Acknowledged-Unable
to Resolve-unable to
resolve — Due
Diligence Vendor-
07/20/2026 _x000D_

Unable to Resolve-
Unable to Resolve-This
cannot be resolved. —
Buyer-07/17/2026
_x000D_

Open-Missing Flood
Insurance Policy, per
guidelines Flood
insurance is required
when a loan is secured
by a property located in
a CBRS or otherwise
protected area. — Due
Diligence Vendor-
04/14/2026

Acknowledged-
Unable to Resolve-
unable to resolve —
Due Diligence
Vendor-
07/20/2026_x000D_

Months
Reserves
exceed
minimum
required —
120.75 months
Reserves
exceeds the
minimum 6
months
required by
114.75 months

Ready for Review—
Due Diligence Vendor-
07/21/2026 _x000D_

Acknowledged-Unable
to Resolve-unable to
resolve — Due
Diligence Vendor-
07/20/2026 _x000D_

Unable to Resolve-
Unable to Resolve-This
cannot be resolved. —
Seller-07/17/2026
_x000D_

Open-Unsatisfactory
Chain of Title provided
The title commitment
reflects vested
asXXXXXX XXXX
XXXXXX and
XXXXXXXXXXX. A
warranty deed in file
reflects XXXXXX
XXXX XXXXXX to the
Borrowers; however, a
deed from
XXXXXXXXXXXXXX
to the Borrowers was not
located in file. — Due
Diligence Vendor-
03/04/2026

Acknowledged-
Unable to Resolve-
unable to resolve —
Due Diligence
Vendor-
07/20/2026_x000D_

Months
Reserves
exceed
minimum
required —
120.75 months
Reserves
exceeds the
minimum 6
months
required by
114.75 months

Ready for Review-
Document Uploaded.
See SLE approval. —
Seller-04/13/2026
_x000D_

Counter-Per the
appraisal, the subject
was listed on
XXXXXXX for
$XXXXXXXXX and
withdrawn from the
market on XX/XX/
XXXX. The file contains
a letter of explanation
from the Borrowers
stating “considered
trying to sell our
property at XXXX
XXXXXXX XX. We
changed our mind and
decided to turn it into a
short term rental
investment property”.
The subject loan is a
cash out refinance. Per
guidelines for a cash out
refinance transaction,
properties listed for sale
less than or equal to 12
months from the
application date are
ineligible for a cash out
refinance. The
documentation provided
supports the property
was listed for sale during
the construction of the
subject property.
Exception remains. —
Due Diligence Vendor-
03/04/2026 _x000D_

Ready for Review-This
guideline is being
misinterpreted. Per
Zillow, the property was
listed in XXX when it
was just a lot. As you
can see via the Appraisal
and COO in file the
certificate of occupancy
was just issued on
12/22/2025. — Seller-
03/03/2026 _x000D_

Open-The subject was
approved as a cash out
refinance. The CD
reflects the payoff of two
debts, of which, only one
is reflected on the title
commitment. The
application date is XXX.
The appraisal indicates
the subject property was
listed on XXX and was
withdrawn on XXX. Per
guidelines dated
12/1/2025 for cash out
refinance transactions,
properties listed for sale
less than or equal to 12
months from the
application date are
ineligible for a cash out
refinance. — Due
Diligence Vendor-
03/02/2026

Ready for Review-
This guideline is
being
misinterpreted. Per
Zillow, the property
was listed in XXX
when it was just a
lot. As you can see
via the Appraisal
and COO in file the
certificate of
occupancy was just
issued on XXX. —
Seller-
03/03/2026_x000D_

Months
Reserves
exceed
minimum
required —
120.75 months
Reserves
exceeds the
minimum 6
months
required by
114.75 months

Ready for
Review-
Document
Uploaded. 3
scores —
Buyer-
07/10/2026
_x000D_

Counter-
Document
provided does
not address the
information
showing on
final credit
report under
additional
information.
XPN “File
locked at
consumers
request”.
Provide
approved
exception to
use credit
report with two
credit scores,
third credit
score not
reporting due
to file locked
at clients
request. —
Due Diligence
Vendor-
06/16/2026
_x000D_

Ready for
Review-
Document
Uploaded.
Guideline
states no
bureau may be
frozen.
Experian
Bureau is not
frozen. Per
Credit
Document, the
Experian score
is not available
because they
don’t have
enough
information
about the
credit history
to calculate a
score. See
attachment.
The guideline
also states, that
there can be 2
scores —
Buyer-
06/09/2026
_x000D_

Open-
Correspondent
guidelines
dated
2/17/2026 —
No credit
bureaus may
be frozen.
Borrowers
must unfreeze
all bureaus,
and a new tri-
merge credit
report obtained
reflecting
information
from all three
bureaus. The
decision credit
report reflects
2 scores with
Experian being
frozen. An
updated credit
report
reflecting 3
scores was not
provided as
required. —
Due Diligence
Vendor-
05/29/2026

Ready for
Review-
Document
Uploaded.
Calculation
worksheet —
Buyer-
06/10/2026
_x000D_

Open-
Correspondent
DSCR
guidelines
dated
02/17/2026
require an
underwriter
worksheet
reflecting the
DSCR
calculations;
however, this
was not
located in file
at the time of
audit. — Due
Diligence
Vendor-
06/01/2026

Ready for
Review-
Document
Uploaded. Page
3 is the lease
starting
7/1/2025 and
page 2 shows
the utility bill
still being in
the tenants
name XXX-
Buyer-
06/11/2026
_x000D_

Open-The
subject is cash-
out refinance of
a 3 unit
property. The
appraisal
indicates all
three units are
tenant
occupied;
however, the
appraiser
addressed unit
2 as being
vacant.
Correspondent
DSCR
03/27/2026
guidelines state
vacant
properties for
refinance
transactions are
ineligible
without
evidence the
property has
recently
underwent
rehab or
renovations,
which was not
disclosed on
the appraisal. A
request for
exception was
requested and
denied on
XXX, stating if
the Borrower
can provide
consecutive
rent receipts for
the most recent
three months to
verify that Unit
2 is tenant-
occupied then
an exception
would not be
required. The
lease for unit 2
in file is
month-to-
month and
evidence of
rental payments
was not
provided at the
time of audit;
therefore, the
loan is
ineligible for a
refinance
transaction per
guidelines. -
Due Diligence
Vendor-
06/02/2026

Ready for
Review-
Document
Uploaded.
Product Profile
states the
borrower needs
at least 12
months proof
of ownership.
Borrower has
owned
investment
properties
going back to
2016 - Buyer-
06/05/2026
_x000D_

Open-Per
Correspondent
DSCR
guidelines
dated
2/17/2026, a
signed LOE by
the Borrower/
guarantor is
required to
detail relevant
real estate
experience for
DSCR
loans. This
LOE was not in
file. - Due
Diligence
Vendor-
05/26/2026

Ready for
Review-
Document
Uploaded. The
Private Road
Maintenance
agreement/
requirements
are on the plat
maps (see page
1 and 3) -
Buyer-
06/16/2026
_x000D_

Open-The
subject
property is on a
private road.
An adequate,
legally
enforceable,
and recorded
road
maintenance
agreement for
any property
accessed by a
community-
owned or
privately
maintained
street was not
provided. This
covenant must
ensure
continuous,
year-round
access and
clearly outline
shared
responsibilities
for repair costs.
- Due Diligence
Vendor-
06/02/2026

Ready for
Review-
Document
Uploaded.
Rural
properties are
allowed case by
case. Appraisal
states suburban.
- Buyer-
06/09/2026
_x000D_

Open-Property
Issues Present
The appraisal
indicates the
subject
property’s
Neighborhood
Characteristics
are Suburban.
Correspondent
guidelines
dated
3/27/2026
indicate this
section of the
appraisal will
be used to
determine the
property’s
location to
determine
eligibility. The
file contains
email
documentation
that indicates
the appraisal
was changed
from Rural to
Suburban to
accommodate
eligibility. The
appraisal report
indicates Rural
Residential
zoning and
property
features,
including lot
size, septic
system and
private roads
suggest rural
features. Rural
properties are
an ineligible
property type
per program
guidelines. -
Due Diligence
Vendor-
06/02/2026

Ready for
Review-
Document
Uploaded. 1008
updated with
ratio
calculation -
Buyer-
06/11/2026
_x000D_

Open-Per the
3/27/2026
Correspondent
DSCR
guidelines, all
loan files
should contain
underwriter
worksheets
which detail the
qualifying
income
calculations
and debt
obligations
considered or
not considered.
The DSCR
calculation was
not located in
file nor was the
approved
DSCR
disclosed. -
Due Diligence
Vendor-
06/02/2026

Open - Due
Diligence
Vendor-
07/16/2026

Ready for
Review-
Document
Uploaded.
Approval for
credit inquiries
- Buyer-
06/24/2026
_x000D_

Counter-
Correspondent
DSCR
guidelines
dated
3/27/2026 state
Credit Inquiries
listed on the
report within
90 days of the
application date
must be
addressed by
the borrower
with a letter of
explanation.
Exception
remains. - Due
Diligence
Vendor-
06/08/2026
_x000D_

Ready for
Review-There
is no DSCR
guideline
around credit
inquiries in the
DSCR profiles.
- Buyer-
06/08/2026
_x000D_

Open-The
credit report
reflects an
inquiry from
XXXXXXX on
02/06/2026.
Correspondent
DSCR
03/27/26
guidelines
require all
credit inquiries
dated within 90
days of the
application to
be addressed by
the Borrower;
however,
evidence the
Borrower
addressed the
credit inquiries
was not located
in file at the
time of audit. -
Due Diligence
Vendor-
05/27/2026

Ready for
Review-
Document
Uploaded. EIN
Confirmation
LOE - Buyer-
08/18/2026
_x000D_

Counter-
Document
provided is for
the State entity
number for the
business, not
the EIN for tax
purpose
reporting. The
EIN is
required;
exception
remains. - Due
Diligence
Vendor-
07/13/2026
_x000D_

Ready for
Review-
Document
Uploaded. EIN
- Buyer-
07/10/2026
_x000D_

Open-Entity
Formation
Document
Missing The
Entity
Formation
Documentation
was located in
file; however,
evidence of the
EIN was not
included. - Due
Diligence
Vendor-
07/01/2026

Ready for
Review-
Document
Uploaded. 4th
agreement in
file. Just a
different form.
Units are 1, 2,
3, & B - Buyer-
07/10/2026
_x000D_

Open-Per the
3/27/2026
guidelines, the
rental income is
calculated
using the lower
of the executed
lease or the
1025 market
rent of the
appraisal. This
is not required
on a purchase
transaction
where the lease
is not being
transferred. The
file contains an
addendum to
the contract
stating the lease
agreements will
transfer. Lease
agreements for
unit numbers 1-
3 were
provided;
however, the
lease
agreement for
unit 4 was not
located in file. -
Due Diligence
Vendor-
07/01/2026

Ready for
Review-
Approved
exception
provided to
allow 1x30x12
- Due Diligence
Vendor-
06/19/2026
_x000D_

Ready for
Review-
Document
Uploaded.
Approval in file
allowing -
Buyer-
06/18/2026
_x000D_

Open-
Delinquent
Credit History
Does Not Meet
Guideline
Requirements
Per the
3/27/2026
Correspondent
DSCR
guidelines,
housing
payment
history for
other REO
appearing on
the credit report
must reflect
0x30x12. The
credit report
reflects a
mortgage 30
days late in
6/2025, which
is within the
most recent 12
months. - Due
Diligence
Vendor-
06/07/2026

Ready for
Review-
Document
Uploaded.
Approval in file
allowing -
Buyer-
06/18/2026
_x000D_

Open-Missing
Letter of
Explanation
(Assets) The
assets
documented in
file are in a
business
account. Per
the 3/27/2026
Correspondent
DSCR
guidelines, the
file must
contain a CPA
letter or
Underwriter
Cash Flow
Analysis
verifying the
withdrawal of
funds for the
transaction will
not have a
negative impact
on the
business. This
was not located
in file - Due
Diligence
Vendor-
06/07/2026

Ready for
Review-
Document
Uploaded.
Solar Panel
statement -
Buyer-
06/30/2026
_x000D_

Open-The
appraisal and
title
commitment
indicate a solar
lease. Per the
2/17/2026
Correspondent
DSCR
guidelines,
installment
debt from
financed or
leased
payments
associated with
solar panels
must be
included in the
DSCR ratio.
Documentation
of the terms of
the solar lease
was not located
in file,
therefore, an
accurate DSCR
ratio could not
be calculated. -
Due Diligence
Vendor-
06/12/2026

Months
Reserves
exceed
minimum
required -
257.41 months
reserves
exceeds
minimum
required
reserves of 3
months by
254.41 months

Ready for
Review-
Document
Uploaded.
Approval -
Buyer-
07/14/2026
_x000D_

Open-Primary
Value
Appraisal is
Expired The
appraisal was
dated
11/20/2025,
which is over
120 days prior
to the Note
date. Per
Correspondent
DSCR
guidelines
dated
12/24/2025, the
appraisal
cannot be over
120 days old. It
is noted, the
file contains a
1004D;
however, this
was not
acceptable
documentation
for the
guidelines in
effect at time of
initial 1003. -
Due Diligence
Vendor-
06/26/2026

Ready for
Review-
Document
Uploaded.
Policy updated
to $4,000 per
month —
Buyer-
07/28/2026
_x000D_

Counter-Please
provide
confirmation of
$3550 per
month for 6
months. Email
provided
confirms rent
loss for 12
months, but not
the amount per
month. Per the
insurance it is
maxed at 2,000
per month. —
Due Diligence
Vendor-
07/06/2026
_x000D_

Ready for
Review-
Document
Uploaded.
Confirmation
from Insurer
that the policy
includes 12
months rent
loss — Buyer-
07/02/2026
_x000D_

Open-Missing
evidence of
sufficient rent
loss coverage
Rent loss
insurance for
the subject
property is
required and
must equal at
least 6 months
of local average
monthly rents
per
Correspondent
DSCR
guidelines
dated
3/27/2026.
Hazard policy
reflects rent
loss insurance
coverage of
$2,000 which
does not cover
the monthly
qualifying
rental income
of $3,550. —
Due Diligence
Vendor-
06/16/2026

Ready for
Review-
Document
Uploaded.
Settlement
Agent’s search
— Buyer-
07/17/2026
_x000D_

Open-All
Interested
Parties Not
Checked with
Exclusionary
Lists Evidence
the settlement
agent’s name
was checked
with the
Exclusionary
Lists was not in
the file. — Due
Diligence
Vendor-
07/13/2026

Ready for
Review-
Document
Uploaded. LOE
— Buyer-
07/17/2026
_x000D_

Open-Missing
Letter of
Explanation
(Assets) Per the
3/27/2026
Correspondent
DSCR
guidelines,
business funds
may be used
for closing. The
file must
contain a
signed letter
from a CPA or
Underwriter
Cash Flow
Analysis must
be obtained
verifying that
the withdrawal
of funds for the
transaction will
not have a
negative impact
on the business.
The LOE in file
from the CPA
does not
address the
usage of the
funds. — Due
Diligence
Vendor-
06/08/2026

Ready for
Review-
Document
Uploaded.
Approval —
Buyer-
07/07/2026
_x000D_

Open-Trade
line count does
not meet
program
requirements
Correspondent
DSCR
03/27/2026
guidelines
require at least
2 tradelines
reporting at
least 12 months
of history in the
last 24 months;
however, the
credit report
provided only
reflects 1
tradeline active
in the last 24
months. — Due
Diligence
Vendor-
06/02/2026

Ready for
Review-
Document
Uploaded.
Worksheet -
Buyer-
06/16/2026
_x000D_

Counter-The
DSCR
guidelines
under AUS/
Underwriting
Method state
All loan files
should contain
underwriter
worksheets
which detail the
qualifying
income
calculations
and debt
obligations
considered or
not considered.
The DSCR
ratio is the only
income type
calculation. -
Due Diligence
Vendor-
06/16/2026
_x000D_

Rejected-Our
guidelines do
not require we
provide a
DSCR
calculation, this
should be
derived. Rental
Income =
$3,500
(although
Market Rents
shows $4,500,
the 1007 shows
current rent at
$3,500 so
we’re using the
lesser) /
$2,570.90
($1,120.81 +
$265.75 +
$934.34 +
$250) = 1.36 -
Buyer-
06/15/2026
_x000D_

Rejected-Per
guidelines
originator is to
provide DSCR
calculation -
Due Diligence
Vendor-
06/09/2026
_x000D_

Ready for
Review-
Document
Uploaded.
DSCR income
is 100% of the
rent listed on
the 1007.
Worksheet not
needed. -
Buyer-
06/05/2026
_x000D_

Open-The
calculation
worksheet to
reflect the
calculation and
the approved
DSCR was not
located in file. -
Due Diligence
Vendor-
0XXXXXXX

Ready for
Review-
Document
Uploaded.
approval to use
a recert -
Buyer-
07/01/2026
_x000D_

Counter-The
guidelines
effective at the
time of initial
1003 required
the appraisal to
be dated within
120 days from
the Note date.
Primary Value
Appraisal is
Expired Per the
9/22/2025
Correspondent
DSCR
guidelines,
which were
effective at the
time of initial
application, the
appraisal must
be dated no
more than 120
days from the
Note date. The
appraisal is
dated
XXXXXXX
with a Note
date of
XXXXXXX.
The appraisal
was over 120
days at the time
of the Note
date. Exception
remains. - Due
Diligence
Vendor-
06/26/2026
_x000D_

Ready for
Review-
Document
Uploaded.
1004d
corrected. The
DSCR rule
allowing
recertifications
was
implemented
prior to the
recert being
required. -
Buyer-
06/24/2026
_x000D_

Open-Primary
Value
Appraisal is
Expired Per the
9/22/2025
Correspondent
DSCR
guidelines,
which were
effective at the
time of initial
application, the
appraisal must
be dated no
more than 120
days from the
Note date. The
appraisal is
dated
XXXXXXX
with a Note
date of
XXXXXXX.
The appraisal
was over 120
days at the time
of the Note
date.
Additionally,
the file contains
an appraisal
update but
references the
date of
inspection as
XXX with the
original
appraisal dated
XXXXXXX.
This does not
correspond
with the
original
appraisal in
file. Further,
the guidelines
from 9/22/2025
do not allow
for a re-cert of
value. - Due
Diligence
Vendor-
06/08/2026