Exhibit 99.3
Exception Grades
Run Date - 9/29/2026 9:51:19 AM
| SitusAMC Loan ID | Customer Loan ID | Seller Loan ID | Investor Loan Number | Loan Exception ID | Exception ID | Exception Date | Exception Type | Exception Category | Exception Subcategory | 15E Category | Exception | Exception Detail | Exception Information | Compensating Factors | Compensating Factor Information | Applying Party | Follow-up Comments | Cleared Date | Cured Date | Waived Date | Waived with Regrade | Exception Level Grade | DBRS Initial Exception Rating | DBRS Final Exception Rating | Fitch Initial Exception Rating | Fitch Final Exception Rating | Kroll Initial Exception Rating | Kroll Final Exception Rating | Moody's Initial Exception Rating | Moody's Final Exception Rating | S&P Initial Exception Rating | S&P Final Exception Rating | Note Date | Property State | Occupancy | Purpose | Exception Remediation | Overall Initial Loan Grade |
Overall Final Loan Grade |
Credit Initial Loan Grade |
Credit Final Loan Grade |
Compliance Initial Loan Grade |
Compliance Final Loan Grade |
Property Initial Loan Grade |
Property Final Loan Grade |
Originator QM ATR Status | TPR QM ATR Status | Is Curable |
| 225698575 | 3158706979 | 36686240 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - QM | Qualified Mortgage (Dodd-Frank 2014): Originator Loan Designation of Safe Harbor QM (APOR) does not match Due Diligence Loan Designation of QM (APOR) Fail. | Waterfall finding due to the missing income documents for the borrower. | Reviewer Comment (2026-06-12): income documentation in file is acceptable Buyer Comment (2026-06-12): waterfall, responded to credit exception |
06/12/2026 | No | 1 | B | A | C | A | B | A | C | A | B | A | WA | Primary | Refinance - Rate/Term | Lender to provide updated ATR/QM status | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 225698575 | 3158706979 | 36686241 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General QM Provision Income and Assets - Wages | General QM: Unable to verity income due to, missing W-2, Paystub, LES, ETS or WVOE. |
File is missing paystubs and 2 yrs most recent W2s or a full WVOE for the borrower. |
Reviewer Comment (2026-06-12): income documentation in file is acceptable Buyer Comment (2026-06-12): waterfall, responded to credit exception |
06/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | WA | Primary | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225698575 | 3158706979 | 36686243 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver Test |
TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing. | Reviewer Comment (2026-06-12): initial CD received and sent to borrower timely Buyer Comment (2026-06-12): See attached initial CD Reviewer Comment (2026-06-11): file does not contain a CD dated [Redacted], please provide a copy of it Buyer Comment (2026-06-11): Initial CD sent electronically on [Redacted] |
06/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | WA | Primary | Refinance - Rate/Term | No Defined Cure | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||||||
| 225698575 | 3158706979 | 36686244 | Compliance | Compliance | Federal Compliance | TRID | TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $[Redacted] exceeds tolerance of $[Redacted] plus [Redacted]% or $[Redacted]. Sufficient or excess cure was provided to the borrower at Closing. | Ten Percent Fee Tolerance exceeded. Total amount of $[Redacted] exceeds tolerance of $[Redacted] plus [Redacted]% or $[Redacted]. Sufficient or excess cure was provided to the borrower at Closing. | Reviewer Comment (2026-06-09): Sufficient Cure Provided At Closing |
06/09/2026 | No | 1 | A | A | A | A | A | A | A | A | A | A | WA | Primary | Refinance - Rate/Term | Final CD evidences Cure | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 225698575 | 3158706979 | 36712507 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Income/Asset Guideline Deficiency - QM Impact | General QM: There are one or more guideline deficiencies related to income and/or asset doc requirements which may impact the borrower's ability to repay. (Exception is eligible to be regraded with compensating factors.) | Waterfall finding due to the missing income documents for the borrower. | Reviewer Comment (2026-06-12): income documentation in file is acceptable Buyer Comment (2026-06-12): waterfall, responded to credit exception |
06/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | WA | Primary | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225698575 | 3158706979 | 36712522 | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | File is missing paystubs and 2 yrs most recent W2s or a full WVOE for the borrower. | Reviewer Comment (2026-06-12): income documentation in file is acceptable Buyer Comment (2026-06-12): [Redacted] income docs are in the [Redacted] file, for [Redacted] , that income is digitally verified, please refer to the TURBO/AUS findings that evidences that and find the procedures that allows for digital income verification on non-agency loans in [Redacted] |
06/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | WA | Primary | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||||||||
| 225698575 | 3158706979 | 36712537 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | General QM Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall finding due to the missing income documents for the borrower. | Reviewer Comment (2026-06-12): income documentation in file is acceptable Buyer Comment (2026-06-12): waterfall, responded to credit exception |
06/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | WA | Primary | Refinance - Rate/Term | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750890 | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | The credit report is not legible | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): credit report provided Buyer Comment (2026-06-22): Sorry about that , seems to be it was a redaction issue, credit report attached. Thanks |
06/22/2026 | No | 1 | D | A | D | A | D | A | D | A | D | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||||||||
| 225772452 | 3158706986 | 36750933 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | QM Required Credit Report Not Provided to Evidence Debts | Qualified Mortgage (Dodd-Frank 2014): The loan file does not contain a Credit report to evidence the consumers outstanding liabilities. | The credit report in file is not legible. | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): waterfall , credit report provided |
06/22/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750934 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | QM Required Credit Report Not Provided to Evidence Debts | Qualified Mortgage (Dodd-Frank 2014): The loan file does not contain a Credit report to evidence the consumers outstanding liabilities. | The credit report in file is not legible. | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): waterfall, credit report provided |
06/22/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750941 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Credit History | Ability to Repay (Dodd-Frank 2014): Unable to verify debt obligations using reasonably reliable third-party records. | The credit report in file is not legible. | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): waterfall, credit report provided |
06/22/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750943 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Loan does not meet one or more guideline components which could impact the borrower's ability to repay. |
General Ability to Repay Provision: Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Waterfall finding due to the missing legible credit report. | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): waterfall, credit report provided. |
06/22/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750944 | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied. | Waterfall finding due to the missing legible credit report. | Reviewer Comment (2026-06-22): credit report received |
06/22/2026 | No | 1 | A | A | A | A | A | A | A | A | A | A | CA | Primary | Purchase | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 225772452 | 3158706986 | 36750945 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - QM | Qualified Mortgage (Dodd-Frank 2014): Originator Loan Designation of Safe Harbor QM (APOR) does not match Due Diligence Loan Designation of QM (APOR) Fail. | Waterfall finding due to the missing legible credit report. | Reviewer Comment (2026-06-22): credit report received Buyer Comment (2026-06-22): waterfall, credit report provided |
06/22/2026 | No | 1 | B | A | C | A | B | A | C | A | B | A | CA | Primary | Purchase | Lender to provide updated ATR/QM status | D | A | D | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes |