Exhibit 99.33

Selene Standard Findings Report

Seller

Loan ID

Deal ID

Seller Loan ID

Investor Loan ID

Queue

Created Date

Last Modified Date

Finding Status

Event Level

Initial Finding Grade

Current/Final Finding Grade

Finding Category

Finding Sub Category

Finding Name

Reviewer Comments

Seller Comments

Finding Resolution

Finding Document

Reviewer Comp Factors

Originator Comp Factors

State

Occupancy

Loan Purpose

Refinance Purpose

Unique Finding ID

Acknowledged / Waived By

Waiver in File?

XXXX

4350123938

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Closing

The Note is Not Executed

Resolved-Received executed Note. - Due Diligence Vendor-XXXX

Resolved-The Note is Executed - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-The Note is Not Executed Provided executed Note and Prepay Penalty addendum. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Received executed Note. - Due Diligence Vendor-XXXX

Resolved-The Note is Executed - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123909

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Loan does not conform to program guidelines

Waived-Exception for gift of equity on investment property purchase from the estate of prior owner. Page 264, 465. - Due Diligence Vendor-XXXX

Waived-Loan does not conform to program guidelines Client elects to waive with the following compensating factors: - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors:
70% LTV is below the maximum 75% LTV by 5%.
48.19 DTI is below the maximum 50% DTI by 1.81%.

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123901

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

Missing evidence of rate lock

Resolved-Evidence of rate lock uploaded, Verified - Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Provide Evidence of Rate lock. Only received float agreement. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Evidence of rate lock uploaded, Verified - Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123896

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID

Federal - Closing Disclosure Business Day Waiting Period Date Warnings

Resolved-Resolved - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open-You submitted a Last Closing Disclosure Received Date (XXXX-07-06) earlier than the Last Closing Disclosure Date Issued (XXXX-07-17). The System cannot perform a Regulation Z business day disclosure waiting period review without accurate dates. (12 CFR 1026.17(f); 1026.37; 1026.19(f); 1026.22(a)(2)) - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Initial CD dated 7.6.26 see attached - Seller-XXXX

Open- - Due Diligence Vendor-XXXX

Open-You submitted a Last Closing Disclosure Received Date (XXXX-07-06) earlier than the Last Closing Disclosure Date Issued (XXXX-07-17). The System cannot perform a Regulation Z business day disclosure waiting period review without accurate dates. (12 CFR 1026.17(f); 1026.37; 1026.19(f); 1026.22(a)(2)) The last Closing Disclosure Received Date (XXXX-07-06) earlier than the Last Closing Disclosure Date Issued (XXXX-07-17). The System cannot perform a Regulation Z business day disclosure waiting period review without accurate dates. - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Initial CD dated 7.6.26 see attached - Seller-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123896

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Rescission:Disbursement

Federal - Right of Rescission (Loan Disbursement Violation) (TILA)

Resolved-Resolved. - Due Diligence Vendor-XXXX
Resolved- - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Please see the attached Final CD which supports a closing date of XXXX and a disbursement date of XXXX - Seller-XXXX
Open- - Due Diligence Vendor-XXXX
Open-The loan disbursement date (XXXX-07-17) is earlier than, or the same day as, the calculated "Right to Cancel Expire Date" (XXXX). Under Regulation Z, funds may not be disbursed to the borrower until after the expiration of the rescission period. (Reg Z, 12 CFR 1026.23(c) and Official Staff Commentary) The loan disbursement date XXXX is earlier than, or the same day as, the calculated "Right to Cancel Expire Date" XXXX. Under Regulation Z, funds may not be disbursed to the borrower until after the expiration of the rescission period. - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see the attached Final CD which supports a closing date of XXXX and a disbursement date of XXXX - Seller-XXXX

Resolved-Resolved. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123896

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Missing Lender Income Calculation Worksheet

Resolved-Requested lender calculated income sheet provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Validation Resolved' - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Bank Statement Summary Lender Worksheet / Income Calculator is Missing for one or more borrowers. Provide Income Calculator for XXXX, LLC for Borrower. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Requested lender calculated income sheet provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Validation Resolved' - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123896

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 3rd Party VOE Prior to Close Missing

Resolved-Requested 3rd party is already present in file on page #342 in form of CPA mail, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 3rd Party VOE Prior to Close Was Provided - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see attached - Seller-XXXX

Open-Borrower 1 3rd Party VOE Prior to Close Missing Provide VOE for Borrower Prior to Close. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see attached - Seller-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123896

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited LTV Exceeds Guideline LTV

Waived-Audited LTV Exceeds Guideline LTV Exception provided on page #841. Exception Requested for Alt Doc rate/term refi file at 90% LTV but with 757 credit score, below program requirement for maximum LTV. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
23.74% DTI is below the maximum 50% DTI by 26.26%.
Borrower has worked in same job more than 3 years.
Borrower has verified residual income XXXX of at least XXXXper month.
No derogatory on Credit history.

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

Originator Pre-Close

Yes

XXXX

4350123896

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited LTV Exceeds Guideline LTV.

Waived-Audited LTV of 90% exceeds Guideline LTV of 85% Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

Originator Pre-Close

Yes

XXXX

4350123886

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID Tolerance

Insufficient Change of Circumstance (50001252)

Resolved-Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. PCCD, Refund cover letter, copy of check + proof of delivery - Seller-XXXX

Counter-COC does not include Credit Report Fee, Please provide. COC for increase in credit report fee.  - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Counter-Missing COC supporting the XXXX increase in the credit report fee from the LE to the Initial CD - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Counter-Missing CD to match COC details. Currently no CD in file with changed loan amount XXXX and discount point totaling XXXX. File contains four CDs, one initial, two revised, and the final CD. The discount on the final CD is XXXX - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open-The amounts disclosed on the last Closing Disclosure for the following fee(s) have either increased above the amount disclosed within each fee(s) baseline disclosure OR have been added to the last Closing Disclosure and placed within the Cannot Increase Category: Credit Report Fee. 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, or the creditor provides an additional credit for the increase in Closing Costs above the legal limit. (12 CFR 1026.19(e)(3); 12 CFR 1026.19(e)(4); 12 CFR 1026.19(f)(2)(v)).   A Valid COC is required - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. PCCD, Refund cover letter, copy of check + proof of delivery - Seller-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123886

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID Tolerance

Lender Credits That Cannot Decrease Test (50001262)

Resolved-COC received. - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Counter-Missing CD to match COC details. Currently no CD in file with changed loan amount XXXX and discount point totaling XXXX. File contains four CDs, one initial, two revised, and the final CD. The discount on the final CD is XXXX - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The Initial LE disclosed -XXXX in lender credits (attached), however, there was a COC/Redisclosure sent on the XXXX Pre-Closing CD updating loan amount and value changes, impacting the lender credit and discount points - Seller-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open-The baseline amount of non-specific (lump sum) lender credits and specific lender credits disclosed is (XXXX). The Last CD shows a total lender credit amount of (XXXX). The following fees "lender credits" have decreased below their baseline amounts (General Lender Credit). Non-specific lender credits are generalized payments that do not pay for a particular fee. Specific lender credits are specific payments to pay for a specific fee. The total amount of non-specific and specific lender credits cannot decrease unless a new disclosure is provided and there is a valid changed circumstance associated with the re-disclosure, or the creditor provides an additional credit for the increase in Closing Costs above the legal limit. (12 CFR 1026.19(e)(3)(i) and comments 19(e)(3)(i)-5 and -6; 12 CFR 1026.19(f)(2)(v); 12 CFR 1026.37(g)(6); 12 CFR 1026.38(h)). A Valid COC is required - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Ready for Review-Document Uploaded. The Initial LE disclosed -XXXX in lender credits (attached), however, there was a COC/Redisclosure sent on the XXXX Pre-Closing CD updating loan amount and value changes, impacting the lender credit and discount points - Seller-XXXX

Resolved-COC received. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123886

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Missing Homeowners Association Questionnaire

Resolved-Lender used higher amount to qualify and guidelines don't mention addressing appraisal discrepancies - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. 1008 attached showing we are using XXXX for HOA dues which is the highest of the 2 appraisals - Seller-XXXX

Open-HOA Questionnaire is Missing or Partial. Verification of HOA dues - One appraisal states the monthly amount is XXXX and the other states the monthly amount is XXXX - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. 1008 attached showing we are using XXXX for HOA dues which is the highest of the 2 appraisals - Seller-XXXX

Resolved-Lender used higher amount to qualify and guidelines don't mention addressing appraisal discrepancies - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123886

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

The Deed of Trust is Missing

Resolved-DOT provided with corrected loan amount - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Executed DOT for this loan - Seller-XXXX
Open-The Deed of Trust is Missing The provided DOT in page # 827 loan amount of XXXX does not match with note and 1008 loan amount of XXXX7525. Provide DOT with loan amount of XXXX - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Executed DOT for this loan - Seller-XXXX

Resolved-DOT provided with corrected loan amount - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123886

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved-Fraud report provided with cleared alerts - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Fraud Report - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the GL XXXX page # 27 a clear fraud report is required. The fraud report in file (page # 32) is showing 2 high uncleared alert. The required cleared report is missing.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Fraud Report - Seller-XXXX

Resolved-Fraud report provided with cleared alerts - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123932

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 Business Bank Statements Missing

Resolved-Requested May XXXX statement for account #XXXX provided, updated & condition resolved. - Due Diligence Vendor-XXXX
Resolved-Borrower 1 Business Bank Statements Provided - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. - Seller-XXXX
Open-Borrower 1 Business Bank Statements Missing Provide May XXXX Business Bank statement for XXXX Bank account XXXX. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Requested May XXXX statement for account XXXX provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 Business Bank Statements Provided - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123932

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 2 Executed 4506-T Missing

Resolved-Borrower 2 Executed 4506-T Provided or Not Applicable (Number of Borrowers equals 2) - Due Diligence Vendor-XXXX

Resolved-4506-T is not required for bank statement income loans. Hence resolved - Due Diligence Vendor-XXXX

Ready for Review-Per closing Manager "This is a bank statement loan – we don’t do 4506’s on Bank Statement loans as we don’t get tax returns." - Seller-XXXX

Open-Borrower 2 Executed 4506-T Missing Provide Executed 4506-C for Borrower 2. - Due Diligence Vendor-XXXX

Ready for Review-Per closing Manager "This is a bank statement loan – we don’t do 4506’s on Bank Statement loans as we don’t get tax returns." - Seller-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123932

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Assets

Asset 2 Does Not Meet Guideline Requirements

Resolved-Requested proofs for 1031 exchange provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Asset Record 2 Meets G/L Requirements Or Not Applicable - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-Asset Record 2 Does Not Meet G/L Requirements Provide proof of Net proceeds from 1031 Exchange in the amount of XXXX. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123931

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Deficient Condominium Documentation

Resolved-. - Due Diligence Vendor-XXXX
Ready for Review-The condition was added to ensure compliance with the guideline dated XXXX, specifically Exhibit A, Non-Warrantable Condominiums, page 61, under the Project Concentration section. Per the guideline, XXXX Bank's lending concentration within any single condominium project may not exceed 25% of the total units in that project. Your response, which explains that XXXX has lent to XXXX out of the XXXX units, satisfies this condition.

Additionally, while the project is considered non-warrantable due to its condotel status, as supported by the listing information, the condominium questionnaire does not disclose or acknowledge this characteristic. The language regarding investor saturation was added by QC to identify the section of the questionnaire that supports the project's non-warrantable classification. Thank You - Due Diligence Vendor-XXXX
Ready for Review-We are seeking clarification regarding the concentration cap requirement for this project.
The Condo team noted that this is the second recent file where a concentration-related condition has been issued, despite the project appearing to be well below any applicable concentration limits. For this file specifically, the project reflects approximately 1.5% NPB concentration (XXXX units).
Can you please confirm whether there has been a recent guideline change or new requirement related to concentration caps? We would also appreciate confirmation that the condition was not issued in error.
We did not make this project Non-warrantable due to investor concentration. This project is a condotel and that’s what we selected for the non-warrantable reason. As such, we would like to ensure the correct guideline is being applied to this review.
Thank you for your assistance. We look forward to your clarification.
- Seller-XXXX
Open-Missing documentation to determine Condo Warrantability. The project is non-warrantable (due to investor saturation). Please provide analysis regarding XXXX's saturation. Per guidelines dated XXXX, XXXX saturation may not exceed 25%. - Due Diligence Vendor-XXXX

Ready for Review-We are seeking clarification regarding the concentration cap requirement for this project.
The Condo team noted that this is the second recent file where a concentration-related condition has been issued, despite the project appearing to be well below any applicable concentration limits. For this file specifically, the project reflects approximately 1.5% NPB concentration (XXXX units).
Can you please confirm whether there has been a recent guideline change or new requirement related to concentration caps? We would also appreciate confirmation that the condition was not issued in error.
We did not make this project Non-warrantable due to investor concentration. This project is a condotel and that’s what we selected for the non-warrantable reason. As such, we would like to ensure the correct guideline is being applied to this review.
Thank you for your assistance. We look forward to your clarification.
- Seller-XXXX

Resolved-. - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123931

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Title

Title Coverage is Less than Subject Lien(s) Total

Resolved-Requested title supplemental report with loan amount provided, updated & condition resolved. - Due Diligence Vendor-XXXX
Resolved-Title Coverage Amount of XXXX is equal to or greater than Total Amount of Subject Lien(s) - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. - Seller-XXXX
Open-Title Coverage Amount of XXXX is Less than Loan Amount Title Coverage Amount is not provided on Final Title report. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123933

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

OFAC Check Not Completed and/or Cleared

Resolved-OFAC Check Completed and Cleared - Due Diligence Vendor-XXXX

Resolved-OFAC list provided showing borrowers are not a match. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-OFAC Check Not Completed and/or Cleared Confirm that the borrower has been manually checked against OFAC's SDN List (OFAC Country – China Borrower Country of Origin). Missing OFAC Sanctioned List Search per guidelines - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-OFAC Check Completed and Cleared - Due Diligence Vendor-XXXX

Resolved-OFAC list provided showing borrowers are not a match. - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123933

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing condo documentation.

Resolved-Evidence of CPM approval received and accepted. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-It doesn't appear that this project has been approved by XXXX or XXXX. It appears the project is non-warrantable based on Investor saturation - see page 122 of 731. Please provide proof of XXXX's saturtion in the project. Per guidelines dated XXXX, the maximum percentage = 25%. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Evidence of CPM approval received and accepted. - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123920

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited LTV Exceeds Guideline LTV.

Waived-Audited LTV of 80% exceeds Guideline LTV of 75% Client elects to waive with the following compensating factors:
- Due Diligence Vendor-XXXX

DSCR ratio of 1.42 exceeds the minimum requirement of 1 by 0.42 points
XXXX reserves exceed the minimum required of XXXX, and exceeds the minimum by 29.92 months over the required minimum
0x30 mortgage history for 60 months

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123891

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

HigherPriced:APR

Federal - Higher Priced Mortgage Loan (HPML)(First Lien 06/13)(Conforming)

Resolved-The loan's (8.183%) APR equals or exceeds the Federal HPML threshold of (8.11%). The threshold is determined by adding 1.5 points to the comparable average prime offer rate index on the "last date the interest rate is set before consummation." The comparable APOR for this loan is (6.61%).(12 CFR 1026.35(a)(1)(i)) "This loan failed the higher-priced mortgage loan test. ( 12 CFR § 1026.35(a)(1) )Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met. TRID Header Disclosure Page was entered correctly All disclosures, COC’s, Fees, and dates are entered correctly. Borrower is Escrowing, escrow disclosures and loan information is on Pg #270 and the Final Closing disclosure on Pg #75-79 reflects escrows. Rate lock date was entered correctly – see Pg #73 An interior and exterior appraisal was completed for this property – see Pg #41-45, the appraisal disclosure was provided to the borrower(s)- see Pg #117, 529 and copy of the appraisal was given to the borrower – see Pg #117, 529 for the copy of the disclosure. The loan meets HPML guidelines. "
- Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123913

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Assets

Asset 3 Does Not Meet Guideline Requirements

Resolved-Proceeds from sale of Seller statement of REO property XXXX provided. Hence resolved - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. - Seller-XXXX
Open-Asset Record 3 Does Not Meet G/L Requirements Provide Proof of Proceeds from Real Estate Property sale in the amount of XXXX. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Proceeds from sale of Seller statement of REO property XXXX provided. Hence resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123890

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Tolerance:Disclosure

Federal - Homeownership Counseling Disclosure Delivery

Resolved-Confirmation of initial disclosing date received. - Due Diligence Vendor-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-The Homeownership Counseling Organization Disclosure Sent Date (XXXX-06-16) is more than 3 business days from the Application Date (XXXX-06-08). Three business days from the Application Date is (XXXX-06-11). Under 12 CFR 1024.20, not later than three business days after receipt of an application, or information sufficient to complete an application, the lender must provide the applicant with a clear and conspicuous written list of homeownership counseling organizations that provide relevant counseling services in the loan applicant's location. (12 CFR 1024.20) Homeownership Counseling Organization Disclosure was sent more than 3 business days after the application date (XXXX). Disclosure received is dated XXXX. - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Confirmation of initial disclosing date received. - Due Diligence Vendor-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Delayed Purchase

Delayed Financing

XXXX

N/A

XXXX

4350123890

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Missing Doc

Borrower 2 Credit Report is Missing

Waived-Borrower 2 Credit Report is Missing. Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
802 Representative credit score exceeds the minimum required of 700 by 102 points
0x30 mortgage history for 36 months.

XXXX

Primary Residence

Delayed Purchase

Delayed Financing

XXXX

Originator Pre-Close

Yes

XXXX

4350123930

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Missing Homeowners Association Questionnaire

Resolved-Condo questionnaire received. - Due Diligence Vendor-XXXX

Resolved-HOA Questionnaire is Present - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-HOA Questionnaire is Missing or Partial. Provide Condo Questionnaire. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Condo questionnaire received. - Due Diligence Vendor-XXXX

Resolved-HOA Questionnaire is Present - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123930

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Deficient Condominium Documentation

Waived-Missing documentation to determine Condo Warrantability. Exception approval provided on p489. Exception made for Project having outstanding critical repairs concerning foundations and spalling. The subject unit has a very minor spalling crack inside the unit that is 4 inches by 1 inch. The repairs do not affect. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
23.58% DTI is below the maximum 50% DTI by 26.42%.
75% LTV is below the maximum 85.00% LTV by 10.00%.
Credit Score is 778 exceed the minimum required of 740 by 38 points.

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123930

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Ineligible Housing History per program guidelines

Waived-Housing History Does Not Meet Guideline Requirements Exception Approval provided on p489. Exception made for Borrowers having no current primary housing expense, they live rent-free. Property owner is not a relative as defined in Expanded Port guides. Also guides allow for borrowers living rent-free only on a purchase of a primary residence. - Due Diligence Vendor-XXXX

23.58% DTI is below the maximum 50% DTI by 26.42%.
75% LTV is below the maximum 85.00% LTV by 10.00%.
Credit Score is 778 exceed the minimum required of 740 by 38 points.

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123895

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID Tolerance

Insufficient Change of Circumstance (50001252)

Resolved-Received COC. - Due Diligence Vendor-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open- - Due Diligence Vendor-XXXX

Open-The amounts disclosed on the last Closing Disclosure for the following fee(s) have either increased above the amount disclosed within each fee(s) baseline disclosure OR have been added to the last Closing Disclosure and placed within the Cannot Increase Category: Commitment (Rate Lock) Fee, Appraisal Desk Review Fee. 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, or the creditor provides an additional credit for the increase in Closing Costs above the legal limit. (12 CFR 1026.19(e)(3); 12 CFR 1026.19(e)(4); 12 CFR 1026.19(f)(2)(v)). Provide COC. Commitment (Rate Lock) Fee increased from XXXX to XXXX , Appraisal Desk Review Fee increased from XXXX to XXXX. - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Received COC. - Due Diligence Vendor-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123915

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

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

Resolved-Received 2 HUDs that closed in the borrower's names, cash-out refinances with combined cash back of XXXX. Condition cleared. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-Audited Reserves of month(s) are less than Guideline Required Reserves of 6 month(s) Per guidelines for LTV<=75% reserves required 6 months of PITIA. (6 *XXXX months reserves) = XXXX, the loan is short funds XXXX - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Received 2 HUDs that closed in the borrower's names, cash-out refinances with combined cash back of XXXX. Condition cleared. - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123915

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited Loan Amount is less than Guideline Minimum Loan Amount.

Waived-Audited Loan Amount of XXXX00 is less than the Guideline Minimum Loan Amount of XXXX000 Client elects to waive with the following compensating factors: - Due Diligence Vendor-XXXX

70% LTV is below the maximum 75% LTV by 5%
0x30 mortgage history for 89 months
Investor has 9.25 years of experience with investment properties

XXXX

Investment

Refinance

Cash Out - Other

XXXX

Originator Pre-Close

Yes

XXXX

4350123916

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited Loan Amount is less than Guideline Minimum Loan Amount

Waived-Audited Loan Amount is less than Guideline Minimum Loan Amount Client elects to waive with the following compensating factors:

- Due Diligence Vendor-XXXX

XXXX reserves exceed the minimum required of XXXX, and exceeds the minimum by 82.74 months over the required minimum.
0x30 mortgage history for 89 months
Investor has 4.7 years of experience with investment properties.

XXXX

Investment

Refinance

Cash Out - Other

XXXX

Originator Pre-Close

Yes

XXXX

4350123928

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

The Final 1003 is Incomplete

Resolved-Requested updated 1003 Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-Provide 1003 updating Borrowers current housing as Rent or Own. Check box is incomplete on the Final 1003 received. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Requested updated 1003 Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Delayed Financing

XXXX

N/A

XXXX

4350123928

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

1008 Document is Missing

Resolved-Received confirmation of final LTV. Used prior lower recently used sales price XXXX. - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. per UW "Appraised value needs to stay at XXXX since that was sales price he just paid for the property even though appraisal shows XXXX" - Seller-XXXX
Open-The 1008 document is missing from the loan file. Provide worksheet used to calculate appraised value used. Appraised value provided on 1008 is not matching with Appraisal document resulting in LTV discrepancy. 1008 provided states a worksheet was used to arrive at value. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. per UW "Appraised value needs to stay at XXXX since that was sales price he just paid for the property even though appraisal shows XXXX" - Seller-XXXX

Resolved-Received confirmation of final LTV. Used prior lower recently used sales price XXXX. - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Delayed Financing

XXXX

N/A

XXXX

4350123928

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 3rd Party VOE Prior to Close Missing

Resolved-Received proof of employment.  - Due Diligence Vendor-XXXX

Resolved-Borrower 1 3rd Party VOE Prior to Close Was Provided - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Open-Borrower 1 3rd Party VOE Prior to Close Missing Provide 3rd party VOE prior to closing.  - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Received proof of employment. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 3rd Party VOE Prior to Close Was Provided - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Delayed Financing

XXXX

N/A

XXXX

4350123903

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

The Deed of Trust is Missing

Resolved-Requested DOT Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

Resolved-The Deed of Trust is Present - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-The Deed of Trust is Missing Deed of Trust document is missing from the file. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Requested DOT Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

Resolved-The Deed of Trust is Present - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123903

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

Missing Prepayment Rider

Resolved-Requested Prepayment Rider Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

Ready for Review-Attached to the mortgage, which was provided in the other condition. - Seller-XXXX

Open-Prepayment Rider is missing from the Loan file. - Due Diligence Vendor-XXXX

Ready for Review-Attached to the mortgage, which was provided in the other condition. - Seller-XXXX

Resolved-Requested Prepayment Rider Provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123943

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Condo Project Warrantable Status Does Not Meet Guideline Requirements

Resolved-Received XXXX saturation percentage - it is within the 25% guideline maximum. - Due Diligence Vendor-XXXX
Ready for Review-Hello,

We reviewed this condition with our Condo Team and confirmed that XXXX currently has 4 loans within this project. Based on the project information available to us, this results in a 16.667% saturation rate, which is below the 25% maximum saturation threshold referenced in your prior guidance.

Our Condo Team also noted that project saturation data is typically information available to the investor and that requests of this nature have been uncommon on prior condo reviews. However, we are happy to provide the information available to us to assist in resolving the condition.

Based on our records, XXXX's current project saturation is 16.667%.

Please review and advise if any additional information is needed to satisfy this condition. - Seller-XXXX
Counter-If XXXX or XXXX reviews the project and finds that it meets their guidelines for a warrantable project then the section of the CPM that says "XXXX Review Status" will say "Approved" and the project may be treated as if it is warrantable. In this case, the CPM says there's been no XXXX Review. Usually, even if XXXX has approved the project, the CPM will list the project as approved. If you're treating the project as if it is is non-warrantable then we only need to know what your percentage of saturation is. Per the guides, if the project is non-warrantable, XXXX's saturation should be 25% or less. - Due Diligence Vendor-XXXX
Ready for Review-We have been advised that CPM does not provide or designate a condominium project as warrantable or non-warrantable. As such, we are unable to obtain documentation from CPM confirming either status.

Can you please advise where you obtained information indicating that CPM provides warrantable or non-warrantable determinations? If there is a specific document or requirement you are referencing, please provide additional details so we can better address the condition.

We believe the documentation already provided is sufficient, but we are happy to review any additional requirements you may have. - Seller-XXXX
Open-The CPM in the loan file doesn't say if the project is warrantable. It is noted that based on the condo questionnaire it appears the project is warrantable, and there's nothing in the other condominium documents that were submitted that project non-warrantable. - Due Diligence Vendor-XXXX
Open-The Warrantable status of the Condo Project is set to No, NA or Unable to Determine, Review and correct if applicable. - Due Diligence Vendor-XXXX

Ready for Review-Hello,

We reviewed this condition with our Condo Team and confirmed that XXXX currently has 4 loans within this project. Based on the project information available to us, this results in a 16.667% saturation rate, which is below the 25% maximum saturation threshold referenced in your prior guidance.

Our Condo Team also noted that project saturation data is typically information available to the investor and that requests of this nature have been uncommon on prior condo reviews. However, we are happy to provide the information available to us to assist in resolving the condition.

Based on our records, XXXX's current project saturation is 16.667%.

Please review and advise if any additional information is needed to satisfy this condition. - Seller-XXXX

Ready for Review-We have been advised that CPM does not provide or designate a condominium project as warrantable or non-warrantable. As such, we are unable to obtain documentation from CPM confirming either status.

Can you please advise where you obtained information indicating that CPM provides warrantable or non-warrantable determinations? If there is a specific document or requirement you are referencing, please provide additional details so we can better address the condition.

We believe the documentation already provided is sufficient, but we are happy to review any additional requirements you may have. - Seller-XXXX

Resolved-Received XXXX saturation percentage - it is within the 25% guideline maximum. - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123912

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 3rd Party VOE Prior to Close Missing

Resolved-Active status confirmed by SOS Active Status. Resolved. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 3rd Party VOE Prior to Close Was Provided - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. VOE attached - Seller-XXXX

Counter-Please add attachment. Attachment missing. - Due Diligence Vendor-XXXX

Ready for Review-Please see attached - Seller-XXXX

Open-Borrower 1 3rd Party VOE Prior to Close Missing Provide 3rd Party VOE Prior to Close. Required to cover 30 business days from the closing date. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. VOE attached - Seller-XXXX

Ready for Review-Please see attached - Seller-XXXX

Resolved-Active status confirmed by SOS Active Status. Resolved. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 3rd Party VOE Prior to Close Was Provided - Due Diligence Vendor-XXXX

XXXX

Second Home

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123892

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Hazard Insurance Policy is Partial

Resolved-Agent confirmed replacement cost coverage. - Due Diligence Vendor-XXXX

Resolved-Hazard Insurance Policy is fully present - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Hazard Insurance Policy Partially Provided Provide Hazard Insurance dwelling coverage to cover the loan amount of XXXX or provide the Replacement cost Estimator. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Agent confirmed replacement cost coverage. - Due Diligence Vendor-XXXX

Resolved-Hazard Insurance Policy is fully present - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Cash Out - Home Improvement/Reno

XXXX

N/A

XXXX

4350123918

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Hazard Insurance Policy is Missing

Resolved-Hazard Insurance Policy document along with replacement cost estimate provided. Hence resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Missing Hazard Insurance Policy Hazard Insurance Policy is missing from the Loan file. Used the lender's insurance payment listed on the 1008, of XXXX. Any increase in the premium could affect the DSCR % and additional conditions may apply. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Hazard Insurance Policy document along with replacement cost estimate provided. Hence resolved - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123914

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Business Entity EIN Number Missing

Resolved-EIN received. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see the attached - Seller-XXXX

Open-Provide Business Entity EIN. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see the attached - Seller-XXXX

Resolved-EIN received. - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123914

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Arm's Length Transaction Status Does Not Meet Eligibility Requirements

Waived-Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
20.29% DTI is below the maximum 50% DTI by 29.71%.
80% LTV is below the maximum 85% LTV by 5%.

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123937

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Loan does not conform to program guidelines

Waived-Interest only term does not meet guideline requirements. The IO option at 10% down. Page 655 - Due Diligence Vendor-XXXX

Waived-Loan does not conform to program guidelines Client elects to waive with the following compensating factors. TPR agrees.

- Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
36.44% DTI is below the maximum 50% DTI by 13.56%.
809 Representative credit score exceeds the minimum required of 740 by 69 points.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123899

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 2 3rd Party VOE Prior to Close Missing

Resolved-Verification of business received. - Due Diligence Vendor-XXXX

Resolved-Borrower 2 3rd Party VOE Prior to Close Was Provided or Not Applicable (Number of Borrowers equals 2) - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Borrower 2 3rd Party VOE Prior to Close Missing Provide 3rd Party VOE Prior to Close for Borrower 2. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123899

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited DTI Exceeds Guideline DTI Requirements.

Waived-Audited DTI of 48.46% exceeds Guideline DTI of 45% Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
0x30 mortgage history for 48 months
XXXX reserves exceed the minimum required of XXXX and exceeds the minimum by 43.82 months over the required minimum.
Current residence is pending sale decreasing monthly debt XXXX per month.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123894

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited LTV Exceeds Guideline LTV.

Waived-Audited LTV of 80% exceeds Guideline LTV of 75% Client elects to waive with the following compensating factors:

- Due Diligence Vendor-XXXX

746 Representative credit score exceeds the minimum required of 720 by 26 points
DSCR ratio of 1.6 exceeds the minimum requirement of 1 by 0.6 points
0x30 mortgage history for 99 months
XXXX reserves exceed the minimum required of XXXX, and exceeds the minimum by 26.04 months over the required minimum

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123945

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID

Federal - Closing Disclosure Business Day Waiting Period Date Warnings

Resolved-Resolved. Signed XXXX. - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. There's an initial CD dated XXXX and an intermediate cd dated XXXX See attached. Also provided the COC
- Seller-XXXX
Open- - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX
Open-You submitted a Prior Closing Disclosure Received Date (XXXX-07-17) earlier than the Prior Closing Disclosure Date Issued (XXXX-07-22). 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)) Provide COC. You submitted a Prior Closing Disclosure Received Date (XXXX-07-17) earlier than the Prior Closing Disclosure Date Issued (XXXX-07-22). 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)). - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. There's an initial CD dated XXXX and an intermediate cd dated XXXX. See attached. Also provided the COC
- Seller-XXXX

Resolved-Resolved. Signed XXXX. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123945

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Housing History Does Not Meet Guideline Requirements

Waived-Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
798 Representative credit score exceeds the minimum required of 760 by 38 points
XXXX reserves exceed the minimum required of XXXX exceeds the minimum by 37 months over the required minimum.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123926

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Missing Doc

Borrower 2 Credit Report is Missing

Waived-Borrower 2 Credit Report is Missing. Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
72% LTV is below the maximum 90% LTV by 18%.
30.81% DTI is below the maximum 50% DTI by 19.19%.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123929

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Condo project is ineligible

Waived-Exception provided on p667. Exception for min sq feet requirement (min req 475); subject has XXXX sq ft. Exception 1 Category is for Property being a Condotel which does not meet guidelines. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
60% LTV is below the maximum 85% LTV by 25%.
25.99% DTI is below the maximum 45% DTI by 19.01%.

XXXX

Investment

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123907

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Assets

Asset Qualifications do not meet requirements.

Waived-Asset Qualifications do not meet requirements.- Gift funds on file with LTV>75%. Waiver from Investor in file. - Due Diligence Vendor-XXXX

Waived- - Due Diligence Vendor-XXXX

Ready for Review-condition is unclear. Please provide additional clarification regarding the specific documentation or action required to satisfy this condition. Thank you. - Seller-XXXX

Open-Asset Qualification Does Not Meet Guideline Requirements Client elects to waive with the following compensating factors: - Due Diligence Vendor-XXXX

Ready for Review-condition is unclear. Please provide additional clarification regarding the specific documentation or action required to satisfy this condition. Thank you. - Seller-XXXX

Waived-Asset Qualifications do not meet requirements.- Gift funds on file with LTV>75%. Waiver from Investor in file. - Due Diligence Vendor-XXXX

770 Representative credit score exceeds the minimum required of 720 by 50 points
DSCR ratio of 2.38 exceeds the minimum requirement of 1 by 1.38 points
0x30 mortgage history for 86 months

XXXX

Investment

Purchase

XXXX

Investor Post-Close

XXXX

4350123902

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Ineligible Housing History per program guidelines

Resolved-Housing History Meets Guideline Requirements - Due Diligence Vendor-XXXX

Open-Housing History Does Not Meet Guideline Requirements LOX to verify No primary housing expense of Borrower missing from file. - Due Diligence Vendor-XXXX

Resolved-Housing History Meets Guideline Requirements - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123902

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Income/Employment

Income and Employment Do Not Meet Guidelines.

Waived-Income and Employment Do Not Meet Guidelines Client elects to waive based on the following compensation factors. TPR agrees. - Due Diligence Vendor-XXXX

50% LTV is below the maximum 90% LTV by 40%.
807 Representative credit score exceeds the minimum required of 760 by 47 points

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123936

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Missing explanation and supporting documentation for large deposit(s)

Resolved-Lender provided HUD from sale of XXXX that matches deposit. - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Please see attached - Seller-XXXX
Counter-Lender provided property report which shows the property XXXX Drive was sold. Missing the settlement statement from the sale that matches the deposit. - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Please see attached - Seller-XXXX
Open-Per the guidelines dated XXXX, page 58, All funds must be seasoned with the source of funds for any large deposits fully documented and explained. Review the most recent bank statements provided to ascertain what is
normal and typical for the business. Large deposits are defined as any single deposit that exceeds 50% of the aggregate of all deposits in any one month. For AcctXXXX, a large deposit was made 0XXXX in the amount of XXXX. This is noted as sale proceeds from XXXX XXXX. Missing proof of the hud that matches with this deposit. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Please see attached - Seller-XXXX

Ready for Review-Document Uploaded. Please see attached - Seller-XXXX

Resolved-Lender provided HUD from sale of XXXX XXXX that matches deposit. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123936

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Occupancy- Potential Occupancy Misrepresentation

Resolved-Lender provided updated 1003 showing primary. - Due Diligence Vendor-XXXX

Unable to Resolve-Unable to Resolve-Document Uploaded. Please see the attached - Seller-XXXX

Open-Per guidelines dated XXXX, pg 27, Occupancy
For borrowers seeking a mortgage for his or her primary residence, the underwriter must review the applicable property documentation to gain assurance that the property is the borrower’s primary residence. The underwriter must review loan file documents to ensure that there are no indicators that the property is not the borrower’s principal residence, including: 1. Property insurance policy 2. Appraisal 3. Borrower Income Tax Returns, or Tax Transcripts.
Subject property is primary refinance as per OCCUPANCY STATEMENT in Pg: 525 confirming the subject as Primary. As per 1003 page#673 REO sec. Property occupancy type showing as Second Home and Current Address showing as different. - Due Diligence Vendor-XXXX

Unable to Resolve-Unable to Resolve-Document Uploaded. Please see the attached - Seller-XXXX

Resolved-Lender provided updated 1003 showing primary. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123898

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Missing Homeowners Association Questionnaire

Resolved-Requested homeowners association questionnaire provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-HOA Questionnaire is Present - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-HOA Questionnaire is Missing or Partial. Condo Questionnaire missing in file - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Requested homeowners association questionnaire provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-HOA Questionnaire is Present - Due Diligence Vendor-XXXX

XXXX

Investment

Purchase

XXXX

N/A

XXXX

4350123885

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID Tolerance

Insufficient Tolerance Cure (50001028)

Resolved- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The XXXX cure was not issued as a post-closing refund or Principal curtailment. The cure was provided to the borrower at closing as part of the total XXXX lender credit. The lender credit consists of the XXXX pricing credit plus the XXXX appraisal tolerance cure. The Final Closing Statement confirms the full XXXX was credited to the buyer at settlement. Please see the highlighted settlement statement attached for verification  - Seller-XXXX

Counter-Was the XXXX cure refunded to the Borrower or was the cure a principal curtailment - Missing verification - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded.  - Seller-XXXX

Open-A Lender Credit for Excess Charges of (XXXX), Principal Reduction for Excess Charges of (XXXX), and general or specific lender credit increases of (XXXX) were applied to the total fee variance of (XXXX) between the baseline disclosure and the last Closing Disclosure. Since the lender credits and principal reduction (if applicable) are less than the total fee variance amount, they are not sufficient to cure the variance.  Appraisal Fee of XXXX has added from Revised LE to Initial CD, require COC to cure this tolerance - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The XXXX cure was not issued as a post-closing refund or Principal curtailment. The cure was provided to the borrower at closing as part of the total XXXX lender credit. The lender credit consists of the XXXX pricing credit plus the XXXX appraisal tolerance cure. The Final Closing Statement confirms the full XXXX was credited to the buyer at settlement. Please see the highlighted settlement statement attached for verification - Seller-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123885

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved-Fraud has Uncleared alerts, provided updated fraud Report, Updated & Condition Resolved - Due Diligence Vendor-XXXX

Resolved-All Fraud Report Alerts have been cleared or None Exist - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Fraud Report - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the guideline Version XXXX on page#26 a clear fraud report is required. The fraud report in file pg#444 is showing a High alert. The required cleared report is missing.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Fraud Report - Seller-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123911

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 2 3rd Party VOE Prior to Close Missing

Resolved-Borrower 2 3rd Party VOE Prior to Close Was Provided or Not Applicable (Number of Borrowers equals 2) - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-Borrower 2 3rd Party VOE Prior to Close Missing - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Borrower 2 3rd Party VOE Prior to Close Was Provided or Not Applicable (Number of Borrowers equals 2) - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123911

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID Tolerance

Insufficient Tolerance Cure (50001028)

Resolved-Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Open-A Lender Credit for Excess Charges of (XXXX), Principal Reduction for Excess Charges of (XXXX), and general or specific lender credit increases of (XXXX) were applied to the total fee variance of (XXXX) between the baseline disclosure and the last Closing Disclosure. Since the lender credits and principal reduction (if applicable) are less than the total fee variance amount, they are not sufficient to cure the variance. COC Required. - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. - Seller-XXXX

Resolved-Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Flood Certificate Missing

Resolved- - Due Diligence Vendor-XXXX

Resolved-Flood Certificate is fully present - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Flood cert - Seller-XXXX

Open-Missing Flood Certificate The flood certification is missing from the loan file. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Flood cert - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX

Resolved-Flood Certificate is fully present - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Missing Doc

Second Appraisal/ Valuation is Missing

Resolved- - Due Diligence Vendor-XXXX

Resolved-XXXX SSR provided with a CU score of 2.5 - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 2.5 - Seller-XXXX

Open-Secondary Valuation or Additional Valuation (with acceptable variance to Primary) is missing per guideline requirements and CU Score, if present, is greater than 2.5 Per the Guideline version XXXX on page#31, Secondary Valuation or Additional Valuation for securitization purposes is missing. File needs a XXXX or XXXX UCDP/SSR report with a score less than 2.5, or the file needs an Appraisal Desk Review.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 2.5 - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX

Resolved-XXXX SSR provided with a CU score of 2.5 - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved- - Due Diligence Vendor-XXXX

Resolved-Requested alerts cleared fraud report provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-All Fraud Report Alerts have been cleared or None Exist - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the GL 07.27.XXXX page #39 a clear fraud report is required. The fraud report in file (page #423) is showing 1 high uncleared alert. The required cleared report is missing. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Loan Approval Document is Missing

Resolved- - Due Diligence Vendor-XXXX

Resolved-Requested loan approval document provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. loan approval - Seller-XXXX

Open-Loan approval is missing in file. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. loan approval - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX

Resolved-Requested loan approval document provided, updated & condition resolved. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

Missing Doc

TRID: Missing Initial Closing Disclosure

Resolved- - Due Diligence Vendor-XXXX

Resolved-Initial CD provided - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The Real Initial CD XXXX - Seller-XXXX

Counter-CD provided is the final CD which has been reviewed. The CD needed is the complete and valid initial CD. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Initial CD - Seller-XXXX

Counter-Initial CD is missing. Disclosure provided is incomplete and not valid. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Initial CD - Seller-XXXX

Open-TRID: Missing Closing Disclosure Initial closing disclosure is missing in file. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The Real Initial CD XXXX - Seller-XXXX

Ready for Review-Document Uploaded. Initial CD - Seller-XXXX

Ready for Review-Document Uploaded. Initial CD - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX

Resolved-Initial CD provided - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

TRID

Federal - Closing Disclosure and Consummation Date

Resolved- - Due Diligence Vendor-XXXX
Resolved- - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. The Real Initial CD XXXX - Seller-XXXX
Counter-Document provided is the final CD. The complete and valid initial CD provided at least 3 business days prior to closing is needed. - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Initial CD signed - Seller-XXXX
Open-Initial CD is missing. Disclosure provided is incomplete and not valid. - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX
Rescinded-The Initial Closing Disclosure Received Date of (XXXX) is not three business days before the consummation date of (XXXX). Three business days before the consummation date is (XXXX). Under Regulation Z, a consumer must receive the Initial Closing Disclosure reflecting the actual terms of the transaction no later than three business days before consummation. (12 CFR 1026.19(f)(1)(ii)(A)); 1026.19(f)(1)(iii)) Missing initial CD. Finding added - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX
Open- - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. The Real Initial CD XXXX - Seller-XXXX

Ready for Review-Document Uploaded. Initial CD signed - Seller-XXXX

Resolved- - Due Diligence Vendor-XXXX
Rescinded-The Initial Closing Disclosure Received Date of (XXXX-08-04) is not three business days before the consummation date of (XXXX-08-04). Three business days before the consummation date is (XXXX). Under Regulation Z, a consumer must receive the Initial Closing Disclosure reflecting the actual terms of the transaction no later than three business days before consummation. (12 CFR 1026.19(f)(1)(ii)(A)); 1026.19(f)(1)(iii)) Missing initial CD. Finding added - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123882

XXXX

Closed

XXXX

Resolved

1 - Information

Compliance

HigherPriced:APR

Federal - Higher Priced Mortgage Loan (HPML)(First Lien 06/13)(Conforming)

Resolved- - Due Diligence Vendor-XXXX

Resolved-HPML met - Due Diligence Vendor-XXXX

Open- - Due Diligence Vendor-XXXX

Resolved-HPML Guidelines met - Due Diligence Vendor-XXXX

Resolved-HPML Guidelines met. - Due Diligence Vendor-XXXX

Resolved-The loan's (9.104%) APR equals or exceeds the Federal HPML threshold of (8.14%). The threshold is determined by adding 1.5 points to the comparable average prime offer rate index on the "last date the interest rate is set before consummation." The comparable APOR for this loan is (6.64%).(12 CFR 1026.35(a)(1)(i)) HPML disclosure signed on page 375. Escrow tax and insurance per final CD in file on page 243. Appraisal in file on page 34. Appraisal delivery in file on page 796. - Due Diligence Vendor-XXXX

Resolved- - Due Diligence Vendor-XXXX

Resolved-HPML met - Due Diligence Vendor-XXXX

Resolved-HPML Guidelines met - Due Diligence Vendor-XXXX

Resolved-HPML Guidelines met. - Due Diligence Vendor-XXXX

Resolved-The loan's (9.104%) APR equals or exceeds the Federal HPML threshold of (8.14%). The threshold is determined by adding 1.5 points to the comparable average prime offer rate index on the "last date the interest rate is set before consummation." The comparable APOR for this loan is (6.64%).(12 CFR 1026.35(a)(1)(i)) HPML disclosure signed on page 375. Escrow tax and insurance per final CD in file on page 243. Appraisal in file on page 34. Appraisal delivery in file on page 796. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123888

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Audited DTI Exceeds Guideline DTI Requirements.

Resolved-Audited DTI of 39.3% is less than or equal to Guideline DTI of 50% - Due Diligence Vendor-XXXX
Resolved-Audited DTI of 39.3% is less than or equal to Guideline DTI of 50%. Lender provided explanation in support of using the 70% expense factor - Due Diligence Vendor-XXXX
Ready for Review-Document Uploaded. Per the borrower's signed Business Narrative, the borrower is a XXXX and does not maintain significant inventory. Underwriting utilized the appropriate industry classification reflecting a business with 0 locations, 0-25 employees, and low inventory, which correctly resulted in the application of a 70% expense ratio.

Regarding the second item, the discrepancy was the result of a typographical error on the Bank Statement Calculator. An updated Bank Statement Calculator has been provided for review. This correction does not impact the income calculation, DTI, or loan approval.

For reference, the borrower's signed Business Narrative has also been uploaded and attached for review in support of the expense ratio utilized by Underwriting.

Please review the attached documentation and advise if any additional information is needed. - Seller-XXXX
Open-Audited DTI of 84.42% exceeds Guideline DTI of 50% Per guidelines dated XXXX, pg 32, for the expense factor, 90%: Product business with high inventory, multiple locations and no limit to number of employees (restaurants, retail stores, new construction, manufacturing, car dealerships). 70%: Product business with lower inventory requirements, one location, 25 employees or less (gas stations, salons, home improvement, trucking company)
For the XXXX Homes LLC business income Lender used 70% expense factor. The business narrative pg 403 states the business is new construction (residential homes). Per the guidelines for new construction, 90% is to be used.
In addition, for the co-borrower the XXXX bank statement shows deposits of XXXX and the bank statement calculator in file shows the lender used XXXX. DTI is 84.42% using 90% expense factor and exceeds the 50% max for Prime Non-Agency loans. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Per the borrower's signed Business Narrative, the borrower is a XXXX and does not maintain significant inventory. Underwriting utilized the appropriate industry classification reflecting a business with 0 locations, 0-25 employees, and low inventory, which correctly resulted in the application of a 70% expense ratio.

Regarding the second item, the discrepancy was the result of a typographical error on the Bank Statement Calculator. An updated Bank Statement Calculator has been provided for review. This correction does not impact the income calculation, DTI, or loan approval.

For reference, the borrower's signed Business Narrative has also been uploaded and attached for review in support of the expense ratio utilized by Underwriting.

Please review the attached documentation and advise if any additional information is needed. - Seller-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123884

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing proof of debt payoff(s)

Resolved-Property on credit sold. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Settlement statement and 1st and 2nd lien payoff for sold property. See also Property profile for, XXXX Ct, XXXX showing sold. - Seller-XXXX

Open-Credit report shows a mortgage loan with XXXX Funding with a payment of XXXX0. There's a pay off on page 615 but not sure what property this is tied to. No other properties listed on 1003. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Settlement statement and 1st and 2nd lien payoff for sold property. See also Property profile for, XXXX Ct, XXXX showing sold. - Seller-XXXX

Resolved-Property on credit sold. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123925

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Ineligible Housing History per program guidelines

Resolved-Primary housing is free & clear as per HOI policy on page #269 as current lender is in the 1st mortgage position, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Housing History Meets Guideline Requirements - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Housing History Does Not Meet Guideline Requirements Require LOX of Free and clear for property XXXX Way to verify Primary housing history - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123883

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

DTI discrepancy or failure.

Resolved-Requested updated 1008 provided with correct DTI, Updated & Condition Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. 1003/1008 - Seller-XXXX

Open-Audited DTI is 14.15% and lender DTI is 21.45% . The difference is 7.3% This is due to that lender considered all other monthly payments as XXXX whereas our calculation it is XXXX7.88
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. 1003/1008 - Seller-XXXX

Resolved-Requested updated 1008 provided with correct DTI, Updated & Condition Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123893

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

DSCR Calculation Undocumented

Resolved-Requested DSCR worksheet provided in findings, updated & condition resolved. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-DSCR worksheet missing in file - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Resolved-Requested DSCR worksheet provided in findings, updated & condition resolved. - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123893

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Loan does not conform to program guidelines

Waived-Loan does not conform to program guidelines Credit Exception (pg#387) requested for unique property. Subject is a 2 building 4 unit property with no comps to support in area or surrounding areas. Compensating factors provided. - Due Diligence Vendor-XXXX

792 Representative credit score exceeds the minimum required of 700 by 92 points
XXXX reserves exceed the minimum required of XXXX exceeds the minimum by 100.67 months over the required minimum.
DSCR ratio of 1.185 exceeds the minimum requirement of 0.75 by 0.435 points.

XXXX

Investment

Refinance

Cash Out - Other

XXXX

Originator Post-Close

Yes

XXXX

4350123949

XXXX

Closed

XXXX

Waived

2 - Non-Material

Property

Property or house size is outside of guidelines

Waived-The client wishes to waive the max 5 acres on a rural property guideline. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Uploaded Exception - Seller-XXXX

Open-The guideline 2.8.2.4 Restrictions states that rural properties maximum allowable is 5-acres. The subject property property is rural and hasXXXX acres therefore the subject property is not eligible. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Uploaded Exception - Seller-XXXX

Waived-The client wishes to waive the max 5 acres on a rural property guideline. - Due Diligence Vendor-XXXX

XXXX

788 Representative credit score exceeds the minimum required of 700 by 88 points
XXXX reserves exceed the minimum required of XXXX exceeds the minimum by 5 months over the required minimum.
0x30 mortgage history for 99 months.

XXXX

Investment

Refinance

No Cash Out - Borrower Initiated

XXXX

Originator Post-Close

Yes

XXXX

4350123949

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Title

Title Coverage is Less than Subject Lien(s) Total

Resolved-Title Coverage Amount of XXXX000 is equal to or greater than Total Amount of Subject Lien(s) - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Uploaded - Seller-XXXX

Open-Title Coverage Amount of XXXX000 is Less than Loan Amount The loan file contains a copy of the prelim title however the coverage amount of XXXX is less than the loan amount of XXXX. The loan file is missing a prelim title with sufficient title coverage. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Uploaded - Seller-XXXX

Resolved-Title Coverage Amount of XXXX000 is equal to or greater than Total Amount of Subject Lien(s) - Due Diligence Vendor-XXXX

XXXX

Investment

Refinance

No Cash Out - Borrower Initiated

XXXX

N/A

XXXX

4350123904

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Ineligible Housing History per program guidelines

Resolved-Requested rent free LOX provided for previous property, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Housing History Meets Guideline Requirements - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

Open-Housing History Does Not Meet Guideline Requirements Require LOX for property XXXX St as Borrower staying in No primary housing Expense - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. See attached - Seller-XXXX

XXXX

Investment

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123887

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 Photo Identification Type Missing

Resolved-Requested B1 ID provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Validation Resolved or Not Applicable - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Drivers License - Seller-XXXX

Open-Borrower 1 Photo Identification Missing. Please provide valid photo identification per guideline requirements. B1 Photo identification document is missing, Provide Photo ID document. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Drivers License - Seller-XXXX

Resolved-Requested B1 ID provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Validation Resolved or Not Applicable - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123887

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved-All Fraud Report Alerts have been cleared or None Exist - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the GL XXXX page # 39 a clear fraud report is required. The fraud report in file (page #348) is showing 2 high uncleared alert. The required cleared report is missing.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

Resolved-All Fraud Report Alerts have been cleared or None Exist - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123887

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Missing Doc

Second Appraisal/ Valuation is Missing

Resolved-Secondary Valuation or Additional Valuation is present or Not Required - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. RDA - Seller-XXXX

Open-Secondary Valuation or Additional Valuation (with acceptable variance to Primary) is missing per guideline requirements and CU Score, if present, is greater than 2.5 File needs a XXXX or XXXX UCDP/SSR report with a score less than 2.5, or the file needs an Appraisal Desk Review.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. RDA - Seller-XXXX

Resolved-Secondary Valuation or Additional Valuation is present or Not Required - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123922

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Missing Doc

Borrower 1 Business Bank Statements Missing

Waived-Borrower 1 Business Bank Statements Missing Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
75% LTV is below the maximum 80% LTV by 5%.
735 Representative credit score exceeds the minimum required of 700 by 35 points
XXXX reserves exceed the minimum required of XXXX exceeds the minimum by 4 months over the required minimum.
16.85% DTI is below the maximum 50% DTI by 33.15%.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123922

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Payment shock exceeds guideline

Waived-Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123950

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Required Expense Documentation is Missing for Expense Factor Less than 50%

Resolved-Lender updated expense ratio on XXXX LP to 50%. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Used a 50% expense ratio. Uploaded 1008, and worksheet - Seller-XXXX

Open-Per first lien guidelines dated XXXX, pg 82, A standard 50% expense factor will be applied to the total of eligible deposits. The Underwriter may use a lower expense ratio if the Underwriter can determine and document accordingly. Any expense ratio below 30% will require a 3rd Party Prepared Business Expense Statement Letter. It must meet requirements in the section below.
The CPA letter states a 30% expense ratio for XXXX LLC or XXXX LLC. A 30% expense ratio was also used for XXXX LP on the bank statement worksheet and reflects per cpa letter, but the letter did not state this business had a 30% expense factor. Missing proof of underwriter determination and documentation of the 30% expense factor for XXXX LP. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Used a 50% expense ratio. Uploaded 1008, and worksheet - Seller-XXXX

Resolved-Lender updated expense ratio on XXXX LP to 50%. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123897

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Audited DTI Exceeds Guideline DTI Requirements.

Waived-Audited DTI of 51.39% exceeds Guideline DTI of 50% Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

Client elects to waive with the following compensating factors. TPR agrees.
800 Representative credit score exceeds the minimum required of 760 by 40 points.
XXXX reserves exceed the minimum required of XXXX exceeds the minimum byXXXX.76 months over the required minimum.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123897

XXXX

Closed

XXXX

Waived

2 - Non-Material

Credit

Eligibility

Loan does not conform to program guidelines

Waived-Exception for Lease agreement does not meet guideline requirements. Use of rental income to qualify using new lease only without matching bank deposits (had been a 2nd residence, with some occupancy but never rented) Page 711 - Due Diligence Vendor-XXXX

Waived-Loan does not conform to program guidelines Client elects to waive with the following compensating factors. TPR agrees. - Due Diligence Vendor-XXXX

800 Representative credit score exceeds the minimum required of 760 by 40 points.
XXXX reserves exceed the minimum required of XXXX exceeds the minimum byXXXX.76 months over the required minimum.

XXXX

Primary Residence

Purchase

XXXX

Originator Pre-Close

Yes

XXXX

4350123946

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Loan Approval Document is Missing

Resolved-Requested Loan Approval provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. loan approval - Seller-XXXX

Open-Loan approval document is missing in file, Provide Loan approval document. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. loan approval - Seller-XXXX

Resolved-Requested Loan Approval provided, updated & Condition Resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123946

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Missing Doc

Second Appraisal/ Valuation is Missing

Resolved-CU (XXXX SSR) uploaded, verified & entered in system - Resolved.
- Due Diligence Vendor-XXXX

Resolved-Secondary Valuation or Additional Valuation is present or Not Required - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1.9 - Seller-XXXX

Open-Secondary Valuation or Additional Valuation (with acceptable variance to Primary) is missing per guideline requirements and CU Score, if present, is greater than 2.5 File needs a XXXX or XXXX UCDP/SSR report with a score less than 2.5, or the file needs an Appraisal Desk Review.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1.9 - Seller-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123947

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved-Requested alerts summary report with all alerts cleared provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-All Fraud Report Alerts have been cleared or None Exist - Due Diligence Vendor-XXXX

Ready for Review-cleared alerts - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the GL 06.12.XXXX page #28 a clear fraud report is required. The fraud report in file (page #263) is showing 2 high uncleared alert. The required cleared report is missing. - Due Diligence Vendor-XXXX

Ready for Review-cleared alerts - Seller-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123947

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Missing Doc

Second Appraisal/ Valuation is Missing

Resolved-Secondary Valuation or Additional Valuation is present or Not Required - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1 - Seller-XXXX

Counter-Attached SSR is for wrong property/Loan. Attach correct second appraisal for correct property - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1 - Seller-XXXX

Open-Secondary Valuation or Additional Valuation (with acceptable variance to Primary) is missing per guideline requirements and CU Score, if present, is greater than 2.5 Per the Guideline version XXXX on page#75, Secondary Valuation or Additional Valuation for securitization purposes is missing. File needs a XXXX or XXXX UCDP/SSR report with a score less than 2.5, or the file needs an Appraisal Desk Review. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1 - Seller-XXXX

Ready for Review-Document Uploaded. XXXX SSR - CU score of 1 - Seller-XXXX

Resolved-Secondary Valuation or Additional Valuation is present or Not Required - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123947

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Property is Mixed Use

Resolved-Requested updated final 1003 with mixed use selection to No provided, updated & condition resolved. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Updated 1003 - Seller-XXXX

Open-Mixed-use properties are ineligible per GL 06.12.XXXX, page #77. Borrower responded as Yes for mixed-use property on final 1003; however, the appraisal reflects a one-unit residential property with no mixed-use characteristics. Provide confirmation that the subject property is not mixed-use. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Updated 1003 - Seller-XXXX

Resolved-Requested updated final 1003 with mixed use selection to No provided, updated & condition resolved. - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123947

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Missing Doc

Borrower 1 Business Bank Statements Missing

Resolved-Requested XXXX XXXX bank statement provided for business account, updated & condition resolved. - Due Diligence Vendor-XXXX

Resolved-Borrower 1 Business Bank Statements Provided - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Bank Statement - Seller-XXXX

Open-Borrower 1 Business Bank Statements Missing One month (XXXX XXXX) of account XXXX bank statement is missing from file. - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Bank Statement - Seller-XXXX

XXXX

Primary Residence

Refinance

Cash Out - Other

XXXX

N/A

XXXX

4350123948

XXXX

Closed

XXXX

Resolved

1 - Information

Credit

Eligibility

Fraud Report Shows Uncleared Alerts

Resolved-Third party fraud report with cleared alerts provided. Hence resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

Open-Fraud Report Shows Uncleared Alerts Per the guideline Version XXXX, clear fraud report is required. The fraud report in file pg#374 is showing a High alert. The required cleared report is missing.
- Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. cleared alerts - Seller-XXXX

Resolved-Third party fraud report with cleared alerts provided. Hence resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A

XXXX

4350123948

XXXX

Closed

XXXX

Resolved

1 - Information

Property

Missing Doc

1004D Completion Report is Missing

Resolved-1004D Completion Report provided. Hence resolved - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Appraisal 1004D - Seller-XXXX

Open-1004D Completion Report is Missing Provide 1004D for subject to installation of flooring, sink, and toilet (making bath 1 fully functional) - Due Diligence Vendor-XXXX

Ready for Review-Document Uploaded. Appraisal 1004D - Seller-XXXX

Resolved-1004D Completion Report provided. Hence resolved - Due Diligence Vendor-XXXX

XXXX

Primary Residence

Purchase

XXXX

N/A