Exhibit 99.3
Exception Grades
Run Date - XXX
| 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 |
| XXX | 2026060327 | XXX | XXX | XXX | XXX | Credit | Loan Package Documentation | Closing / Title | Missing Document | Missing Document: Security Instrument - XXX not provided | Reviewer Comment (XXX): Security Instrument received and associated. Exception cleared. Buyer Comment (XXX): Uploaded Security Instrument |
XXX | No | 1 | D | A | D | A | D | A | D | A | D | A | XXX | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Non QM | Non QM | No | |||||||||
| XXX | 2026060334 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX | XXX Appraisal - Copy of Appraisal Not Provided XXX Business Days Prior to Consummation | XXX Valuations Rule (XXX): Creditor did not provide a copy of each valuation to applicant XXX (XXX) business days prior to consummation. (Type:Additional/XXX) | Appraisal receipt was not provided to the borrower for the valuation dated XXX. | Buyer Comment (XXX): Waiving Grade Level XXX Exception |
XXX | No | 2 | B | B | B | B | B | B | B | B | B | B | XXX | XXX | XXX | XXX | B | B | A | A | B | B | A | A | Non QM | N/A | No | |||||||
| XXX | 2026060334 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX | XXX Appraisal - Appraisal Not Provided at or Before Closing (XXX-Day Waiver In File) | XXX Valuations Rule (XXX): Borrower waived right to receive a copy of the appraisal at least XXX (XXX) business days prior to closing, and appraisal was not provided at or before closing. (Type:Secondary/XXX) | File is missing evidence of appraisal delivery to the borrower. | Reviewer Comment (XXX): receipt provided Buyer Comment (XXX): Uploaded Appraisal Delivery Cert |
XXX | No | 1 | B | A | B | A | B | A | B | A | B | A | XXX | XXX | XXX | XXX | B | B | A | A | B | B | A | A | Non QM | N/A | No | |||||||
| XXX | 2026060334 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX | XXX Appraisal - Appraisal Not Provided at or Before Closing (XXX-Day Waiver In File) | XXX Valuations Rule (XXX): Borrower waived right to receive a copy of the appraisal at least XXX (XXX) business days prior to closing, and appraisal was not provided at or before closing. (Type:Primary/XXX) | File is missing evidence of appraisal delivery to the borrower. | Reviewer Comment (XXX): receipt provided Buyer Comment (XXX): Uploaded Appraisal Delivery Cert |
XXX | No | 1 | B | A | B | A | B | A | B | A | B | A | XXX | XXX | XXX | XXX | B | B | A | A | B | B | A | A | Non QM | N/A | No | |||||||
| XXX | 2026060241 | XXX | XXX | XXX | XXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Certificate of Good Standing not provided | Reviewer Comment (XXX): Certificate of Good Standing provided. XXX Buyer Comment (XXX): Uploaded Certificate of Good Standing. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | N/A | No | ||||||||||||
| XXX | 2026060241 | XXX | XXX | XXX | XXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Missing the XXX to confirm the ownership confirmation | Reviewer Comment (XXX): XXX provided. XXX Buyer Comment (XXX): This is a XXX , there is not a board of directors or other members. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | N/A | No | |||||||||||
| XXX | 2026060241 | XXX | XXX | XXX | XXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Employer Identification Number (EIN) not provided | Reviewer Comment (XXX): XXX provided, XXX Buyer Comment (XXX): Uploaded XXX |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | N/A | No | ||||||||||||
| XXX | 2026060241 | XXX | XXX | XXX | XXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: XXX not provided | Missing the XXX to confirm the ownership confirmation | Reviewer Comment (XXX): XXX provided. XXX Buyer Comment (XXX): Uploaded Operating Agreement. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | N/A | No | |||||||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | ATR/QM Defect | General QM Provision Investor and QM DTIs match and both significantly exceed Guidelines | General QM: The DTI calculated in accordance with the Lenders Guidelines and XXX(e) of XXX% significantly exceeds the guideline maximum of XXX%. (DTI Exception requires compelling compensating factors to consider regrading to XXX.) | Calculated DTI of XXX% exceeds guideline maximum of XXX%. Variance due to all income stated on Final 1003 was not used. Bank statements for XXX were not provided, and income from this business could not be verified. | Reviewer Comment (XXX): Received and associated XXX Rental income documents. Exception cleared. Buyer Comment (XXX): Bank statements for XXX is not required. Please see "additional income/income documentation/calculations requirements" section of the guidelines. Rental income in addition to bank statement income can be used. Please see attached docs. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | No | |||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | ATR/QM Defect | Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | General QM: Based on the loan failing XXX or more guideline components, the loan is at XXX. | Calculated investor qualifying total debt ratio of XXX% exceeds guideline total debt ratio of XXX%. Variance due to all income stated on Final 1003 was not used. Bank statements for XXX were not provided, and income from this business could not be verified. | Reviewer Comment (XXX): Received and associated XXX property Rental income documents. Exception cleared. Buyer Comment (XXX): Bank statements for XXX is not required. Please see "additional income/income documentation/calculations requirements" section of the guidelines. Rental income in addition to bank statement income can be used. Please see attached docs. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | No | |||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Credit | Credit | XXX Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Investor qualifying total debt ratio discrepancy. | Calculated investor qualifying total debt ratio of XXX% exceeds Guideline total debt ratio of XXX%. | Calculated investor qualifying total debt ratio of XXX% exceeds guideline total debt ratio of XXX%. Variance due to all income stated on Final 1003 was not used. Bank statements for XXX were not provided, and income from this business could not be verified. | Reviewer Comment (XXX): Received and associated XXX Rental income documents. Exception cleared. Buyer Comment (XXX): Bank statements for XXX is not required. Please see "additional income/income documentation/calculations requirements" section of the guidelines. Rental income in addition to bank statement income can be used. Please see attached docs. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | No | |||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX Defect | XXX XXX Tolerance Violation Without Sufficient Cure Provided | XXX Integrated Disclosure: XXX Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXX exceeds tolerance of XXX. XXX over legal limit. Insufficient or no cure was provided to the borrower. (XXX) | XXX Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of XXX exceeds tolerance of XXX. XXX over legal limit. No valid changed circumstance was provided. No cure was provided to the Borrower. | Reviewer Comment (XXX): XXX Received Valid XXX dated XXX. Buyer Comment (XXX): See docs provided Reviewer Comment (XXX): XXX received XXX dated XXX, however XXX provided does not have any loan details i.e. property address or borrower name. Please provide XXX with loan details to re-evaluate the exception. Buyer Comment (XXX): see attached |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | Yes | ||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | ATR/QM Defect | Check Loan Designation Match - XXX | Qualified Mortgage (XXX): Originator Loan Designation of Higher Priced QM (XXX) does not match Due Diligence Loan Designation of QM (XXX) Risk. | The loan is at ATR Risk due to calculated DTI exceeds guidelines. Calculated DTI of XXX exceeds guideline maximum of XXX%. Variance due to all income stated on Final 1003 was not used. Bank statements for XXX were not provided, and income from this business could not be verified. | Reviewer Comment (XXX): Received and associated XXX Rental income documents. Exception cleared. Buyer Comment (XXX): Bank statements for XXX is not required. Please see "additional income/income documentation/calculations requirements" section of the guidelines. Rental income in addition to bank statement income can be used. Please see attached docs. |
XXX | No | 1 | B | A | C | A | B | A | C | A | B | A | XXX | XXX | XXX | XXX | Lender to provide updated ATR/QM status | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | Yes | ||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX | (XXX Provision) XXX Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer) | XXX Appraisal Rule (XXX): Creditor did not provide a copy of each valuation to applicant XXX (XXX) business days prior to consummation. (Type:Primary/XXX) | Creditor did not provide a copy of each valuation to applicant XXX business days prior to consummation. | Reviewer Comment (XXX): Received and associated XXX Rental income documents. Exception cleared. Reviewer Comment (XXX): We received proof of delivery for the appraisal dated XXX. Please provide the Appraiser Notice or updated proof of delivery reflecting a date on or after XXX. Exception remains. Buyer Comment (XXX): docs uploaded |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | No | |||||||
| XXX | 2026060328 | XXX | XXX | XXX | XXX | Compliance | Compliance | XXX Compliance | XXX | XXX XXX XXX Non Compliant | XXX Higher-Priced Mortgage Loan: XXX on subject loan of XXX% or Final Disclosure XXX of XXX% is equal to or greater than the threshold of XXX XXX% + XXX%, or XXX%. Non-Compliant Higher Priced Mortgage Loan. | XXX on subject loan of XXX% or Final Disclosure XXX of XXX% is equal to or greater than the threshold of XXX XXX% + XXX%, or XXX%. Non-Compliant Higher Priced Mortgage Loan. | Reviewer Comment (XXX): Received and associated XXX Rental income documents. Exception cleared. |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | C | A | A | A | Higher Priced QM (APOR) | Higher Priced QM (APOR) | No | |||||||
| XXX | 2026060333 | XXX | XXX | XXX | XXX | Credit | Income / Employment | Income Documentation | Missing Document | XXX Documents are missing. | Address: XXX Tax Verification | Missing Tax Verification. | Reviewer Comment (XXX): Recvd tax information, exception cleared. Buyer Comment (XXX): Please see attached docs |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Non QM | Non QM | No | |||||||
| XXX | 2026060333 | XXX | XXX | XXX | XXX | Credit | Credit | XXX Discrepancy / Guidelines Discrepancy | Guideline | XXX/Guideline Findings: All conditions were not met | XXX due to missing XXX tax verification. | Reviewer Comment (XXX): Recvd tax information, exception cleared. Buyer Comment (XXX): see attached as well as page XXX of the appraisal |
XXX | No | 1 | C | A | C | A | C | A | C | A | C | A | XXX | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Non QM | Non QM | No |