review indicated based on assessor records, the subject is a retail/office property. As a result, VCC has treated the two upper floor units as vacant to allow for new office tenants, which is a legal issue. Apartment units do not appear to be legal. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Purchase transaction. XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding with the loan as-is, and cut our internal value to reduce the internal XX%. The borrower maintained strong reserves post-close and is expected to remedy any issues. | 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 | VCC2026-4_100458 | 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 | VCC2026-4_100499 | 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 < 1.25x on an investor traditional II purchase with loan amount > $500,000. Comp factors: FICO and reserves. Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: FICO and reserves. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for DSCR < 1.25x on an investor traditional II purchase with loan amount > $500,000. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception for missing VOR - primary; guarantor lives rent free. 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 | VCC2026-4_100146 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Flood insurance [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - The property is ineligible. |
Flood deductible of $50k (~14.3% of coverage amount) is > 2% guideline maximum. Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. Approved exception at origination for override of statewide exclusion for traditional property located in XX Comp factor: LTV.. |
BUYER - GENERAL COMMENT (2026-08-25): Uploaded REVIEWER - WAIVED COMMENT (2026-08-25): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor. LTV. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for override of statewide exclusion for traditional property 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 | VCC2026-4_100229 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned business and FICO. Approved exception at origination for 100% vacancy per appraisal (executed lease in file reflecting currently under initial rent-free 12 month period) . Comp factors: FICO and LTV. |
REVIEWER - GENERAL COMMENT (2026-08-08): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned business and FICO. REVIEWER - GENERAL COMMENT (2026-08-08): Approved exception at origination for 100% vacancy per appraisal (executed lease in file reflecting currently under initial rent-free 12 month period) . Comp factors: FICO and LTV. |
1 | 1 | Borrower's Experience/Track Record 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 | VCC2026-4_100284 | 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 - GENERAL COMMENT (2026-08-08): 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | XX% LTV - Photos indicate front elevation with aging storefront glazing and cracked concrete paving showing deferred maintenance, rear/front parking area with heavily cracked asphalt and uneven pavement surfaces, interior service counter area with missing ceiling tiles, exposed framing, and worn finishes, retail with damaged suspended ceiling grid, stained tiles and vacant shelving, storefront storefront seating/display area with exposed ceiling openings and worn tile flooring, utility/mechanical area with exposed wiring, unfinished walls, and deferred maintenance observed, rear hallway with patched wall surfaces, missing ceiling tiles and worn flooring, restroom with missing ceiling tile, interior office/kitchen area with damaged ceiling tiles and worn floor covering, interior room with deferred finish updates, main retail with ceiling damage and stained ceiling panels, rear interior room with unfinished concrete flooring and exposed restroom entry area, Cost to cure of $120,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-11): The appraised LTV is XX%, and the property condition is considered in the value/LTV. Property vacant at origination and the borrower provided a business plan stating that they intend to occupy the property with a convenience store (borrower has several years of experience successfullay managing convenience stores). Given the low LTV and borrower's experience, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them so that they can proceed with their buiness plan. | 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 | VCC2026-4_100354 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; LTV. | BUYER - GENERAL COMMENT (2026-08-25): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-08-25): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 | XX% LTV - Electrical panel reflects blank spaces which poses a safety concern and missing handrail on stairs to basement. Subject basement has unfinished spaces, concrete floor is being jack hammered at time of inspection. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): XX%Appraisal LTV (XX% LTV.) Appraisal made as-is and the property condition is considered in the value/LTV. The basement was vacant, unfinished and actively being renovated at the time of the inspection (electrical panel located in basement). VCC hasn't confirmed the status of repairs but expects the borrower to complete them. VCC was further comforted by the low LTV and the borrower's investor experience. | 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 | VCC2026-4_100426 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 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: FICO. | REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for override of statewide exclusion for traditional property type located inXX 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. | Appraisal indicates Leaking roof- roof and wall structural systems may have deteriorated with estimated cost to cure of $190,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-08): XX% LTV. Appraisal made as-is and property condition is considered in the value/LTV. VCC has a contract/inspection in file showing proof that the repairs were set to start in the summer of XXXX (borrower had provided non-refundable deposit); however, VCC has not further confirmed the status of repairs. The borrower had provided proof of extensive repairs throughout the property and with the low LTV and borrower experience, VCC felt comfortable proceeding. The borrower is expected to 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 | VCC2026-4_100376 | 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 - on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: seasoned investor. | 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 |
XX% LTV - Property in below average to average condition. Appraiser states damaged flooring throughout various areas of each unit, and ongoing leaking and resulting damage to ceiling titles and flooring in the finished lower level. XX% LTV - Appraiser states damaged flooring throughout various areas of each unit, and ongoing leaking and resulting damage to ceiling titles/missing ceiling tiles and flooring in the finished lower level. No costs to cure provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Purchase transaction. XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as this is a low LTV loan and the borrower is a seasoned investor. VCC expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-13): Purchase transaction. XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as this is a low LTV loan and the borrower is a seasoned investor. VCC 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 | VCC2026-4_100276 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 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 < 1.25x onr investor traditional 2 refinance with loan > $500k. Comp factors; reserves and FICO. Incomplete VOM-subject; only 1 months pay history receipt provided to supplement VOM summary from private lender, < 12 months history provided. |
REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for DSCR < 1.25x onr investor traditional 2 refinance with loan > $500k. Comp factors; reserves and FICO. BUYER - GENERAL COMMENT (2026-08-25): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-08-26): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, 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 | VCC2026-4_100149 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Insufficient Hazard Insurance | 1) EOI reflects an all perils deductible of $25k which is > $10k guideline max for loans < $1MM, and 2) EOI for property coverage is provided on an ACORD 140 form which is a schedulfe for ACORD 125 application for coverage and not evidence of bound coverage in effect. Request lender review and affirmation of compliance with guideline requirements on traditional 2 refinance transaction. | BUYER - GENERAL COMMENT (2026-09-08): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-08): Exception waived. Updated approval provided in trailing documents approving exception for deductible, missing evidence coverage is bound, and premium not paid in full at closing. Comp factors, seasoned business and LTV. |
3 | [3] Appraisal Reconciliation - Appraisal does not support the appraised value. [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition: Fair |
Per Appraisal; ~ 50% of the warehouse portion of the property was not inspected and Extraordinary assumption made that Condition, fit & finish are consistent with inspected space ( which was assessed as 'Fair to average' condition). XX% LTV - Appraisal indicates property in Fair condition. ('Fair to Average' per report pg. 28). Appraiser indicates office building is missing ceiling tiles and has a cigarette smoke odor though out the space. The warehouse has peeling paint and exposed wood and insulation along the west wall where the soffits have been removed. |
BUYER - GENERAL COMMENT (2026-09-08): Uploaded BUYER - GENERAL COMMENT (2026-09-08): Disregard. uploaded to incorrect conditon REVIEWER - GENERAL COMMENT (2026-09-08): Exception remains open. Upload was not for this exception. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The borrower occupies the subject with their business, and is expected to complete any necessary repairs/maintenance. VCC was further comforted by the low LTV and that the borrower has a seasoned business REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: VCC received an AMC inspection which included interior photos of each unit. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The borrower occupies the subject with their business, and is expected to complete any necessary repairs/maintenance. VCC was further comforted by the low LTV and that the borrower has a seasoned business REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: VCC received an AMC inspection which included interior photos of each unit. |
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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100316 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business. Approved exception at origination for 32.5% vacancy. Comp factors: FICO and DSCR. |
REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business. REVIEWER - WAIVED COMMENT (2026-08-06): Approved exception at origination for 32.5% vacancy. Comp factors: FICO 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 | Property inspection report reflects warehouse interior showing exposed framing and concrete floor with ponding, interior wall framing exposed, water staining and deterioration at floor surface, work area with exposed steel framing and unfinished walls and exterior steps and landing missing handrail/guard rails. No proof of repair or amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-12): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC received a roof cert which confirmed that the roof had been replaced and any deficiencies had been corrected (with ponding water no longer being an issue after the repairs). Per the borrower LOE, cash-out proceeds would be used towards property repairs. VCC hasn't confirmed the status, but expects the borrower to maintain the propery and complete any necessary repairs. The property is owner-occupied with the owner's business. VCC was further comforted as the borrower runs a seasoned business and this is a strong DCR loan. | 1 | Borrower's Experience/Track Record 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 | C | C | C | C | C | C | C | C | C | C | |||||
| XXXX | XXXX | VCC2026-4_100451 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for premium not paid in full - on payment plan. Comp factor: seasoned investor. Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: Seasoned Investor and DSCR. |
REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: Seasoned Investor 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 | Appraisal/Property inspection photos reflect west wall settlement and interior ceiling showing patched areas and deferred maintenance. No amount to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding as-is and the deferred maintenance is assumed to be cosmetic. VCC felt comfortable proceeding as this is a seasoned investor and this is a strong DCR loan. The borrower is expected to complete any necessary repairs. | 1 | Borrower has owned the subject property for at least 5 years. 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 | VCC2026-4_100459 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-08-12): 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 | VCC2026-4_100016 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for waiver of requirement to provide bank statement verification of sourcing for down payment. (per Change Memo #2- item 2). Comp factors: DSCR, LTV, and seasoned investor/seasoned business per approval Key Strengths) | REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for waiver of requirement to provide bank statement verification of sourcing for down payment. (per Change Memo #2- item 2). Comp factors: DSCR, LTV, and seasoned investor/seasoned business per approval Key Strengths) | 1 | 1 | Borrower's Experience/Track Record 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 | VCC2026-4_100030 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Tax transcripts do not reasonably support the income. [2] Miscellaneous - Tax transcripts do not reasonably support the income. |
Approved exception at origination for waiver of Personal tax verification requirement (per Lender Email in file (D1159)) Comp factors: DSCR, FICO, and Seasoned business/seasoned investor.(per Key Strengths). Approved exception at origination for waiver of Business tax verification requirement (per change Memo #4) Comp factors: DSCR, FICO, and Seasoned business/seasoned investor.(per Key Strengths). |
REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for waiver of Personal tax verification requirement (per Lender Email in file (D1159)) Comp factors: DSCR, FICO, and Seasoned business/seasoned investor.(per Key Strengths). REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for waiver of Business tax verification requirement (per change Memo #4) Comp factors: DSCR, FICO, and Seasoned business/seasoned investor.(per Key Strengths). |
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 | VCC2026-4_100038 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for waiver of Minimum liquidity and net wort requirements. Comp factor: seasoned investor /seasoned business (per Change Memo #1.) | REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for waiver of Minimum liquidity and net wort requirements. Comp factor: seasoned investor /seasoned business (per Change Memo #1.) | 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 | VCC2026-4_100027 | 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 | VCC2026-4_100042 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Debt service ratio issue |
Approved exception at origination for waiver of SNDA/tenant estoppel requirements (Per Change Memo #1). Comp factors: LTV, FICO, and seasoned investor/seasoned business. (Per approval Key Strengths) . Approved exception at origination for global DSCR < 1.00x on full doc investor loan. Comp factors: LTV, FICO, and guarantor support/liquidity. (per approval Policy Exceptions) |
REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for waiver of SNDA/tenant estoppel (Per change Memo #1). Comp factors: LTV, FICO, and seasoned investor/seasoned business. (Per approval Key Strengths) . REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for global DSCR < 1.00x on full doc investor loan. Comp factors: LTV, FICO, and guarantor support/liquidity. (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 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 | VCC2026-4_100026 | 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 | VCC2026-4_100001 | 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 | VCC2026-4_100011 | 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 | VCC2026-4_100025 | XXXX XXXX | 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: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650 on cash-out refinance. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. (Per approval Policy Exceptions) Approved exception at origination for > 1x 30 day late payments within 12 months on subject. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. (Per approval Policy Exceptions) Approved exception at origination for Waiver of VOM/ loan transcript requirements. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. ( Per approval change Memo #1) |
REVIEWER - GENERAL COMMENT (2026-08-09): Approved exception at origination for FICO < 650 on cash-out refinance. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. (Per approval Policy Exceptions) REVIEWER - GENERAL COMMENT (2026-08-09): Approved exception at origination for > 1x 30 day late payments within 12 months on subject. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. (Per approval Policy Exceptions) REVIEWER - WAIVED COMMENT (2026-08-11): Approved exception at origination for Waiver of VOM/ loan transcript requirements. Comp factors: DSCR, seasoned investor/seasoned business, and LTV. ( Per approval change Memo #1) |
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. 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 | VCC2026-4_100043 | 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 | VCC2026-4_100041 | 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 | VCC2026-4_100029 | XXXX XXXX | 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 | VCC2026-4_100141 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: [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 foreign investor first time buyer with LTV > 60%. Comp Factors DCR and Reserves. Approved exception at origination for seller credit > 3%. Comp factors, strong marketing trends which cannot be substantiated and reserves. Approved exception at origination for missing VOR-primary. Comp factors are Marketing Trends which cannot be substantiated and Reserves. |
REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for foreign investor first time buyer with LTV > 60%. Comp Factors DCR and Reserves. REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for seller credit > 3%. Comp factors, strong marketing trends which cannot be substantiated and reserves. REVIEWER - WAIVED COMMENT (2026-08-10): Approved exception at origination for missing VOR-primary. Comp factors are Marketing Trends which cannot be substantiated and Reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. 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 | VCC2026-4_100024 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15x . Comp factors: LTV and guarantor support/liquidity | REVIEWER - WAIVED COMMENT (2026-08-13): Approved exception at origination for DSCR < 1.15x . Comp factors: LTV and guarantor support/liquidity | 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 | VCC2026-4_100044 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-08-14): Approved exception at origination for DSCR < 1.15. 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 | VCC2026-4_100046 | 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 | VCC2026-4_100049 | 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 | VCC2026-4_100055 | 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 | VCC2026-4_100037 | 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 | VCC2026-4_100047 | 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 | VCC2026-4_100048 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 3 | [3] General - Insufficient Hazard Insurance | Missing hazard insurance for the 3 SFRs on the property owned and rented out. | BUYER - GENERAL COMMENT (2026-09-01): Change Memo #1 outlines that no flood or hazard insurance will be required. The collateral is being underwritten and treated as a mobile home park. Only general liability is required. See attached. REVIEWER - GENERAL COMMENT (2026-09-01): Exception remains. Dwelling coverage is required for any structure/SFR secured by the mortgage (rating agencies require this) and value used for determining LTV. The 3 SFR's on this property are included in the appraised value and the rental income used. If the 3 SFR's value is deducted from the appraised value the LTV is XX% which exceeds guidelines for a cash out full doc investor loan. The insurance requirement cannot be waived. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Although the appraisal includes three borrower-owned single-family residences, the collateral value is driven primarily by the mobile home park land and rental operation. The homes represent a relatively minor component of the overall collateral, with an estimated insurable value of approximately $XXXMcompared to the property's $XXXMappraised value. As a result, underwriting did not view separate insurance coverage on the homes as material to the collateral support. |
1 | 1 | 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 | VCC2026-4_100007 | 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 | VCC2026-4_100018 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines [2] Application / Processing - Missing Document: Other not provided [2] General - The property is ineligible. |
Approved exception at origination for LTV > 50% for special purpose cash-out refinance based on projections. Comp factors: FICO, DSCR and personal net worth. Approved exception at origination for missing IRS verification of tax returns for Entity guarantor and individual guarantor. Comp factor, guarantors liquidity and FICO. Approved exception at origination for the property having > 12 beds. Comp factors: FICO, DSCR and personal net worth. |
REVIEWER - WAIVED COMMENT (2026-08-28): Approved exception at origination for LTV > 50% for special purpose cash-out refinance based on projections. Comp factors: FICO, DSCR and personal net worth. REVIEWER - WAIVED COMMENT (2026-08-28): Approved exception at origination for missing IRS verification of tax returns for Entity guarantor and individual guarantor. Comp factor, guarantors liquidity and FICO. REVIEWER - WAIVED COMMENT (2026-08-28): Approved exception at origination for the property having > 12 beds. Comp factors: FICO, DSCR and personal net worth. |
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 | VCC2026-4_100032 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for owner occupancy > 20% on a lite doc investor term loan. Comp factors: LTV, DSCR and Guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-08-28): Approved exception at origination for owner occupancy > 20% on a lite doc investor term loan. Comp factors: LTV, DSCR and Guarantor support/liquidity. | 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 unit A is currently in shell condition with build out in progress. Estimated remaining cost to complete $65,000 to $70,000. No poof of repairs completed provided. | BUYER - GENERAL COMMENT (2026-09-09): Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. REVIEWER - GENERAL COMMENT (2026-09-09): Exception remains. Cost to cure or complete is outside of guidelines and in current condition is not habitable. Whether this amount or condition is included in appraisal does not resolve the issue/ BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is, current property condition reflected in appraised value/purchase price and 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 | VCC2026-4_100598 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 2 | 2 | [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 |
Approved exception at origination for FICO < 650. Comp factor: LTV. < 2 major, active tradelines on credit report. Approved exception for missing VOR/VOM - primary; borrower lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for FICO < 650. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-09-10): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-11): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major active tradelines. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception for missing VOR/VOM - primary; borrower lives rent free. Comp factor: LTV. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect peeling paint on ceiling and siding of enclosed porch. No costs to cure procvided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Appraisal made as-is and the property condition is considered in the value/LTV. Peeling paint is considered cosmetic and the deferred maintenance was assumed to be within VCC's guidelines. | 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 | B | B | B | B | B | B | B | B | B | B | ||||
| XXXX | XXXX | VCC2026-4_100641 | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Comparable Rent Schedule 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 [2] General - The property is ineligible. |
Missing comparable rent schedule in appraisal. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. Approval exception at origination for missing VOR-primary. Comp factor: LTV. Approved exception at origination for rural property. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-09-10): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-11): Exception waived. Updated approval provided in trailing documents approving exception for missing Comparable rent schedule. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. REVIEWER - RE-GRADED COMMENT (2026-09-08): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-08): Approval exception at origination for missing VOR-primary. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for rural property. 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 | Property currently being renovated with no completed functional bathrooms/no plumbing or fixtures installed, exposed wiring/missing light fixtures, missing deck, missing trim, has 2 kitchens with a cost to cure of $3,000 to remove one, and unfinished painting. 90-day signed Holdback Agreement for $5,000 to complete 2 bathrooms provided and reflect on HUD. Missing evidence of second kitchen being removed, deck installed, completed trim, light fixtures installed and painting completed. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-14): Appraisal made as-is and the property condition is considered in the value/LTV. VCC completed a holdback for the bathroom repair and expects the borrower to complete the remaining repairs. The property is vacant and the borrower was actively renovating the subject at the time of inspection. | 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 | VCC2026-4_100576 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 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 factors: LTV and seasoned investor. Approved exception at origination for < 2 major active tradelines on credit report. Comp factors: seasoned investor and LTV. |
REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for < 2 major active tradelines on credit report. Comp factors: seasoned investor and 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 | Crawl space in appraisal photo shows crumbling stone foundation. No proof of repair provided. | BUYER - GENERAL COMMENT (2026-09-15): XX%. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided photo proof of repairs to the crumbling stone REVIEWER - GENERAL COMMENT (2026-09-16): Exception remains. In-house review requested better photos from the appraiser which are the photos in file. One still shows the foundation damage/bricks crumbling (not an access point) and one with the venting/access point. No evidence of any repairs provided. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-16): XX%. VCC UW felt comfortable proceeding as is given the low LTV and photo evidence provided. REVIEWER - GENERAL COMMENT (2026-09-22): Additional client comment: Structural integrity of the building did not appear to be compromised |
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 | C | C | C | C | C | C | C | C | C | C | ||||
| XXXX | XXXX | VCC2026-4_100591 | 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 | VCC2026-4_100599 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other | 3 | 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 > 1x30 days late mortgage payments in the last 12 months. Comp factor: FICO. Approved exception at origination for 50% vacancy per appraisal. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for > 1x30 days late mortgage payments in the last 12 months. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-09-08): Approved exception at origination for 50% vacancy per appraisal. Comp factor: FICO. |
3 | [3] Appraisal Documentation - Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.: 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX |
Missing form 1004D/442. Appraisal made subject to repairs - subject to completion of health and safety issues being repaired-securing the steps leading to the basement. Appraisal photos reflect peeling paint and missing trim in unit 6 and subject to completion of health and safety issues being repaired-securing the steps leading to the basement in both units. No cost to cure or proof of repair provided. |
REVIEWER - GENERAL COMMENT (2026-09-15): Client Comment: The property condition is considered in the value/LTV. The cost-to-cure for the wear and tear and step damage is $1,000 per the appraiser. Given the low cost-to-cure and that the borrower has owned the subject since XXXX VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. REVIEWER - GENERAL COMMENT (2026-09-15): Client comment: The property condition is considered in the value/LTV. The cost-to-cure for the wear and tear and step damage is $1,000 per the appraiser. Given the low cost-to-cure and that the borrower has owned the subject since XXXX VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. |
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 | VCC2026-4_100040 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 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 |
Subject in fair/average condition. Appraisal reflects deferred maintenance: replacement of existing flat rubber roof, including removal and reinstallation of rooftop mechanical units and replacement of any damaged substrate, sheathing, or framing as needed; repair the kitchen ceiling due to water damage, including removal and replacement of drywall insulation; replacement of kitchen fixtures with LED lighting; replacement of damaged dining room drop ceiling system; replacement of dining room flooring, including removal of existing carpet, subfloor preparation, and installation of commercial grade laminate flooring; Interior painting of the kitchen, dining room, and bars/lounge areas, including priming and application of multiple finishes. Cost to cure is $77,650. Appraisal reflects no utilities in former wood shop with boarded doors currently in shell condition. SBA second loan will not fund until renovations are completed. Appraisal reflects deferred maintenance: replacement of existing flat rubber roof, including removal and reinstallation of rooftop mechanical units and replacement of any damaged substrate, sheathing, or framing as needed; repair the kitchen ceiling due to water damage, including removal and replacement of drywall insulation; replacement of kitchen fixtures with LED lighting; replacement of damaged dining room drop ceiling system; replacement of dining room flooring, including removal of existing carpet, subfloor preparation, and installation of commercial grade laminate flooring; Interior painting of the kitchen, dining room, and bars/lounge areas, including priming and application of multiple finishes. Cost to cure is $77,650. Appraisal reflects no utilities in former wood shop with boarded doors currently in shell condition. SBA second loan will not fund until renovations are completed. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): "Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. The purchase price was reduced by the cost to cure and the borrower is expected to make necessary repairs to the property so New Day felt comfortable proceeding" REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-09): Clients comment: "Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. The purchase price was reduced by the cost to cure and the borrower is expected to make necessary repairs to the property so New Day felt comfortable proceeding" |
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 | VCC2026-4_100054 | 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 | VCC2026-4_100019 | XXXX | $XXX | XX | XX/XX/XXXX | Purchase | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 50% for an SBA 504 - specialty property purchase based upon projections. Comp factors; DSCR and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-09-04): Approved exception at origination for LTV > 50% for an SBA 504 - specialty property purchase based upon projections. Comp factors; DSCR and guarantor support/liquidity. | 1 | 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 | A | A | A | A | A | B | B | B | B | B | ||||||||
| XXXX | XXXX | VCC2026-4_100050 | 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 < 650 for SBC limited cash-out refinanced projected deals. Comp factors: LTV and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-09-04): Approved exception at origination for FICO < 650 for SBC limited cash-out refinanced projected deals. Comp factors: LTV and guarantor support/liquidity. | 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 | VCC2026-4_100045 | 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 | VCC2026-4_100051 | 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 | VCC2026-4_100053 | 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 | VCC2026-4_100052 | 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 | Appraisal photo reflects dampness in basement utility room. Appraiser did not indicate what is causing the dampness. | BUYER - GENERAL COMMENT (2026-09-09): Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. REVIEWER - GENERAL COMMENT (2026-09-09): Exception remains. Appraiser did not address the issue of dampness in basement. Need clarification if this is due to leaks needing repair or if it is due to some other reason. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-10): Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-16): Appraiser did not indicate the cause of the dampness; however, there was no sign of a leak or repair needed. The basement is a utility room and the dampness was not considered an area of concern. Value considers property condition. |
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 | VCC2026-4_100056 | 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 |