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| Exception Grades | ||||||||||||||||||||||||||||||||||||||||||||||||
| Run Date - 10/5/2026 9:40:26 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 |
| 226209954 | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | Hazard Insurance coverage is insufficient by (REDACTED) | Reviewer Comment (2026-08-12): Received Hazard Insurance.
Exception Cleared. Buyer Comment (2026-08-10): HOI |
08/12/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Refinance - Rate/Term | C | A | C | A | A | A | N/A | No | |||||||||||||||||
| 226294256 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The OFAC for the business entity was not provided. | Reviewer Comment (2026-07-24): Received OFAC search result for
borrowing business entity. Exception cleared. Buyer Comment (2026-07-22): OFAC for the business entity attached. |
07/24/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||||||||
| 226294256 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Corporate Resolution not provided | Provide evidence of signing authority for the borrowing entity. Document must be signed by all owners of the borrowing entity. The borrowing certificate in file incorrectly states this is a single member LLC and only contains our guarantor's signature. Our guarantor owns (REDACTED) of the company, and a second individual owns (REDACTED) | Reviewer Comment (2026-07-24): Received corporate resolution.
Exception cleared. Buyer Comment (2026-07-22): Signing authority documentation attached. |
07/24/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||||||||
| 226294256 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided | Missing deed signed at closing transferring ownership to our borrowing entity. | Reviewer Comment (2026-07-22): Revalidated available warranty
deeds showing transferring ownership to borrowing entity. Exception
Cleared. Buyer Comment (2026-07-20): Please see Doc ID (REDACTED) for executed Warranty Deed transferring ownership to our borrowing entity. |
07/22/2026 | No | 1 | D | A | D | A | D | A | D | A | D | A | FL | Investment | Purchase | D | A | D | A | A | A | N/A | No | |||||||||||||||||
| 226294257 | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Provide a pay history for the subject property. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR of (REDACTED) is greater than the minimum required DSCR of (REDACTED) | XX,Originator | Reviewer Comment (2026-08-26): Waived in error. Reviewer Comment (2026-08-26): Waived with compensating factors per lender exception approval. Reviewer Comment (2026-08-25): VOM is dated post closing. Buyer Comment (2026-08-24): Uploaded VOM. Reviewer Comment (2026-08-12): Received mortgage invoice as proof of housing history. Unable to verify payments were made. Provide a fully executed VOM together with either bank statements showing account ownership and timely payments debited by mortgage servicer, or canceled checks front and back along with the most recent mortgage statement. Exception remains Buyer Comment (2026-08-10): Mortgage Statements |
08/26/2026 | No | 2 | C | B | C | B | C | B | C | B | C | B | MI | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||||||
| 226499165 | Credit | Loan Package Documentation | Application / Processing | Insurance | Missing Document: Flood Certificate not provided | Flood Certificate missing in the file. | Reviewer Comment (2026-08-10): Received Flood Certificate.
Exception Cleared. Buyer Comment (2026-08-06): See attached. |
08/10/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | GA | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||||||||
| 226499165 | Credit | Missing Document | General | Missing Document | Missing Document: 1007 Rent Comparison Schedule not provided | Comparable Rent Schedule missing in the file. | Reviewer Comment (2026-09-15): Sufficient documentation
provided. Buyer Comment (2026-09-14): Please see 1007 & appraisal attached from the same Appraiser (REDACTED). Thank you. Reviewer Comment (2026-08-13): 1007 provided was not completed by the original appraiser that completed the 1004. Buyer Comment (2026-08-11): Please see 1007 attached Thank you. |
09/15/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | GA | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||||||||
| 226499165 | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Hazard insurance coverage amount is insufficient. | Hazard Insurance coverage is insufficient by (REDACTED). Provide verification of policy with sufficient coverage or provide copy of insurer's replacement cost estimate supporting current coverage amount. | Reviewer Comment (2026-08-10): Received Hazard Insurance.
Exception Cleared. Buyer Comment (2026-08-06): See hoi attached. Thank you. |
08/10/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | GA | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||||||||
| 226499165 | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing evidence of the (REDACTED) payment for subject property. | Reviewer Comment (2026-08-10): Guideline allows 1x30 day late
with no hits. Exception Cleared. Buyer Comment (2026-08-06): (REDACTED), please waive as this program permits a 1x30 day late with no hits. Thank you. |
08/10/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | GA | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No |