EXHIBIT 99.14

CONSOLIDATED ANALYTICS POOL 2 EXCEPTION GRADES REPORT

Deal ID

Loan Number

Seller Loan Number

Originator

Last Name

Note Date

Original Balance

State

TPR QM ATR Status

Loan Status

Exception Date

Remediation Status

Exception ID

Exception Type

Exception Category

Exceptions

Exception Rebuttal

Exception Rebuttal Date

Exception Rebuttal Response

Exception Rebuttal Response Date

Compensating Factors

Initial Overall Loan Grade

Final Overall Loan Grade

Initial Exception Grade

Final Exception Grade

Initial Credit Grade

Final Credit Grade

Initial Property Valuation Grade

Final Property Valuation Grade

Initial Compliance Grade

Final Compliance Grade

Initial Overall Grade (DBRS/ Morningstar)

Initial Credit Grade (DBRS/ Morningstar)

Initial Property Valuation Grade (DBRS/ Morningstar)

Initial Compliance Grade (DBRS/ Morningstar)

Initial Overall Grade (Fitch)

Initial Credit Grade (Fitch)

Initial Property Valuation Grade (Fitch)

Initial Compliance Grade (Fitch)

Initial Overall Grade (Kroll)

Initial Credit Grade (Kroll)

Initial Property Valuation Grade (Kroll)

Initial Compliance Grade (Kroll)

Initial Overall Grade (Moodys)

Initial Credit Grade (Moodys)

Initial Property Valuation Grade (Moodys)

Initial Compliance Grade (Moodys)

Initial Overall Grade (S&P)

Initial Credit Grade (S&P)

Initial Property Valuation Grade (S&P)

Initial Compliance Grade (S&P)

Final Overall Grade (DBRS/ Morningstar)

Final Credit Grade (DBRS/ Morningstar)

Final Property Grade (DBRS/ Morningstar)

Final Compliance Grade (DBRS/ Morningstar)

Final Overall Grade (Fitch)

Final Credit Grade (Fitch)

Final Property Grade (Fitch)

Final Compliance Grade (Fitch)

Final Overall Grade (Kroll)

Final Credit Grade (Kroll)

Final Property Grade (Kroll)

Final Compliance Grade (Kroll)

Final Overall Grade (Moodys)

Final Credit Grade (Moodys)

Final Property Grade (Moodys)

Final Compliance Grade (Moodys)

Final Overall Grade (S&P)

Final Credit Grade (S&P)

Final Property Grade (S&P)

Final Compliance Grade (S&P)

688

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/15/2026

Resolved

FCRE5116

Credit

Missing VOM or VOR

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The lender’s guidelines require housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOM. A credit report cannot be used to evidence the housing payment history. The loan file was missing the required documentation for the mortgages.

We disagree with the finding. Credit supplement was provided showing that the mortgage holders were contacted directly to provide payment verification. This is considered a institutional VOM, since it’s not using just standard XXX reporting.

01/23/2026

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is not Missing; Client States: Credit supplement was provided showing that the mortgage holders were contacted directly to provide payment verification. Credit Supplemental Report in file shows Conventional XXX Loan, Including XXX, XXX account XXX, Verified per conference call with the borrower and rep XXX Last payment made XX/XX/XXXX and Next Due XX/XX/XXXX late payment verified. LM Updated.

01/26/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

D

A

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

688

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/15/2026

Acknowledged

FCRE6100

Credit

Audited Interested Party Contribution Exceeds Guideline Program Maximum

Audited Interested Party Contribution of XXX% exceeds interested party contribution guideline maximum of XXX% Lender approved exception granted at time of origination to allow interested party contributions to exceed the XXX% reflected in guidelines. Approval was based upon the following compensating factors: XXX XXX mortgage history, FICO XXX points above minimum, reserves greater than XXX months, and time at residence greater than XXX years.

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

B

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

645

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Cleared

01/22/2026

Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Borrower has stable job time — Borrower has XXX years on job.

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

645

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines. The loan meets all applicable credit guidelines.

Cleared

01/22/2026

Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Borrower has stable job time — Borrower has XXX years on job.

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

645

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Cleared

01/22/2026

Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Borrower has stable job time — Borrower has XXX years on job.

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

648

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Cleared

01/22/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

648

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines. The loan meets all applicable credit guidelines.

Cleared

01/22/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

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A

A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

648

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/19/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Cleared

01/22/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

649

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/21/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Cleared

01/26/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

649

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/21/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Cleared

01/26/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

639

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/21/2026

Resolved

FCRE0360

Credit

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The lender’s guidelines require the housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOR/VOM. A credit report cannot be used to evidence the housing payment history. The loan file contained the VOR for current primary and the credit report history for the subject property mortgage. The loan file was missing the required documentation for the subject property mortgage.

Document Uploaded. Please see SLW to use the CBR.

01/30/2026

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is not partially present.; Client provided Email from XXX @ XXX States: The mortgage Statement reflecting the payment due XX/XX/XXXX documents that the XXX payment was made. At this time, I’m unable to enter an exception request form into Encompass since the loan is XXX. Can you please confirm that this email approval is sufficient to document an approved exception to use the credit report to verify the mortgage payment history? Exception Approved: Credit Report being utilized to verify the XXX #XXX mortgage payment history.

02/02/2026

C

A

C

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

639

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/21/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Cleared

01/22/2026

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

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A

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A

A

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A

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A

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A

A

A

A

A

A

A

A

A

639

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/21/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Cleared

01/22/2026

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

659

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/23/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational

01/27/2026

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

659

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/23/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

Informational

01/27/2026

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

659

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/23/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

01/27/2026

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

653

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/26/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Cleared

01/28/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

B

B

A

A

B

B

A

A

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

653

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Cleared

01/28/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

B

B

A

A

B

B

A

A

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

653

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/26/2026

Acknowledged

FCRE5116

Credit

Missing VOM or VOR

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender approval exception grated at time of origination to allow utilization of the credit report for mortgage history. Approval based upon the following: XXX Mortgage History and Reserves greater than XXX months than requirement.

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

B

B

B

B

B

B

A

A

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

 

Deal ID

Loan Number

Seller Loan Number

Originator

Last Name

Note Date

Original Balance

State

TPR QM ATR Status

Loan Status

Exception Date

Remediation Status

Exception ID

Exception Type

Exception Category

Exceptions

Exception Rebuttal

Exception Rebuttal Date

Exception Rebuttal Response

Exception Rebuttal Response Date

Compensating Factors

Initial Overall Loan Grade

Final Overall Loan Grade

Initial Exception Grade

Final Exception Grade

Initial Credit Grade

Final Credit Grade

Initial Property Valuation Grade

Final Property Valuation Grade

Initial Compliance Grade

Final Compliance Grade

Initial Overall Grade (DBRS/ Morningstar)

Initial Credit Grade (DBRS/ Morningstar)

Initial Property Valuation Grade (DBRS/ Morningstar)

Initial Compliance Grade (DBRS/ Morningstar)

Initial Overall Grade (Fitch)

Initial Credit Grade (Fitch)

Initial Property Valuation Grade (Fitch)

Initial Compliance Grade (Fitch)

Initial Overall Grade (Kroll)

Initial Credit Grade (Kroll)

Initial Property Valuation Grade (Kroll)

Initial Compliance Grade (Kroll)

Initial Overall Grade (Moodys)

Initial Credit Grade (Moodys)

Initial Property Valuation Grade (Moodys)

Initial Compliance Grade (Moodys)

Initial Overall Grade (S&P)

Initial Credit Grade (S&P)

Initial Property Valuation Grade (S&P)

Initial Compliance Grade (S&P)

Final Overall Grade (DBRS/ Morningstar)

Final Credit Grade (DBRS/ Morningstar)

Final Property Grade (DBRS/ Morningstar)

Final Compliance Grade (DBRS/ Morningstar)

Final Overall Grade (Fitch)

Final Credit Grade (Fitch)

Final Property Grade (Fitch)

Final Compliance Grade (Fitch)

Final Overall Grade (Kroll)

Final Credit Grade (Kroll)

Final Property Grade (Kroll)

Final Compliance Grade (Kroll)

Final Overall Grade (Moodys)

Final Credit Grade (Moodys)

Final Property Grade (Moodys)

Final Compliance Grade (Moodys)

Final Overall Grade (S&P)

Final Credit Grade (S&P)

Final Property Grade (S&P)

Final Compliance Grade (S&P)

654

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Acknowledged

FCRE0360

Credit

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The lender’s guidelines require housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOR/VOM. A credit report cannot be used to evidence the housing payment history. The VOR was provided for B1. Missing VOM’s for B2 for mortgage with XXX #XXX and B3 for mortgage with XXX #XXX. The loan file contained an Exception approval form, dated XX/XX/XXXX; however, the approval in the file does not have description of exception request or the adjustments. The borrowers are first time XXX and per the guidelines, exceptions are not allowed.

Document Uploaded. See attached which allows use of the credit report to verify the mortgage history. See the middle comments.

01/30/2026

Client provided Lender Exception dated XX/XX/XXXX reflecting Exception to use the credit report to verify the mortgage payment history based on XX/XX/XXXX guidelines and to wave the negative impact letter for the business assets. (The 3rd borrower does not have rental mgmt history).; Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The lender’s guidelines require housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOR/VOM. A credit report cannot be used to evidence the housing payment history. The VOR was provided for B1. Missing VOM’s for B2 for mortgage with XXX #XXX and B3 for mortgage with XXX #XXX. The loan file contained an Exception approval form, dated XX/XX/XXXX; however, the approval in the file does not have description of exception request or the adjustments. The borrowers are first time XXX and per the guidelines, exceptions are not allowed.

02/02/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

B

C

B

C

B

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

654

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational

01/29/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

B

A

A

C

B

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

654

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

01/29/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 70% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 70% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

B

A

A

C

B

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

641

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Acknowledged

FVAL5524

Property

Ineligible Property

Lender approval exception granted at time of origination to allow the subject property being Rural. Compensating factors: FICO XXX points above minimum, Reserves greater than XXX months requirement, Time at residence greater than XXX years.

Please adjust the grade for this finding to XXX — Non-Material

03/12/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

D

B

C

B

D

B

C

B

A

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

641

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Acknowledged

FCRE3000

Credit

Borrower Rental Experience Not Within Guidelines

Borrower Rental Experience Not Within Guidelines The lender’s guidelines State the DSCR program is eligible for professional XXX only. Professional XXX must have at least XXX months experience owning and/or managing income producing XXX within the most XXX months from the XXX of the subject transaction. The borrower provided a letter on experience which does not reflect the required experience owning and/or managing income producing XXX. First-time XXX are allowed; however, no exceptions can be given. The subject loan has an approved exception for the property being rural.

Document Uploaded. We disagree with this finding. The borrower provided a letter in file detailing his prior experience. While these parcels were acquired primarily for development rather than immediate rental cash flow, their active management directly created realizable value. By transforming landlocked parcels into viable residential lots through road construction and right-of-way acquisition, he effectively managed the asset to produce capital appreciation significantly exceeding standard rental yields. This active development experience is to be considered as satisfying the intent of the “income-producing” management requirement.

02/09/2026

Exception received from client. ; Borrower Rental Experience Not Within Guidelines

02/12/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

D

B

C

B

D

B

C

B

A

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

641

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Resolved

FCRE5116

Credit

Missing VOM or VOR

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The lender’s guidelines require the housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOR/VOM. A credit report cannot be used to evidence the housing payment history. The loan file was missing the required documentation for mortgages with XXX on the primary residence located at XXX XXX The 1st loan number #XXX and the 2nd is #XXX on application and credit report. Mortgage Statement on 2nd reflects last XXX of account number as #XXX.

Document Uploaded. Please see the exception to use the CBR.

02/04/2026

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is not Missing; Exception evidence in file. Client acknowledgment. ; Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The lender’s guidelines require the housing payment history to be evidenced by XXX months proof of payment via cancelled checks, bank debits, or institutional VOR/VOM. A credit report cannot be used to evidence the housing payment history. The loan file was missing the required documentation for mortgages with XXX on the primary residence located at XXX XXX The 1st loan number #XXX and the 2nd is #XXX on application and credit report. Mortgage Statement on 2nd reflects last XXX of account number as #XXX.

02/05/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

D

B

D

A

D

B

C

B

A

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

641

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/27/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

01/29/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

D

B

A

A

D

B

C

B

A

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

D

D

C

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

B

B

B

A

655

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/29/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational

01/30/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

655

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/29/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines. The loan meets all applicable credit guidelines.

Informational

01/30/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

655

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

01/30/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

01/30/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

652

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/04/2026

Resolved

FCRE3978

Credit

Missing Letter of Explanation (Credit)

Missing Letter of Explanation (Credit)

Document Uploaded.

02/09/2026

Client provided LOE for XXX day inquiries. LM Updated.

02/10/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

A

D

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

652

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/03/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

02/06/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

A

A

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

652

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/04/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational

02/06/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 80% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 80% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

A

A

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

638

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/03/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

02/06/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 75% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 75%

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

638

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/04/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational

02/06/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 75% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 75%

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

638

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/04/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines. The loan meets all applicable credit guidelines.

Informational

02/06/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Original LTV is Below the Guideline Maximum — Calculated LTV of 60% is less than Guideline LTV of 75% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 60% is less than Guideline CLTV of 75%

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

642

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FCRE7347

Credit

Missing Lease Agreement

The lender’s guidelines require a copy of an Executed Lease Agreement when the lower amount is used. The XXX underwriter comments section reflected the property was rented for XXX per month with a final DSCR ratio of XXX. The loan file is missing the lease agreement.

Document Uploaded. ; Per the XX/XX/XXXX profiles, Gross Rental Income is calculated using the lower of XXX or executed lease agreements. However, this guideline was not changed until Feb XXX that required both to be in file. Therefore, the guideline at the time allowed use of either or — however, if both were provided it would be the lesser of the two. As leases were not provided in file, Market Rents could be used.

04/08/2026

Client provided Lease Agreement XX/XX/XXXX reflecting monthly rental payments of XXX LM Updated.; XXX States that the DSCR is based on XXX Monthly Current Lease. Lease required to verify the amount.

04/09/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 35.48% is less than Guideline CLTV of 75% | Original LTV is Below the Guideline Maximum — Calculated LTV of 35.48% is less than Guideline LTV of 75%

D

A

D

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

642

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational Only

03/17/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 35.48% is less than Guideline CLTV of 75% | Original LTV is Below the Guideline Maximum — Calculated LTV of 35.48% is less than Guideline LTV of 75%

D

A

A

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

643

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines. The loan meets all applicable credit guidelines.

Informational Only

03/17/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

643

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan. Property and valuations related findings were not identified on the loan.

Informational Only

03/17/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

 

Deal ID

Loan Number

Seller Loan Number

Originator

Last Name

Note Date

Original Balance

State

TPR QM ATR Status

Loan Status

Exception Date

Remediation Status

Exception ID

Exception Type

Exception Category

Exceptions

Exception Rebuttal

Exception Rebuttal Date

Exception Rebuttal Response

Exception Rebuttal Response Date

Compensating Factors

Initial Overall Loan Grade

Final Overall Loan Grade

Initial Exception Grade

Final Exception Grade

Initial Credit Grade

Final Credit Grade

Initial Property Valuation Grade

Final Property Valuation Grade

Initial Compliance Grade

Final Compliance Grade

Initial Overall Grade (DBRS/ Morningstar)

Initial Credit Grade (DBRS/ Morningstar)

Initial Property Valuation Grade (DBRS/ Morningstar)

Initial Compliance Grade (DBRS/ Morningstar)

Initial Overall Grade (Fitch)

Initial Credit Grade (Fitch)

Initial Property Valuation Grade (Fitch)

Initial Compliance Grade (Fitch)

Initial Overall Grade (Kroll)

Initial Credit Grade (Kroll)

Initial Property Valuation Grade (Kroll)

Initial Compliance Grade (Kroll)

Initial Overall Grade (Moodys)

Initial Credit Grade (Moodys)

Initial Property Valuation Grade (Moodys)

Initial Compliance Grade (Moodys)

Initial Overall Grade (S&P)

Initial Credit Grade (S&P)

Initial Property Valuation Grade (S&P)

Initial Compliance Grade (S&P)

Final Overall Grade (DBRS/ Morningstar)

Final Credit Grade (DBRS/ Morningstar)

Final Property Grade (DBRS/ Morningstar)

Final Compliance Grade (DBRS/ Morningstar)

Final Overall Grade (Fitch)

Final Credit Grade (Fitch)

Final Property Grade (Fitch)

Final Compliance Grade (Fitch)

Final Overall Grade (Kroll)

Final Credit Grade (Kroll)

Final Property Grade (Kroll)

Final Compliance Grade (Kroll)

Final Overall Grade (Moodys)

Final Credit Grade (Moodys)

Final Property Grade (Moodys)

Final Compliance Grade (Moodys)

Final Overall Grade (S&P)

Final Credit Grade (S&P)

Final Property Grade (S&P)

Final Compliance Grade (S&P)

651

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FCRE7497

Credit

Missing verification of taxes, insurance, and/or HOA fees for non-subject property

Primary owned “free and clear” and evidence of property taxes and HOI missing. Guidelines require evidence all property expenses to be current or no more than XXX to satisfy housing history.

There are no obligations indicated on the 1003. As the loan is F&C, hazard insurance is not mandatory, As such, the loan file contained the property summary report — confirming no tax delinquencies. ; The guideline does not say this. It specifically States all mortgages and rental payments, it does not mention anything around HOI or Property Taxes for F&C REOs non-subject.

03/20/2026

Client States: There are no obligations indicated on the 1003. As the loan is F&C, hazard insurance is not mandatory, As such, the loan file contained the property summary report — confirming no tax delinquencies. Property Detail in file. LM Updated.; Client States: The guideline does not say this. It specifically States all mortgages and rental payments, it does not mention anything around HOI or Property Taxes for F&C REOs non-subject. However, XXX Non-QM_DSCR GL dated XXX — Credit: Liabilities reflects: Housing and mortgage related obligations, including property taxes, insurance premiums, mortgage insurance and similar charges that are required by creditor, ground rents, and leasehold payments must be fully documented on the Scheduled of REO section of the 1003 for the subject property. These obligations must be verified using XXX reliable records such as taxing authority, or local government records, homeowner’s association billing Statements, or information obtained from a valid and legally executed contract.

03/20/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

A

D

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

651

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/16/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational Only

03/17/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

A

A

A

D

A

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

647

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/13/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational Only

03/17/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 50% is less than Guideline LTV of 75% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 50% is less than Guideline CLTV of 75% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

647

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

03/13/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

Informational Only

03/17/2026

Original LTV is Below the Guideline Maximum — Calculated LTV of 50% is less than Guideline LTV of 75% | Original CLTV is Below the Guideline Maximum — Calculated CLTV of 50% is less than Guideline CLTV of 75% | Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX | Borrower has stable job time — Borrower has XXX years on job.

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

657

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/09/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

02/10/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

657

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/09/2026

Resolved

FCRE8999

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

Informational

02/10/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

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A

A

A

A

A

A

A

A

A

657

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/09/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational

02/10/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

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A

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A

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A

A

A

A

A

A

A

637

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FCRE8201

Credit

Loan does not conform to program guidelines

The lender guideline requires All loans to include documentation in the file that transaction was either: Not GSE eligible or The price and/or terms of the transaction in the DSCR program was more beneficial to the borrower than the comparable GSE program. This was not found in the loan file.

Disagree with the finding. This requirement is only applicable on full doc income loans. As this is a DSCR loan, based on how income is calculated, this is not a GSE eligible loan therefore the requirement is XXX.

02/17/2026

Client States: Disagree with the finding. This requirement is only applicable on full doc income loans. As this is a DSCR loan, based on how income is calculated, this is not a GSE eligible loan therefore the requirement is XXX.

02/18/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

A

C

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

637

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

02/13/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

637

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational

02/13/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

C

A

A

A

C

A

A

A

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

C

C

A

A

A

A

A

A

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A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

646

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FCRE1491

Credit

Asset Qualification Does Not Meet Guideline Requirements

Asset Qualification Does Not Meet Guideline Requirements XXX business bank account #XXX reflects a 3rd party as sole proprietor. Guidelines require that this 3rd party provide a signed and dated letter acknowledging the transaction and borrower’s XXX% access to the funds.

We disagree. These funds were not used and not needed for qualifying.

02/19/2026

Asset Qualification Meets Guideline Requirements.; Asset Qualification Meets Guideline Requirements.; Client States: We disagree. These funds were not used and not needed for qualifying. LM Updated.

06/23/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

C

A

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

646

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FCRE9780

Credit

Business Purpose Affidavit/Disclosure Missing

Business Purpose Affidavit/Disclosure Missing The Business Purpose Affidavit in file is notarized but is not signed by the borrower.

Document Uploaded.

03/05/2026

Business Purpose Affidavit/Disclosure Provided; Client provided Executed Purpose Affidavit/Disclosure. LM Updated.

03/06/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

D

A

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

646

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE5116

Credit

Missing VOM or VOR

Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOMs for mortgages with XXX and XXX. Guidelines dated XX/XX/XXXX do not allow use of the credit report to document the payment history. There is an exception in the file requesting use of the XX/XX/XXXX guidelines, which allows use of credit report, but the exception was denied by XXX.

Document Uploaded. See SLE

02/23/2026

Client provided Exception Approval. XXX #XXX to use the credit report and mortgage Statement to verify the XXX mortgage history. Loan Specifics: Loan Amount: XXX LTV: XXX% FICO: XXX DSCR Ratio: XXX: XXX, Appraised Value: $XXX.

02/24/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

D

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

646

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FPRO8998

Property

No Property Findings

Property and valuations related findings were not identified on the loan.

Informational

02/13/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

A

A

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

646

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Resolved

FCOM8997

Compliance

No Compliance Findings

The loan is in compliance with all applicable laws and regulations.

Informational

02/13/2026

Qualifying FICO is Greater than the Guideline Minimum — Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX

D

B

A

A

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

640

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE9785

Credit

XXX Contract is Incomplete

XXX is XXX but XXX Contract Doc is Incomplete File contains only the contract addendums. A complete copy of the contract is required. Contract must reflect the XXX in seller concessions.

Acknowledged.

02/23/2026

Unable to Resolve-Acknowledged, accepting 2/B grading

04/15/2026

D

B

B

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

640

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE1198

Credit

Audited Reserves are less than Guideline Required Reserves (Number of Months)

Audited Reserves of XX/XX/XXXX month(s) are less than Guideline Required Reserves of XXX month(s)

Document Uploaded. Please see SLW approval uploaded under previous citation.

02/26/2026

Client provided and Exception. Exception Approved: The requirement for XXX months of reserves (typically triggered by waived escrows) is being waived based on the following: Policy Alignment: The updated XX/XX/XXXX Product Profiles have removed this specific reserve requirement, bringing the loan into current secondary market or portfolio standards.

03/02/2026

D

B

C

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

640

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE9995

Credit

Audited Reserves are less than Guideline Required Reserves (Dollar Amount)

Audited Reserves of XXX are less than Guideline Required Reserves of XXX

Document Uploaded.

02/26/2026

Client provided and Exception. Exception Approved: The requirement for XXX months of reserves (typically triggered by waived escrows) is being waived based on the following: Policy Alignment: The updated XX/XX/XXXX Product Profiles have removed this specific reserve requirement, bringing the loan into current secondary market or portfolio standards.

03/02/2026

D

B

C

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

640

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE3843

Credit

Guideline Seasoning not Met

The required number of months reserves are to be seasoned does not meet Guideline requirement. Escrow waiver utilized for subject transaction; Per guidelines, use of waiver requires XXX months of reserves. Assets are short XXX for reserves.

Document Uploaded. Please see approved SLE for the remaining XXX items.

02/25/2026

Client provided Exception — Exception Approved: The requirement for XXX months of reserves (typically triggered by waived escrows) is being waived based on the following: Policy Alignment: The updated XX/XX/XXXX Product Profiles have removed this specific reserve requirement, bringing the loan into current secondary market or portfolio standards.

02/26/2026

D

B

D

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

640

XXX

XXX

XXXXX

XX/XX/XXXX

$XXXXXX

XXX

ATR/QM: Exempt

Loan Review Complete

02/13/2026

Acknowledged

FCRE6100

Credit

Audited Interested Party Contribution Exceeds Guideline Program Maximum

Audited Interested Party Contribution of XXX% exceeds interested party contribution guideline maximum of XXX% IPCs of XXX% exceed the maximum of XXX% XXX allowed per guidelines.

Document Uploaded. The XXX & LTV/CLTV were provided to you in the data tape supporting the lowering for qualification XXX. See XXX ; We disagree with the finding. The XXX price was reduced by the IPC overage — resulting in a qualifying & XXX LTV/CLTV of 75.377%.

02/20/2026

; Audited Interested Party Contribution is less than or equal to Guideline Program Maximum; sale price reduced by IPC overage. ; Audited Interested Party Contribution of XXX% exceeds interested party contribution guideline maximum of XXX%.; Client States: Countered. Final CD reflects XXX of XXX and XXX Final XXX reflects XXX of XXX and LTV of 75% Provide evidence to support XXX lowered as Stated on reply, “We disagree with the finding. The XXX price was reduced by the IPC overage — resulting in a qualifying & XXX LTV/CLTV of 75.377%.” Document Uploaded. The XXX & LTV/CLTV were provided to you in the data tape supporting the lowering for qualification XXX. See XXX ; ; Countered. Final CD reflects XXX of XXX and XXX Final XXX reflects XXX of XXX and LTV of 75% Provide evidence to support XXX lowered as Stated on reply, “We disagree with the finding. The XXX price was reduced by the IPC overage — resulting in a qualifying & XXX LTV/CLTV of 75.377%.”

02/23/2026

D

B

C

B

D

B

A

A

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

D

D

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A

B

B

A

A