Exhibit 99.22

MaxDiligence Standard Exceptions Report

Loan ID

Deal ID

Customer Loan ID

Seller Loan ID

Note Date

Original Loan Amount

Last Name

Property State

Occupancy

Purpose

Originator QM Status

TPR QM Status

Exception ID

Exception Number

Exception Date

Exception Type

Exception Subcategory

Exception

Exception Remedy

Rebuttal

TPR Response

Compensating Factors

Status Update Date

Finding Status

Initial Exception Grade

Final Exception Grade

Initial Loan Grade

Final Loan Grade

XXXX

4350123768

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123768

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123768

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Cash Out Does Not Meet Guideline Requirements

Cash out does not meet guideline requirements. A formal exception is on file for the cash-out refinance to a foreign national borrower in XXXX; however, the required compensating factors were not provided.

Document Uploaded. - XXXX

Approved exception provided for Exception for FN cash out, Exception for FL Condo cash out - XXXX

Reserves 4 mo greater than min, 70 LTV

XXXX

Waived

XXXX

4350123784

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123784

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123784

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Credit

Program Parameters - Front End DTI

The subject loan does not meet program parameters for front end DTI. The front end DTI exceeds the maximum allowed front end DTI per guidelines. Allow the DTI to be >43% for this program

Borrower have Credit score = 726 which is FICO: 20 points or more than minimum requirement - XXXX

LTV 29%; credit score 729

XXXX

Waived

XXXX

4350123781

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123781

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123781

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123802

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123802

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

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

Audited reserves months are less than the guideline required reserve months. Lender guidelines require six months of reserves. The cash-out proceeds are insufficient to meet the reserve requirement, and no additional assets have been provided.

Document Uploaded. Access letter - XXXX

Document Uploaded. - XXXX

Document Uploaded. - XXXX

Asset statement was provided. Condition resolved. - XXXX

Audited Reserves of 6.13 month(s) are greater than or equal to Guideline Required Reserves of 6 month(s) - XXXX

Condition upheld. Access letter is missing from the loan file. Bank statement provided is joint between Borrower and two others. - XXXX

Condition upheld. The CD provided is dated XXXX and is not executed. It states that the Cash to Borrower is XXXX. The loan file contains a Final CD, signed and dated by the borrower on XXXX. It shows that the Cash to Borrower is XXXX. - XXXX

XXXX

Resolved

XXXX

4350123802

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Property Issue - Legal, non-conforming/Acceptable

The subject property was zoned legal, non-conforming. This was considered acceptable for the area. The property is legally non-conforming; a formal exception is in the file. However, acceptable compensating factors were not provided.

o Exception was approved @ 75% LTV-Loan closed @ 70% - XXXX

Approved exception provided for The appraisal states the property is legal non-conforming. - XXXX

Condition upheld. Exception in filer only lists one comp factor. - XXXX

0x30x24 mortgage history on subject.

XXXX

Waived

XXXX

4350123822

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123822

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123822

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123788

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Calculated DSCR does not meet the Minimum DSCR allowed

The Calculated DSCR of '0.778' is less than the minimum required DSCR of'1'. Foreign National XXXX with a DSCR score less than 1 not acceptable per guidelines.

1. LTV less than 70%.
2. Reserves more than 4 months. Product requires 3 months reserves.

XXXX

Waived

XXXX

4350123788

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123788

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123821

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 5

XXXX

Property

Primary Value has not been selected

Primary value has not been selected. Appraisal is missing.

Document Uploaded. appraisal - XXXX

Appraisal Report was provided. Condition resolved. - XXXX

Validation Resolved - XXXX

XXXX

Resolved

XXXX

4350123821

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 5

XXXX

Credit

Cash reserves less than required by guidelines

Total Cash reserves of '$-XXXX' are less than XXXX. Insufficient assets are documented to meet reserve requirement of 6 months.

total reserves in the file = 9 months
(XXXX / XXXX0.83 )

Total : XXXX
XXXX XXXX (cash value)
XXXX (net from Cash from/Borrower at closing)

PITI = XXXX0.83
- XXXX

Cash Value of Life Insurance was added. Condition resolved. - XXXX

Total Cash reserves are greater than XXXX. - XXXX

XXXX

Resolved

XXXX

4350123821

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 5

XXXX

Compliance

Missing Attorney Preference Letter

Right To Choose Attorney or Attorney Preference not in file.

Received notice - XXXX

Document Uploaded. Attorney - XXXX

Right To Choose Attorney or Attorney Preference Resolved or Not Applicable - XXXX

Received notice - XXXX

XXXX

Resolved

XXXX

4350123821

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

4 of 5

XXXX

Compliance

TRID: Missing Initial Closing Disclosure

The loan file does not contain the initial Closing Disclosure.

Document Uploaded. ICD - XXXX

Received ICD - XXXX

XXXX

Resolved

XXXX

4350123821

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

5 of 5

XXXX

Property

Missing Doc - 3rd Party Valuation Product/Missing

The loan file did not contain the required 3rd party valuation product.

Document Uploaded. appraisal - XXXX

CDA supporting value was provided. - XXXX

Secondary Valuation has been provided - XXXX

XXXX

Resolved

XXXX

4350123819

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123819

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123819

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123806

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Condo - Warrantability

XXXX project is not warrantable, or documentation not provided to determine warrantability An Exception has been provided on page 678 due to project is a non warrantable condo; however exception provided shows : XXXX Consider instead of approved.

Document Uploaded. - XXXX

Approved exception provided for: Exception is for loan #XXXX-XXXX. DSCR loan using STR and using 100% of STR income and subject is a on warrantable condo. Unit does sleep 4 with a XXXX bed and a sleeper sofa. Subject is not a condotel and is XXXX square foot living area with no bedroom. Subject is a studio 2 rooms and 1 full bath. The association's operating budget does not reflect a reserve contribution as a separate line item as required. The association has confirmed that reserve contributions are included in the monthly due's structure; however, the reserve allocation is not formally documented within the approved operating budget. The association has confirmed reserve contributions are collected through monthly assessments and indicated annual reserve funding exceeding XXXX. The operating budget reflects positive net operating income. The reserve funding appears to exceed the minimum reserve contribution. Property has been used by current owner as STR for 12+ months. Using current 12 month average of income which is lower than the XXXX estimated STR income. Looking for a 30 YR Fixed but that was not an option in the Mortgage Product - Custom drop down so chose XXXX/6 ARM. - XXXX

Borrower has excellent credit with no derogs and is an experienced investor. More than 58 months of verified reserves. Appraisal includes 2 comps from the same project that are model matches in room XXXX and square footage with DOM of 36 or less indicating strong re-salability Monthly reserves is verified AND at least 4 months more than guideline minimum, Qualifying DSCR higher than 1.1x, AND at least 0.1x higher than guideline minimum, Housing payment history is 0x30x24 or better, Borrower has real estate investment experience as seasoned investor with more than 2prior investments displaying at least 0x30x12 pay history

XXXX

Waived

XXXX

4350123806

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123806

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

DSCR does not meet Guidelines

The subject DSCR does not meet guideline requirements. Per guidelines state that 80% of short term rental can be used for DSCR calculation which brings the score to 0.98

Document Uploaded. - XXXX

Approved exception provided to use 100% of the STR. - XXXX

Borrower has excellent credit with no derogs and is an experienced investor. More than 58 months of verified reserves. Appraisal includes 2 comps from the same project that are model matches in room cunt and square footage with DOM of 36 or less indicating strong re-salability Monthly reserves is verified AND at least 4 months more than guideline minimum, Qualifying DSCR higher than 1.1x, AND at least 0.1x higher than guideline minimum, Housing payment history is 0x30x24 or better, Borrower has real estate investment experience as seasoned investor with more than 2prior investments displaying at least 0x30x12 pay history

XXXX

Waived

XXXX

4350123807

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123807

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123807

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123771

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Missing Property Tax Cert

Missing property tax cert.

Document Uploaded. Tax cert attached - XXXX

property tax cert provided - XXXX

XXXX

Resolved

XXXX

4350123771

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Credit

Audited Loan Amount is greater than Guideline Maximum Loan Amount

Audited loan amount is greater than the guideline Maximum loan amount. Maximum loan amount per guidelines is XXXX. Loam approved at XXXX, 0000. There is no exception on file.

Document Uploaded. Attached approval from XXXX. - XXXX

Document Uploaded. Exception document uploaded. - XXXX

Approved Exception provided for: DSCR cash-out refinance over the maximum loan amount. ~XXXX total loan amount at 72.1% LTV with approximately XXXX cash-out. Loan amount greater than rate sheet / guideline / program requirements. - XXXX

Received XXXX exception request. Provide approved exception from XXXX XXXX advisors reflecting 99.375 execution. - XXXX

Fully tenant-occupied 4-unit investment property (both appraisals received; ~XXXXMM value). Two personal guarantors, 755 and 800 FICO (800 qualifying). DSCR 1.05-1.15x. 20 months reserves. Experienced developer and landlord, repeat borrower. 10-yr IO, vested in LLC. ~XXXX cash-out.

XXXX

Waived

XXXX

4350123771

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123771

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Property

Missing Doc - 3rd Party Valuation Product/Missing

The loan file did not contain the required 3rd party valuation product. The XXXX XXXX CDA provided is dated prior to the effective date of the XXXX 1025 appraisal report.

Document Uploaded. Loans over XXXXM require 2 full appraisals and not an appraisal / secondary valuation. Both appraisals attached here. - XXXX

Received second appraisal report. - XXXX

XXXX

Resolved

XXXX

4350123824

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123824

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123824

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Missing Doc - 3rd Party Valuation Product/Missing

The loan file did not contain the required 3rd party valuation product. Guidelines require a third-party appraisal review, either from XXXX CDA, XXXX Valuation ARR, or XXXX Collateral Underwriter (CU). However, XXXX LCA only was provided and not any of the aforementioned third-party vendors.

Document Uploaded. XXXX with LCA Risk score of 2.5 - XXXX

LCA with a score of 2.5 was provided. Condition resolved. - XXXX

Secondary Valuation has been provided - XXXX

XXXX

Resolved

XXXX

4350123825

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123825

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123825

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123773

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123773

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123773

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123772

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123772

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123772

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123809

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123809

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123809

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123782

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

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

Audited reserves months are less than the guideline required reserve months. Audited reserves are short to cover reserve requirement per guidelines. Per Alta settlement statement, XXXX funds required to close, and XXXX (9 months) reserves required = XXXX total required verified assets - XXXX total verified liquid assets - XXXX reserves in escrow = XXXX remaining reserves required to be verified.

Document Uploaded. Please see the attached - XXXX

Actual Asset Statement was provided. Condition resolved. - XXXX

Audited Reserves of 9.02 month(s) are greater than or equal to Guideline Required Reserves of 9 month(s) - XXXX

XXXX

Resolved

XXXX

4350123782

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Credit

Asset 1 Does Not Meet Guideline Requirements

Asset does not meet G/L Requirements. XXXX FCU printout displaying active checking account balance of XXXX, does not reflect a date or sourcing of funds. The XXXX bank statement showed share draft ending balance of XXXX when undated online screen shot showed undated balance of XXXX. Guidelines require documentation used to verify liquidity to be dated within 90 days of the loan origination date, and explanation for large deposits.

Document Uploaded. Please see the attached - XXXX

Actual Asset Statement was provided. Condition resolved. - XXXX

Asset Record 1 Meets G/L Requirements - XXXX

XXXX

Resolved

XXXX

4350123782

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123782

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123794

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123794

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123794

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123810

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123810

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123810

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123830

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123830

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines. Auditor added in error

XXXX

Cleared

XXXX

4350123830

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 7

XXXX

Property

Property is Lease Hold

Property rights are leasehold. Missing full leasehold agreement in order to ensure XXXX guideline B2-3-03, Leasehold Estates is met. Guidelines state any topics not addressed in the guideline is to follow XXXX guidelines. Subject to review, and additional items XXXX be required.

Document Uploaded.  - XXXX

Document Uploaded.  - XXXX

Document Uploaded.  - XXXX

Exception for Leasehold provided - XXXX
Received Lender explanation. XXXX Funds to approve exception for leasehold property that specifies the expiration date of the leasehold is prior to the subject loan maturity date per Note. The XXXX Funds exception in file does not specify that the loan is allowed even though the leasehold expiration is prior to the subject loan maturity date.  - XXXX
Received XXXX Exception approval for leasehold land which was already in file and acknowledged in this review. Please provide recorded updates of the master and sub-lease that show the leasehold termination dates were extended at a minimum five years after the subject loan maturity date of XXXX per XXXX requirements.   - XXXX
Received XXXX master lease and XXXX sub-lease. Master lease paragraph 3 stated lease term is XXXX years beginning on the date the lease was executed which was XXXX (XXXX), and the Sub-lease paragraph 2 stated lease term ends XXXX. Per subject Note, the maturity date is XXXX. Both of the aforementioned leases expire prior to the subject loan maturity date. XXXX guideline XXXX, Leasehold Estates states applicable leases must have an unexpired term that exceed the maturity date of the loan by five (5) years or more.  - XXXX

FICO higher than 740 and at least 20 points higher than guideline minimum; residual income XXXX

XXXX

Waived

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 7

XXXX

Credit

Condo - HOA Dues

The file does not contain documentation supporting the HOA/Condo dues. Missing XXXX

Document Uploaded. Hello, please refer to page 7 of the attached - HOA statement page. - XXXX

Document Uploaded. - XXXX

Received property report and statement automated payment to show XXXX homeowner fee balance of XXXX. HOA fee used in qualifying was more at XXXX monthly which would be conservative for DTI calculation. - XXXX

Condition upheld. The Property Detail Report does not state whether there is or is not HOA Dues. - XXXX

XXXX

Resolved

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 7

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Per underwriting guidelines recreational leases and mandatory memberships are not allowed - however, a formal exception is in the file.

Compensating factors used were Residual income XXXX, FICO 810 min 740, and Housing history 0x30x24.

XXXX

Waived

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

4 of 7

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

5 of 7

XXXX

Property

Property Issue - Leasehold or Other property rights/Unacceptable

The appraisal indicated the subject's property rights as leasehold or other. This was considered unacceptable after review of the subject's mXXXXet area. The subject property rights held are Leasehold - A formal exception is in file.

Compensating factors used were XXXX residual income, Credit score higher than 740 and at least 20 points higher than guideline minimum, and 14 years self-employment.

XXXX

Waived

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

6 of 7

XXXX

Credit

Employment - Evidence of Self-Employment Missing

The loan file did not contain evidence of self-employment as required. For XXXX, Inc. The XXXX 1120 business returns show XXXX, Inc. was 100% owned by XXXX Management. Provide documentation to show borrower's percentage of ownership of this business at that time.

Document Uploaded. - XXXX

K1 was provided and located in the loan file showing ownership percentage. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123817

XXXX

Second Home

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

7 of 7

XXXX

Credit

Corporation: Corporate By Laws Doc is Missing

The loan file does not contain the Corporation: Corporate By Laws. XXXX, Inc./XXXX, Inc: Provide XXXX Secretary of State Statement of Information to support borrower current ownership of corporation is minimum 25%. The most recent tax returns provided were for XXXX, and P&L's were provided for XXXX and year-to-date XXXX. No corporate documentation provided to support borrower's current percentage of ownership for XXXX, Inc./XXXX, Inc. in order to support the use of the XXXX and YTD XXXX P&L's.

Document Uploaded. - XXXX

K1 was provided and located in the loan file showing ownership percentage. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123795

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123795

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123795

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123831

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123831

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123831

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 3

XXXX

Credit

Cash reserves less than required by guidelines

Total Cash reserves of '$-XXXX' are less than XXXX. Verified assets of XXXX30.83 in file. 6 months @XXXX required reserves XXXX cash to close totals XXXX. Required assets are short by XXXX.

Document Uploaded. - XXXX

Lender reduced fees and PCCD was provided. Condition resolved. - XXXX

Total Cash reserves are greater than XXXX. - XXXX

XXXX

Resolved

XXXX

4350123832

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123832

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123832

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 6

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 6

XXXX

Property

Property Issue - Property Size

The subject appraisal verified that the property/house size does not meet guidelines. Subject is XXXX square feet, which is less than the minimum square footage of 700. A formal exception is in the file.

Loan approved based on Monthly reserves verified and 3 months ≥ minimum and Qualifying DSCR ≥ 1.1x and 0.1x ≥ minimum

XXXX

Waived

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 6

XXXX

Credit

Corporation/LLC: Certificate of Good Standing Doc is Missing

The loan file does not contain the Corporation/LLC: Certificate of Good Standing. Missing Certificate of Good Standing for XXXX

Document Uploaded. attached. - XXXX

Updated Good Standing was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 6

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Missing the EIN documentation for XXXX LLC.

Document Uploaded. - XXXX

EIN for vesting LLC was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

5 of 6

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. Missing Articles of Corporation and Operating Agreement for XXXX LLC. The file contains business entity formation documents for another business.

Document Uploaded. - XXXX

Operating Agreement provided for vesting LLC. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123848

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

6 of 6

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Vesting Entity does not meet guidelines. Guidelines allow for Layered entities, up to two (2) layers. The Vesting Entity is owned by two separate LLC's.

Document Uploaded. Vesting entity is owned by 1 entity. See attached. - XXXX

Amendment was provided removing one LLC. - XXXX

XXXX

Resolved

XXXX

4350123818

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 5

XXXX

Credit

Borrower 1 Total Years Employment Verified is Less Than 24 Months

Borrower's business was registered and stated as beginning XXXX. Guidelines require a minimum of 2 years of business existence to be verified. Borrower 1 total years employment verified is less than 24 months.

Document Uploaded. - XXXX

Document Uploaded. we have an exception - XXXX

Approved exception provided for: 1 year of Self Employment. Applicant has sufficient previous history within the same line of work - XXXX
Received Eligibility Waiver Requested for one year self XXXX, including compensating factors. - XXXX

Monthly reserves is verified AND at least 4 months more than guideline minimum, FICO higher than 740, AND at least 20 points higher than guideline minimum, Housing payment history is 0x30x24 or better

XXXX

Waived

XXXX

4350123818

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 5

XXXX

Credit

Borrower 1 CPA Letter Missing

Lender has expense ratio at 25%, no documentation from a third party to support. Guidelines state for a service business with 1 employee per Business Narrative that a 30% expense factor is required. Borrower 1 CPA letter missing from the file.

Document Uploaded. here is the calc using 30%. - XXXX

Received updated originator income worksheet which showed 30% expense factor which is allowed for service business with one employee. Recalculated income using 30% expense factor is XXXX, resulting in a 49.44% DTI and within guideline maximum of 50.0%. - XXXX

XXXX

Resolved

XXXX

4350123818

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 5

XXXX

Credit

Borrower 1 Gap Credit Report is Expired (Greater than 10 Days from Closing/Settlement Date)

Borrower 1 Gap Credit Report is Expired (Greater than 10 days from Closing/Settlement Date). Guidelines require a credit refresh or undisclosed debt monitoring prior to close, dated within 10 business days prior to the Note date.

Document Uploaded. - XXXX

Borrower 1 Gap Credit Report is not expired. - XXXX

XXXX

Resolved

XXXX

4350123818

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 5

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123818

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

5 of 5

XXXX

Property

Missing Homeowner's Association Questionnaire

Missing certification similar to the Condo Project Warranty Certification per guideline requirements.

Document Uploaded. - XXXX

Received project questionnaire with no issues noted. - XXXX

XXXX

Resolved

XXXX

4350123779

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Corporation/LLC: Certificate to operate/conduct business in a state other than the state where formed Doc is Missing

The loan file does not contain the Corporation/LLC: Certificate to operate and conduct business in a state other than the state where entity was formed. The loan file does not contain Articles of incorporation, Operating Agreement, Tax Identification Number, State or government confirming the entity's Active or Good Standing status and Certificate of Good standing.

Document Uploaded. - XXXX

Articles of Organization, Operating Agreement, Tax ID/EIN confirmation, and Certificate of Good Standing were provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123779

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Credit

Title Commitment - Multiple Transfers

The title work reflects unusual title transfers within the last 24 months. The Exception in file regarding Title transfer from individual names to XXXX LLC.

Compensating Factor: FICO > 720 and 20 points higher than minimum.

XXXX

Waived

XXXX

4350123779

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123779

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123780

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 5

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123780

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 5

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123780

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 5

XXXX

Credit

Income - Rental Property

Rental income is not properly documented and/or supported. The subject property is vacant, and no lease is on file. A formal exception is in the file.

The qualifying FICO of 738 is ≥ 720 and 20 points higher than minimum score of 680.

XXXX

Waived

XXXX

4350123780

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 5

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. The title is being transferred from the individual’s name to the LLC. A formal exception is in the file.

The qualifying FICO of 738 is ≥ 720 and 20 points higher than minimum score of 680.

XXXX

Waived

XXXX

4350123780

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

5 of 5

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Required LLC documentation is missing from the file, including the Articles of Organization, Operating Agreement, Tax ID/EIN confirmation, and Certificate of Good Standing.

Document Uploaded. - XXXX

Articles of Organization, Operating Agreement, Tax ID/EIN confirmation, and Certificate of Good Standing were provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123842

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123842

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123842

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV. The borrower is a first time home buyer. Lender guidelines state that the maximum loan amount is XXXX with 5% LTV reduction. A formal exception is in file.

The borrowers FICO score of 792 is greater than 720 and 92 points higher than the minimum score of 700.

XXXX

Waived

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 8

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 8

XXXX

Property

Property Issue - No HOA fees for PUD

The subject appraisal reflected no HOA fees and the subject property is identified as a PUD. A signed PUD Rider is in the file and the final 1003 reflects an XXXX monthly HOA fee, but the appraisal report does not indicate the subject is a PUD or provide the monthly fees. Missing verification of the monthly HOA fees.

Document Uploaded. Appraisal transfer is unable to be updated. Attached HOA coupon. - XXXX

HOA payment statements provided. - XXXX

XXXX

Resolved

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 8

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV. Subject is a 75% LTV, cash out refinance. The maximum LTV is 70%. A formal exception is in the file.

Loan approved based on monthly reserves verified and 3 months ≥ minimum (using cash out as reserves).

XXXX

Waived

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 8

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. The appraisal report is transferred from another lender. Guidelines cite an appraisal transfer is not allowed on cash out refinance transactions. A formal exception form is in the file.

Loan approved based on monthly reserves verified and 3 months ≥ minimum (using cash out as reserves).

XXXX

Waived

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

5 of 8

XXXX

Credit

Program Parameters - Product Type

The subject loan does not meet program parameters for product type. Loan is a cash out refinance transaction currently vested in an individual and change to an LLC. Guidelines cite six months title seasoning is required for a transaction to be eligible for cash-out. A formal exception is in the file.

Loan approved based on monthly reserves verified and 3 months ≥ minimum (using cash out as reserves).

XXXX

Waived

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

6 of 8

XXXX

Credit

Corporation/LLC: Certificate of Good Standing Doc is Missing

The loan file does not contain the Corporation/LLC: Certificate of Good Standing. Missing the Certificate of Good Standing for the business entity.

Document Uploaded. Attached entity seXXXXh in place to fulfill condition. Shows status as active and current. - XXXX

Document Uploaded. - XXXX

Printout from XXXX Secretary of State showing LLC is active and current was provided. Condition resolved. - XXXX

Condition upheld. Good Standing Letter does not adhere to guidelines. It is dated XXXX. - XXXX

XXXX

Resolved

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

7 of 8

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Missing the EIN documentation for the business entity.

Document Uploaded. - XXXX

LLC's EIN weas provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123841

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

8 of 8

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. Missing the Operating Agreement and the Articles of Incorporation for the business entity.

Document Uploaded. - XXXX

Single Member Operating Agreement was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123770

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123770

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

Eligibility - Investor Experience

The borrower(s) investor experience does not meet guideline requirements. Per guideline First time home buyer are allowed on an exception basis. An exception was provided on page 250. The exception is supported with a compensating factor: FICO ≥ 720 and 20 points higher than minimum.

Per guideline First time home buyer are allowed on an exception basis. An exception was provided on page 250. The exception is supported with a compensating factor: FICO ≥ 720 and 20 points higher than minimum.

XXXX

Waived

XXXX

4350123770

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123838

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. The loan file does not contain the Corporation/LLC document per guidelines. Articles of Incorporation, Operating Agreement, EIN and number, Certificate of Good Standing.

Document Uploaded. attached entity docs. - XXXX

Document Uploaded. - XXXX

Complete LLC Docs were provided. Condition resolved. - XXXX

Condition upheld. Operating Agreement was provided. The loan file does not contain the Corporation/LLC document per guidelines. Articles of Incorporation, EIN and number, Certificate of Good Standing. - XXXX

XXXX

Resolved

XXXX

4350123838

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123838

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123838

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Borrower is First Time Homebuyer.

Compensating Factor: LTV less than 70% and 5% less than maximum. Qualifying DSCR > 1.1x and 0.1x>minimum.

XXXX

Waived

XXXX

4350123776

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Condo - Warrantability

XXXX project is not warrantable, or documentation not provided to determine warrantability The XXXX is non-warrantable. The developer is named as a party in pending litigation involving the subject project. A formal exception is in the file.

The qualifying FICO of 752 is greater than 720, and 20 points higher than the minimum score of 720.

XXXX

Waived

XXXX

4350123776

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123776

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123791

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123791

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123791

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Potential Occupancy/Current Address Issues identified in the file

Application indicates Borrower intends to occupy the property as primary residence.

Document Uploaded. - XXXX

Corrected 1003 was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123793

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Condo - Warrantability

XXXX project is not warrantable, or documentation not provided to determine warrantability Per guidelines condo project must have at least 50% occupancy - per questionnaire and appraisal only XXXX units are owner occupied - exception not provided only an exception request

Document Uploaded. - XXXX

Document Uploaded. - XXXX

Document Uploaded. Please find the attached exception approval for Condo - XXXX

Received exception for condo with 71% single entity and HOA management company that owns those units - XXXX

Document Uploaded.  - XXXX

Condition upheld.  Lock Confirmation was provided.  Loan file is missing an Approved, Signed Exception form.  - XXXX

Condition upheld.  An email stating "Modification Approved" was provided.  Loan file is missing an approved signed exception form with comp factors. - XXXX

Monthly reserves at least 4 months more than guidelines; qualifying DSCR higher than 1.1 and at least .1 higher than guidelines minimum, housing payment history 0x30x24; borrower has real estate investment experierence with more than 2 prior investments displaying 0x30x12 pay history

XXXX

Waived

XXXX

4350123793

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123793

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. An exception will be required for Single-Entity Ownership as the HOA owns/rents 71% of the units in the project which exceeds the allowable maximum of 30% for single entity ownership for XXXX Underwriting Guides

Document Uploaded.  - XXXX
Document Uploaded.  - XXXX
Document Uploaded. please find the attached  approval - XXXX

Received exception for condo with 71% single entity and HOA management company that owns those units - XXXX

Document Uploaded. - XXXX

Condition upheld. Lock Confirmation was provided. Loan file is missing an Approved, Signed Exception form. - XXXX

Condition upheld. An email stating "Modification Approved" was provided. Loan file is missing an approved signed exception form with comp factors. - XXXX

XXXX

Waived

XXXX

4350123840

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Eligibility - Investor Experience

The borrower(s) investor experience does not meet guideline requirements. A formal exception is in the file.

The exception was approved based on a FICO score over 20 points higher than the minimum and a DSCR greater than 1.1.

XXXX

Waived

XXXX

4350123840

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123840

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123774

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Per guidelines square footage must be 500sq ft condo is currently XXXX sq ft - a formal exception is in the file

FICO min 720 currently 773

XXXX

Waived

XXXX

4350123774

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Credit

Program Parameters - Currently Listed for Sale

The property is currently listed for sale or was sold. Per guidelines cash out seasoning of 6 months or less is allowed with the following restriction - Delayed Financing - per title borrower purchased on XXXX, XXXX which is short of 6 months seasoning, missing final HUD 1 of purchase.

Per guidelines cash out seasoning of 6 months or less is allowed with the following restriction therefore an exception is required. An exception is provided on page 283 supported by compensating factor: FICO ≥ 720 and 20 points higher than minimum.

XXXX

Waived

XXXX

4350123774

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123774

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123796

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123796

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123796

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 9

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV. Subject is a 74.77% cash out refinance. Guidelines allow a maximum LTV of 70%. A formal exception is in the file.

FICO greater than and 20 point higher than minimum.

XXXX

Waived

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 9

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 9

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 9

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Subject was purchased in XXXX of XXXX. Cash out refinance transferring from individual to an LLC on a vacant property. A formal exception is in the file.

FICO greater than 720 and 20 point higher than minimum.

XXXX

Waived

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

5 of 9

XXXX

Credit

Program Parameters - Occupancy

The subject loan does not meet program parameters for occupancy. The subject is currently vacant. Guidelines require a LOE for the vacancy and an exception. A formal exception along with the LOE are in the file.

FICO greater than 720 and 20 points higher than minimum.

XXXX

Waived

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

6 of 9

XXXX

Credit

Corporation/LLC: Certificate of Good Standing Doc is Missing

The loan file does not contain the Corporation/LLC: Certificate of Good Standing. Missing Certificate of Good Standing for business entity.

Document Uploaded. attached. - XXXX

Received - XXXX

XXXX

Resolved

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

7 of 9

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Missing EIN documentation for business entity.

Document Uploaded. attached. - XXXX

Received - XXXX

XXXX

Resolved

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

8 of 9

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. Missing the Articles of Incorporation and Operating Agreement for the business entity.

Document Uploaded. attached. - XXXX

Received - XXXX

XXXX

Resolved

XXXX

4350123801

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

9 of 9

XXXX

Credit

Business Purpose Affidavit/Disclosure is required

This is a business purpose loan. The Business Purpose Affidavit/Disclosure is required. Subject is a business purpose loan. The borrower is using the loan proceeds to pay off a personal line of credit secured by the borrower's private assets. The Certification of Business Purpose indicates the loan proceeds are intended to be used and shall be used for commercial purposes only, not for personal, family or household purposes. It appears the loan does not meet the Business Purpose guidelines.

The Business Purpose Affidavit/Disclosure has been found or determined missing. - XXXX

XXXX

Resolved

XXXX

4350123797

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123797

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123797

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Borrower is a First Time Homebuyer. A formal exception is on file.

The qualifying FICO is ≥ 720 and 20 points higher than minimum.

XXXX

Waived

XXXX

4350123798

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Per guidelines FTHB are allowed on an exception basis - a formal exception is in the file borrower is a FTHB

Compensating factor used was Min FICO 720 current FICO 813.

XXXX

Waived

XXXX

4350123798

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123798

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123778

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Title Coverage is Less than Subject Lien(s) Total

Title coverage is less than total amount of subject lien(s). The Title coverage is less than total amount of subject lien.

Document Uploaded. - XXXX

Final Title Provided. Condition resolved. - XXXX

Title coverage amount of XXXX000 is equal to or greater than total amount of subject lien(s) XXXX000+0+0 - XXXX

XXXX

Resolved

XXXX

4350123778

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123778

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. The loan does not contain the EIN documentation.

Document Uploaded. - XXXX

EIN Provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123778

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123849

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 5

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123849

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 5

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Loan is being done under a Specialty loan program known as XXXX. A formal exception is in file to allow.

Loan approved based on LTV-46.667%, Residual Income-XXXX and FICO-752

XXXX

Waived

XXXX

4350123849

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 5

XXXX

Credit

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

Audited reserves months are less than the guideline required reserve months. Borrower's total documented assets are XXXX. Lender used balance of XXXX for Public account, but balance is XXXX on XXXX. Subject is a XXXX loan and cash out cannot be used for reserves. Guidelines require 9 month reserves totaling XXXX. Borrower is short funds of XXXX.

Document Uploaded. Please see the attached VOD and UW Cert for Public account. The correct amount for the Public acct. should be XXXX. Attached is the corrected 1003 as well. Reserves are covered in the amount of XXXX. Please review and clear condition. - XXXX

Explanation and VOD were provided. Condition resolved. - XXXX

Audited Reserves of 9.35 month(s) are greater than or equal to Guideline Required Reserves of 9 month(s) - XXXX

XXXX

Resolved

XXXX

4350123849

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 5

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123849

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

5 of 5

XXXX

Credit

Missing Income - Bank Statements

Borrower has stated in LOE that he has set up a savings account to cover overdrafts to business banking account. File is missing bank statements for the savings account used to cover the overdrafts.

Document Uploaded. - XXXX

Approved exception provided for: XXXX Loan Program, Overdrafts overlooked without linked account being provided - XXXX

LTV-46.667%
Residual Income-52,386.83
FICO-752

XXXX

Waived

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 6

XXXX

Property

Appraisal is Missing

The file is missing the appraisal. The loan file does not contain an appraisal report and 1007.

Document Uploaded. - XXXX

Complete Appraisal provided. Condition resolved. - XXXX

Appraisal is Present or is Waived - XXXX

XXXX

Resolved

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 6

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Approved exception provided to allow FTHB.

The monthly reserves verified and 3 months > minimum.

XXXX

Waived

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 6

XXXX

Credit

Income - Comparable Rent Schedule Form 1007 Missing

The loan file did not contain the comparable rent schedule form 1007 as required. Provide rent schedule form 1007 supporting rental income XXXX0 listed on 1003 and used in DSCR calculation

Document Uploaded. 1007 on page 16. - XXXX

1007 provided with Appraisal. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 6

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

5 of 6

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV.

Audited LTV exceeds guideline LTV. Approved exception provided to allow 75% LTV. - XXXX

Monthly reserves verified and 3 months ≥ minimum

XXXX

Waived

XXXX

4350123799

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

6 of 6

XXXX

Credit

Audited FICO is less than Guideline FICO

Audited FICO is less than guideline FICO.

Audited FICO is less than guideline FICO. Approved Exception provided to allow 701 FICO. - XXXX

Monthly reserves verified and 3 months ≥ minimum

XXXX

Waived

XXXX

4350123843

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123843

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123843

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123839

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 5

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Missing the EIN for the business entity.

Document Uploaded. - XXXX

EIN provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123839

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 5

XXXX

Property

Condo - Warrantability

XXXX project is not warrantable, or documentation not provided to determine warrantability The condo project has litigation and a single entity owns more than 10% of the total units in the project. There is an exception in the file, but it does not indicate what the exception is for, only reflects XXXX XXXX XXXX. Please provide a formal exception form with the exception issues listed and two compensating factors.

Document Uploaded. - XXXX

Document Uploaded. Received exception approval for condo in litigation - XXXX

Received letters regarding the litigation, but missing a complete copy of a formal exception addressing what the issues are as the exception only cites the condo project name. The condo project has litigation and a single entity owns more than 10% of the total units in the project. Please provide a formal exception for these issues with two comp factors. - XXXX

LTV less than 70%; and at least 5% less than guideline max, LTV 75%; FICO higher than 740, FICO 802; and at least 20 points higher than guideline minimum

XXXX

Waived

XXXX

4350123839

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 5

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. Missing the Operating Agreement and the Articles of Incorporation for the business entity.

Document Uploaded. - XXXX

Operating Agreement showing Borrower has 75% ownership was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123839

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 5

XXXX

Credit

Corporation/LLC: Certificate of Good Standing Doc is Missing

The loan file does not contain the Corporation/LLC: Certificate of Good Standing. Missing the Certificate of Good Standing for the business entity dated within 30 days of closing.

Document Uploaded. - XXXX

Good Standing letter provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123839

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

5 of 5

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123777

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Credit

Assets - Insufficient Cash to Close or Reserves

Liquid Funds Post-Close of '$-XXXX', are less than XXXX. Borrower(s) total verified assets are insufficient for cash to close or reserves.

Document Uploaded. - XXXX
Document Uploaded. How were the liquid funds post closing of -XXXX calculated? We cannot reconcile this negative amount based on the asset currently documented on our end. - XXXX

Additional asset statement provided. Condition resolved. - XXXX
Liquid Funds Post-Close are greater than or equal to XXXX. - XXXX
Liquid Funds Post-Close are greater than or equal to XXXX. Borrower(s) total verified assets are insufficient for cash to close or reserves. - XXXX
Condition upheld. Loan file only contains verified assets in the amount of XXXX in XXXX - XXXX

XXXX

Resolved

XXXX

4350123777

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123777

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123777

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. 1. borrower is First Time Home Buyer 2.borrower is requesting 75LTV 3.borrower holds EAD C08

Borrower have FICO ≥ 720 and 20 points higher than minimum

XXXX

Waived

XXXX

4350123775

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 5

XXXX

Compliance

The Initial 1003 is Missing

The Initial 1003 is missing. The initial 1003 provided in the loan file is unsigned and undated.

Document Uploaded. - XXXX

The Initial 1003 is present. - XXXX

Received initial application - XXXX

XXXX

Resolved

XXXX

4350123775

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 5

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV. The guideline maximum LTV is 75%. The current LTV is 77%. A formal exception is on file.

The qualifying FICO score of 816 exceeds the minimum required score of 720 by 96 points.

XXXX

Waived

XXXX

4350123775

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 5

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123775

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

4 of 5

XXXX

Compliance

Missing Toolkit Disclosure/Booklet

Home Loan Toolkit is missing from file.

Document Uploaded. - XXXX

Received receipt of toolkit - XXXX

XXXX

Resolved

XXXX

4350123775

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

5 of 5

XXXX

Credit

Borrower 1 Credit Report is Missing

Borrower 1 credit report is missing. The credit report reflects an initial order date of XXXX; however, this report is not included in the file. The credit report dated XXXX was used for review.

Document Uploaded. - XXXX

Borrower 1 Credit Report is not missing. - XXXX

Initial credit report has been provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123844

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123844

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123844

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Credit

Corporation/LLC: Operating Agreement Doc is Missing

The loan file does not contain the Corporation/LLC: Operating Agreement. Lender guidelines require Articles of Incorporation, Operating agreement and Certificate of Good Standing.

Document Uploaded. - XXXX

Articles of Incorporation, Operating agreement and Certificate of Good Standing provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123844

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Credit

Corporation/LLC: EIN Doc is Missing

The loan file does not contain the Coporation/LLC: EIN documentation. Loan file is missing the EIN evidence for the vesting LLC.

Document Uploaded. - XXXX

EIN provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123845

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Missing Lease Agreement

There is no formal lease agreement for the subject property; it is rented month-to-month per LOE in file. A lease agreement is required per guidelines. A formal exception is in the file.

Loan approved based on FICO ≥ 720 and 20 points higher than minimum

XXXX

Waived

XXXX

4350123845

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123845

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123847

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123847

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123847

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Property is a XXXX project does not meet guideline requirements

Borrower have FICO is 794 and LTV less than 70%, AND at least 5% less than guideline maximum - XXXX

FICO > 720 and 20 points higher than minimum

XXXX

Waived

XXXX

4350123846

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123846

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123846

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123769

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123769

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123769

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123792

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123792

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Credit

Other Credit Finding

Per guidelines require Foreign national aliens must provide a valid passport. Borrower 2 has only provided a DL. Please provide a copy of the passport.

Document Uploaded. - XXXX

Passport provided. condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123792

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

The Final 1003 is Incomplete

The final 1003 is incomplete. Please provide an updated 1003. Current declaration page shows that the borrowers will occupy the residence as primary however the borrowers are foreign national and this is a second home purchase. Can this page be updated to reflect correctly.

Document Uploaded. - XXXX

Received updated final application - XXXX

XXXX

Resolved

XXXX

4350123812

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Compliance

The Final 1003 is Missing

The final 1003 is missing. The 1003 in the file was dated XXXX. The closing date was on XXXX. Need the final signed 1003 dated at closing.

Hi Team,

This is hybrid loan and borrower can sign the final 1003 before or after closing which is acceptable. - XXXX

Final application - XXXX

XXXX

Resolved

XXXX

4350123812

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123812

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123800

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123800

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123800

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123789

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

1-4 Family Rider is Missing

The file is missing the 1-4 Family Rider.

Document Uploaded. - XXXX

Commercial Morrtgage. Section 1.10 included assignment of rents - XXXX

Document Uploaded. - XXXX

XXXX

Resolved

XXXX

4350123789

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

Missing Application

Lender guidelines require a completed and signed loan application for each personal guarantor; however, the required application is not included in the loan file.

Document Uploaded. Borrower application - XXXX

Borrower's application was provided. Condition Resolved. - XXXX

Document Uploaded. Borrower application - XXXX

XXXX

Resolved

XXXX

4350123789

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123805

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Credit

Audited DTI Exceeds Guideline DTI

Audited DTI exceeds guideline DTI. The co-borrower has no housing history so maximum DTI is 43%. Exception done to allow DTI up to 46%.

FICO 10+ pts over minimum; LTV < 10% maximum required; 0x30x60; B1 Details Self employed XXXX+ years; B2 Self-employed 6+ years; Residual income 1.5x > minimum FICO higher than 740, AND at least 20 points higher than guideline minimum, LTV less than 70%, AND at least 5% less than guideline maximum, Housing payment history is 0x30x24 or better, Borrower has worked in same job more than 3 years, Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history

XXXX

Waived

XXXX

4350123805

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123805

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

TRID: Missing Final Closing Disclosure

The loan file does not contain the Final Closing Disclosure. Missing Final Closing Disclosure.

Document Uploaded. Hello please find the executed CD. Please clear the condition. Thank you. - XXXX

Received FCD - XXXX

XXXX

Resolved

XXXX

4350123823

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 4

XXXX

Property

Property Issue - Neighborhood Location

The subject appraisal verified a neighborhood location not allowed per guidelines. Subject property is in a rural location. A formal exception is on file.

Compensating factors used were Residual Income 1.5x greater than minimum required, The Borrowers has 2+ months reserves greater than minimum, The qualifying FICO is 20+ > minimum required, The qualifying DTI < 40% and at least 10% less than guideline maximum, and Borrower has verified residual income (disposable income) of at least XXXX per month.

XXXX

Waived

XXXX

4350123823

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 4

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123823

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 4

XXXX

Compliance

Second Home Rider is Missing

Second Home Rider is missing.

Document Uploaded. Please see the Second Home Rider. Please clear. Thank you! - XXXX

Received executed 2nd home rider - XXXX

XXXX

Resolved

XXXX

4350123823

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 4

XXXX

Property

Property Issue - Ineligible Property

The subject is an ineligible property and not allowed per guidelines. The subject property is a XXXX. Allow XXXX with three XXXX comparables. A formal exception is on file.

XXXX

Waived

XXXX

4350123814

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 4

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Collateral Property type does not meet guideline requirements - borrower has outside construction of XXXX currently under construction with borrower currently residing in the property. - A formal exception is in the file.

Loan approved based on housing history is 0x30x24 or better, FICO higher than 740 AND at least 20 points higher than guideline minimum, Borrower has worked in same job more than 3 years, Borrower has verified residual income (disposable income) of at least XXXX per month.

XXXX

Waived

XXXX

4350123814

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 4

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123814

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123814

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 4

XXXX

Credit

Housing History Does Not Meet Guideline Requirements

Housing history does not meet guideline requirements. The loan file did not contain sufficient mortgage payment history. The guidelines state that the mortgage history must be verified for 12 months; only 8 months has been verified.

Document Uploaded. Here is the approval for 8-month mortgage history verses 12 month mortgage history on the XXXX file.
Borrower was living rent free 4 months with spouse on previous property they resided at which is now sold and purchase subject property.
- XXXX
Document Uploaded. - XXXX

Approved exception To Allow 8-month mortgage history verses 12-month mortgage history. Borrower purchased property XXXX and reflecting an 8-month satisfactory mortgage history and previous property borrower resided in Title and Mortgage was under spouse's name where our borrower was living rent free at the time. - XXXX
Condition upheld. Per the signed Final 1003 Borrower owned a Previous Primary for 6 years. Provide VOM. - XXXX

FICO higher than 740, AND at least 20 points higher than guideline minimum, Monthly reserves is verified AND at least 4 months more than guideline minimum, Borrower has worked in same job more than 3 years, Borrower has worked in same industry more than 5 years, Borrower has verified residual income (disposable income) of at least XXXX per month

XXXX

Waived

XXXX

4350123815

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123815

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123815

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Property

Appraisal - Zoning Section

The appraisal report indicates the subject area is zoned non-conforming or illegal. Legal non-conforming zoned properties must indicate that the subject
property can be 100% rebuilt if it is severely damaged or destroyed, although there is an exception request in file but missing exception approval

Document Uploaded. - XXXX

Document Uploaded. - XXXX

Approved exception provided for: Requesting exception to allow subject property zoning per appraisal shows R-1 Low 11 Residential/Triplex which is legal non-conforming. Property is a 3 units property. Letter from County of XXXX states subject can be rebuilt in the event of a national disaster 75%. Hazard Insurance does cover 3-unit property with replacement cost at XXXX our loan amount is XXXX - XXXX

Condition upheld. Provide the actual approved exception form with comp factors. - XXXX

LTV less than 70%, AND at least 5% less than guideline maximum, Monthly reserves is verified AND at least 4 months more than guideline minimum, Qualifying DSCR higher than 1.1x, AND at least 0.1x higher than guideline minimum, Housing payment history is 0x30x24 or better, Borrower has real estate investment experience as seasoned investor with more than 2 prior investments displaying at least 0x30x12 pay history

XXXX

Waived

XXXX

4350123803

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123803

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Credit

HO6 Master Insurance Policy is Missing

Missing Condo / PUD project master insurance policy. Missing HO-6 master insurance policy.

Document Uploaded. - XXXX

The previous and renewal condo master policies were provided. Condition resolved. - XXXX

HO-6 Master Insurance Policy is fully present - XXXX

XXXX

Resolved

XXXX

4350123803

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123804

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123804

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123804

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Credit

Employment - Evidence of Self-Employment Missing

The loan file did not contain evidence of self-employment as required. Missing internet XXXX of the business to support existence of the business, as required per guidelines.

Document Uploaded. - XXXX

Internet seXXXXh was provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123813

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123813

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123813

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123816

XXXX

Primary Residence

Refinance

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Per guidelines no more XXXX 3 NSF's allowed in the past 12 months - Borrower shows XXXX NSF's in the past 12 months, however a formal exception is in the file

LTV/CLTV < 70% Currently 54.56% (15.44% difference)
DTI max is 50% currently 27.77% > 10% per guidelines max
0x30x24 housing history

XXXX

Waived

XXXX

4350123816

XXXX

Primary Residence

Refinance

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123816

XXXX

Primary Residence

Refinance

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123786

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123786

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123786

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123790

XXXX

Investment

Refinance

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Property is Lease Hold

Property rights are leasehold. Subject is located in a leasehold condo project. Per guidelines, leaseholds are accepted on a case by case basis. A formal exception is in the file.

Loan approved based on Low DTI, Number of years on job, Number of years in home and Housing history 0 X 30 for 12+ months.

XXXX

Waived

XXXX

4350123790

XXXX

Investment

Refinance

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123790

XXXX

Investment

Refinance

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

The loan meets all applicable credit guidelines. - XXXX

XXXX

Cleared

XXXX

4350123787

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 4

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123787

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 4

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123787

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 4

XXXX

Property

Missing Appraisal

The loan file does not contain the appraisal. The loan file contains an invoice as evidence of appraisal; however the appraisal document is missing from file.

Document Uploaded. - XXXX

Appraisal provided. Condition resolved. - XXXX

XXXX

Resolved

XXXX

4350123787

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 4

XXXX

Property

Property Issue - Neighborhood Location

The subject appraisal verified a neighborhood location not allowed per guidelines. Primary value valuation neighborhood location not allowed for program. Guidelines state Rural Properties will be allowed on a Case by Case basis. Provide Approval/Exception.

Document Uploaded. Please see investor exception approval - XXXX

Received exception approval for property type and property location - XXXX

FICO Higher than 740 points higher than guideline minimum, Monthly reserves is verified and at least months more than guidelines; Qualifying DTI less than 10% less than guidelines

XXXX

Waived

XXXX

4350123827

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Compliance

Condo Rider is Missing

Condo Rider is missing.

Loan is a TIC, this is N/A - XXXX

Confirmed TIC, rider not required - XXXX

XXXX

Resolved

XXXX

4350123827

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123827

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123829

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 5

XXXX

Compliance

HighCost: Fees

The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). Received rate sheet to exclude bona fide discount points from Federal HC testing, however per XXXX Financial Code - FIN § 4970(c), bona fide discount points are not excluded fromXXXXHC testing. The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX). The loan fees (XXXX) exceed the XXXX High Cost fee limit, which is (XXXX), the difference is (XXXX).

Document Uploaded. Please find attached the Copy of Check to borrower, PCCD and letter.
Thank you  - XXXX
Document Uploaded.  - XXXX
Please note: the TIC Fee review fee for XXXX is paid in full to a bonafide 3rd party for the TIC/HOA review.  Based on our review, this should not be included in the XXXX high cost calculation.
HOA review fee paid to a third-party lawyer

-TIC/HOA review/certification/document review fee is Paid to an independent third-party attorney
Attorney is not the lender, broker, or an affiliate of either
-Fee is bona fide and reasonable
-Lender does not receive any direct or indirect compensation from the fee
-The attorney is performing a legitimate property/TIC/HOA-related service in connection with the loan

based on these facts we show it should be excluded from theXXXXCovered Loan 6% points-and-fees calculation. - XXXX
Document Uploaded. closing costs decreased at closing.  Please advise updated cure amount needed. - XXXX
Please clarify what is needed to satisfy this condition, - XXXX

- XXXX

Client provided updated documentation with copy of check for cure of XXXX payable to the borrower; finding resolved - XXXX

Documents provided have been reviewed and confirmed the XXXX doc review fee should not have been included. PCCD entered and updated testing completed;XXXXHigh Cost cure amount is now XXXX8.56. - XXXX

Please provide any state compliance testing performed to identify which fees were inclded inXXXXHC testing. Otherwise, a cure in the amount of XXXX7.61 is required. - XXXX

XXXX

Cured

XXXX

4350123829

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 5

XXXX

Compliance

Federal - Maximum Late Fee (01/14)

You submitted a late fee amount of (XXXX) and a (5.0%) Late Fee Percent. In connection with a Federal High-Cost Mortgage any late payment charge must be specifically permitted by the terms of the loan contract or open-end credit agreement and XXXX not exceed 4% of the amount of the payment past due. No such charge XXXX be imposed more than once for a single late payment. (12 CFR 1026.34(a)(8)(i))

Received rate sheet - XXXX

Please see attached rate stack. points are bonafide
- XXXX

Received rate sheet - XXXX

Received rate sheet - XXXX

XXXX

Resolved

XXXX

4350123829

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 5

XXXX

Compliance

Federal - Section 32 Disclosure Required (High Cost)

This is a Federal High Cost Loan. Since the loan file does not contain a Section 32 Sign Date, the System assumes the creditor did not furnish the Federal High Cost Section 32 disclosures at least 3 business days prior to consummation, in violation of Reg Z. (12 CFR 1026.31(c) and 1026.32(c))

Document Uploaded. points are bonafide. Please see attached rate stack - XXXX

Received rate sheet - XXXX

XXXX

Resolved

XXXX

4350123829

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 5

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123829

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

5 of 5

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

The loan meets all applicable credit guidelines. - XXXX

XXXX

Cleared

XXXX

4350123826

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123826

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123826

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123828

XXXX

Investment

Purchase

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Hazard Insurance Effective Date is after the Disbursement Date

Hazard insurance effective date is after the disbursement date.

Document Uploaded. - XXXX

PCCD provided to show Disbursement Date changed. - XXXX

Hazard Insurance Effective Date of XXXX is prior to or equal to the Disbursement Date of XXXX Or the Date(s) Are Not Provided - XXXX

XXXX

Resolved

XXXX

4350123828

XXXX

Investment

Purchase

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123828

XXXX

Investment

Purchase

Non-QM: Lender documented all ATR UW factors

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 6

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 6

XXXX

Credit

Audited DTI Exceeds Guideline DTI

Audited DTI exceeds guideline DTI. Guidelines require debt ratios over 50.0 up to 55.0% by exception. A XXXX Funds exception with approved status is in file; however, guidelines require for interest only loans that the loan qualification is based on the fully amortizing payment (10-year interest only then 20-year amortization). Using the amortized payment, P&I would be XXXX and the resulting debt ratio would be 68.23% (XXXX Total Debt/XXXX Total Income). There is an approved XXXX Funds exception in the file but it only allows the debt ratio to go to a maximum of 55.0% and no reference allowing the use of the interest-only payment to qualify was noted on the exception.

Document Uploaded. - XXXX

Document Uploaded. - XXXX

Document Uploaded.  - XXXX

Received exception to allow I/O payment - XXXX

Document Uploaded.  - XXXX

Condition upheld.  Provided the approved exception form. - XXXX

Housing payment 0x30x24 or better; Monthly reserves at least 4 months more than GL's; borrower has worked in the same job 3 years; LTV less than 70%; and at least 5% less than GL's

XXXX

Waived

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 6

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 6

XXXX

Credit

Program Parameters - Residual Income

The subject loan does not meet program parameters for residual income. The verified residual income does not meet residual income requirements per guidelines. Residual income is XXXX when guideline requires a minimum of XXXX residual income - A formal exception is in file with XXXX Funds with Accepted Status.

Compensating factors used were LTV less than 70% and at least 5% less than guideline maximum, and housing payment history is paid as agreed for a minimum of 24 months or better.

XXXX

Waived

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

5 of 6

XXXX

Credit

Borrower 1 Credit Report is Expired

Use credit report that is 120 days old - A XXXX Funds formal exception is in file with Approved Status.

Compensating factors used were Total payments will significantly decline when consolidating debt by XXXX monthly. Also, decline in year-to-date income will not be a continuing trend as it was due to spouse's death.

XXXX

Waived

XXXX

4350123811

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

6 of 6

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. Per Note, subject loan is a 30 year with a 10-year interest only term. Guidelines require for interest only loans that the loan qualification is based on the fully amortizing payment (10-year interest only then 20-year amortization). Using this methodology, the principal and interest payment rate at 240-month amortization term, the P&I would be XXXX and the resulting debt ratio would be 68.23% (XXXX Total Debt/XXXX Total Income). There are approved XXXX Funds exceptions in the file; however, they do not address allowing the use of the interest-only payment to qualify.

Document Uploaded. - XXXX

Document Uploaded. - XXXX

Document Uploaded.  - XXXX

Exception received for Qualifying Off I/O Payment instead of Full Amortized - XXXX

Document Uploaded.  - XXXX

Condition upheld.  Provided the approved exception form. - XXXX

Total payment will significantly decline since consolidating debt; LTV less than 70% and at least 5% less than guidelines

XXXX

Waived

XXXX

4350123767

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123767

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123767

XXXX

Second Home

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Credit

Borrower 1 Gap Credit Report is Missing

Borrower 1 Gap Credit Report is Missing Per lender guidelines, a Gap Credit or Undisclosed Debt Monitoring Report is required no more than 10 days prior to loan closing or at any time after closing.

Document Uploaded. - XXXX

GAP/UDM report provided. Condition resolved. - XXXX

Borrower 1 Gap Credit Report is not missing. - XXXX

XXXX

Resolved

XXXX

4350123820

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 4

XXXX

Credit

Borrower 1 3rd Party VOE Prior to Close Missing

Borrower 1 3rd party VOE prior to close missing. CPA letter is not dated.

Document Uploaded.  - XXXX

Document Uploaded.  - XXXX

Document Uploaded.  - XXXX

Corrected CPA Letter provided.  Condition resolved. - XXXX

Borrower 1 3rd Party VOE prior to close was provided. - XXXX

Condition upheld.  The original CPA Letter provided with the loan file was provided with a dated typed in.   - XXXX

Condition upheld.  Per Guidelines, CPA Letter is required. - XXXX

XXXX

Resolved

XXXX

4350123820

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 4

XXXX

Credit

Audited LTV Exceeds Guideline LTV

Audited LTV exceeds guideline LTV. LTV exceeds amount allowed per guideline. Based on loan amount of XXXX and cash out P&L only, maximum LTV is 75%. Please provide an exception

Document Uploaded. - XXXX

Approved exception provided for 80% LTV. - XXXX

Qualifying DTI less than 35%, AND at least 10% less than guideline maximum

XXXX

Waived

XXXX

4350123820

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123820

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 4

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123808

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 4

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123808

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 4

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123808

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 4

XXXX

Compliance

Federal - Closing Disclosure Business Day Waiting Period Date Warnings

You submitted a Prior Closing Disclosure Received Date (XXXX-XXXX) earlier than the Prior Closing Disclosure Date Issued (XXXX-07-27). The System cannot perform a Reg Z business day disclosure waiting period review without accurate dates. (12 CFR 1026.17(f); 1026.37; 1026.19(f); 1026.22(a)(2)) Initial Closing Disclosure in file shows an issue date of XXXX and was e-signed on XXXX. This seems to be a clerical error when document was created as dates were not updated before sending to the client.

Document Uploaded. confirm clericial error, updated one with the correct XXXX e sign confirmation attached - XXXX

Client provided e-signed Initial CD that reflects correct issue date and validates borrower received it on XXXX - XXXX

XXXX

Resolved

XXXX

4350123808

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 4

XXXX

Compliance

Charges That Cannot Increase Test (XXXX)

The following fee(s) have either increased above the amount disclosed within each fee(s) baseline disclosure OR have been added to the Cannot Increase Category: Doc Tax Stamps/Transfer Taxes – State, Broker Fees. Each fee within the Cannot Increase category cannot increase or be added unless a new disclosure is provided and there is a valid changed circumstance associated with the increased fee that is re-disclosed. (12 CFR 1026.19(e)(3); 12 CFR 1026.19(e)(4)). There is not a valid change of circumstances in the file to indicate the date and reason for the increase in fees. The following fee(s) have either increased above the amount disclosed within each fee(s) baseline disclosure OR have been added to the Cannot Increase Category: Broker Fees. Each fee within the Cannot Increase category cannot increase or be added unless a new disclosure is provided and there is a valid changed circumstance associated with the increased fee that is re-disclosed. (12 CFR 1026.19(e)(3); 12 CFR 1026.19(e)(4)).

Document Uploaded.  - XXXX
Invalid….There is not one needed …. both  the 3 day CD and final CD are exactly the same and same as the last LE

LE XXXX   transfer taxes XXXX
CD XXXX
Final CD XXXX
- XXXX
CD attached - XXXX

Confirmed the CIC provided states the borrower requested changes to the loan along with the rate lock. Finding resolved - XXXX

Received LE and CIC for XXXX; however the CIC does not address the loan amount increase which would be a valid reason for the broker fee and transfer taxes to increase. Provide CIC addressing the loan amount increase - XXXX

Loan file is missing the LE issued XXXX. Please provide this LE and the CIC associated with it when the rate was locked. - XXXX

Finding for Change of Circumstance remains open. No COC form has been provided addressing the increase to transfer taxes and broker fees that are reflected on the Initial CD. The COC provided only validates the borrower locking their interest rate. - XXXX

XXXX

Resolved

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 6

XXXX

Credit

Cash reserves less than required by guidelines

Total Cash reserves of '$-XXXX' are less than XXXX. Verified assets of XXXX in file. XXXX (XXXX) required reserves and XXXX cash to close totals XXXX Required assets are short by XXXX.

Document Uploaded. - XXXX

Document Uploaded. Borrower has XXXXK in gifts that is not being account for. They are listed on the CD and gift letters provided - XXXX

Received exception for reserves short full 6 months - XXXX

Document Uploaded. - XXXX

I reviewed the documentation provided for the gift funds, and it appears to be the same documentation that was already included in our asset analysis. Because of that, no changes were made, and the loan is still short of XXXX in required reserves.
I also went back through all of the file uploads and was unable to locate documentation supporting an additional XXXX gift. In addition, the gift letter from the uncle in the file reflects XXXX, not XXXX. At this time, I am not seeing any documentation in the file that supports the additional funds referenced. - XXXX

Condition upheld. Borrower has XXXX in verified assets. CD Shows credits for XXXX EMD, XXXX Gift. Cash to close XXXX, Reserves XXXX, Borrower is short funds to close/reserves of XXXX. - XXXX

No Credit Events; housing 0x30x24 XXXX years at current job

XXXX

Waived

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 6

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 6

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

4 of 6

XXXX

Credit

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

Audited reserves months are less than the guideline required reserve months.

Document Uploaded. - XXXX

Document Uploaded. Borrower has XXXXK in gifts that is not being account for. They are listed on the CD and gift letters provided - XXXX

Received exception for short the full 6 months reserves - XXXX

Document Uploaded. - XXXX

I reviewed the documentation provided for the gift funds, and it appears to be the same documentation that was already included in our asset analysis. Because of that, no changes were made, and the loan is still short of XXXX in required reserves.
I also went back through all of the file uploads and was unable to locate documentation supporting an additional XXXX gift. In addition, the gift letter from the uncle in the file reflects XXXX, not XXXX. At this time, I am not seeing any documentation in the file that supports the additional funds referenced. - XXXX

Condition upheld. Borrower has XXXX in verified assets. CD Shows credits for XXXX EMD, XXXX Gift. Cash to close XXXX, Reserves XXXX, Borrower is short funds to close/reserves of XXXX. - XXXX

No credit events; housing 0x30x24 and XXXXs at current job

XXXX

Waived

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

5 of 6

XXXX

Credit

Asset 3 Less Than 2 Months Verified

Asset has less than 2 months verified in file.

Asset 3 Verified Sufficiently Or Not Applicable - XXXX

XXXX

Resolved

XXXX

4350123833

XXXX

Primary Residence

Purchase

Non-QM: Lender documented all ATR UW factors

XXXX

6 of 6

XXXX

Credit

Asset 4 Less Than 2 Months Verified

Asset has less than 2 months verified in file.

Asset 4 Verified Sufficiently Or Not Applicable - XXXX

XXXX

Resolved

XXXX

4350123836

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Credit

Hazard Insurance Effective Date is after the Disbursement Date

Hazard insurance effective date is after the disbursement date. Per the hazard insurance policy provided in the loan file, the effective date is XXXX which is 2 days after the Note date and disbursement date of XXXX per the Final CD.

Document Uploaded. - XXXX

Corrected HOI Policy provided. Condition resolved. - XXXX

Hazard Insurance Effective Date of XXXX is prior to or equal to the Disbursement Date of XXXX Or the Date(s) Are Not Provided - XXXX

XXXX

Resolved

XXXX

4350123836

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied. The loan file contains a XXXX CU with a risk score </= 2.5 which meets the lender's guidelines.

XXXX

Cleared

XXXX

4350123836

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123837

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

1 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123837

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

2 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123837

XXXX

Primary Residence

Refinance

Non-QM: Lender documented all ATR UW factors

XXXX

3 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123834

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

1 of 4

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123834

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

2 of 4

XXXX

Credit

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

Audited reserves months are less than the guideline required reserve months. The Lender requires a credit score of 700 or greater for cash out to be used for reserves. A formal exception is in file.

The minimum DSCR is 1, the borrowers DSCR is 1.38.
The subject LTV is 10% or more below the guideline maximum.

XXXX

Waived

XXXX

4350123834

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

3 of 4

XXXX

Property

Subject property appraisal is not on an as-is basis (Primary Value)

Primary value subject property appraisal is not on an as-is basis. The appraisal was assessed subject to completion; the completion certificate provided does not reflect the subject address.

Document Uploaded. - XXXX

Completion cert provided. Condition resolved - XXXX

Primary Value Subject Property Appraisal is completed on an As-Is Basis or Not Applicable - XXXX

XXXX

Resolved

XXXX

4350123834

XXXX

Investment

Refinance

ATR/QM: Exempt

XXXX

4 of 4

XXXX

Property

Property Issue - Property Size

The subject appraisal verified that the property/house size does not meet guidelines. The subject is a 4 unit multifamily property with unit 1 being less than 400 sq feet. A formal exception is in file.

The minimum DSCR is 1, the borrowers DSCR is 1.38.
The subject LTV is 10% or more below the guideline maximum.

XXXX

Waived

XXXX

4350123783

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123783

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

2 of 3

XXXX

Credit

No Credit Findings

The loan meets all applicable credit guidelines.

XXXX

Cleared

XXXX

4350123783

XXXX

Investment

Purchase

ATR/QM: Exempt

XXXX

3 of 3

XXXX

Compliance

No Compliance Tests Performed

DSCR / Business Purpose loans are exempt from Reg Z and Reg X.

XXXX

Cleared

XXXX

4350123835

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

1 of 3

XXXX

Property

Value - Value is supported within -10% of original appraisal amount

The appraised value was supported within -10% and all applicable appraisal guidelines were satisfied.

XXXX

Cleared

XXXX

4350123835

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

2 of 3

XXXX

Compliance

No Compliance Findings

The loan meets all applicable compliance guidelines.

XXXX

Cleared

XXXX

4350123835

XXXX

Primary Residence

Purchase

QM: Safe Harbor APOR (APOR SH)

XXXX

3 of 3

XXXX

Credit

Program Parameters - Guidelines Conformity

The subject loan does not conform to program guidelines. The borrower has two tradelines reporting for 6 months and 20 months, which does not meet the minimum tradeline requirements per the guidelines. A formal exception is in the file.

Loan is approved based on 3 credit scores, qualifying credit score of 755 and two year full doc.

XXXX

Waived