EFMT 2026-NQM12 ABS-15G

 

Exhibit 99.02 - Schedule 2

 

Loan Number Seller Loan Number Originator Last Name Note Date Original Balance State TPR QM ATR Status Loan Status Exception Date Remediation Status Exception ID Exception Type Exception Category Exceptions Exception Rebuttal Exception Rebuttal Date Exception Rebuttal Response Exception Rebuttal Response Date Compensating Factors Initial Overall Loan Grade Final Overall Loan Grade Initial Exception Grade Final Exception Grade Initial Credit Grade Final Credit Grade Initial Property Valuation Grade Final Property Valuation Grade Initial Compliance Grade Final Compliance Grade Initial Overall Grade (DBRS/Morningstar) Initial Credit Grade (DBRS/Morningstar) Initial Property Valuation Grade (DBRS/Morningstar) Initial Compliance Grade (DBRS/Morningstar) Initial Overall Grade (Fitch) Initial Credit Grade (Fitch) Initial Property Valuation Grade (Fitch) Initial Compliance Grade (Fitch) Initial Overall Grade (Kroll) Initial Credit Grade (Kroll) Initial Property Valuation Grade (Kroll) Initial Compliance Grade (Kroll) Initial Overall Grade (Moodys) Initial Credit Grade (Moodys) Initial Property Valuation Grade (Moodys) Initial Compliance Grade (Moodys) Initial Overall Grade (S&P) Initial Credit Grade (S&P) Initial Property Valuation Grade (S&P) Initial Compliance Grade (S&P) Final Overall Grade (DBRS/Morningstar) Final Credit Grade (DBRS/Morningstar) Final Property Grade (DBRS/Morningstar) Final Compliance Grade (DBRS/Morningstar) Final Overall Grade (Fitch) Final Credit Grade (Fitch) Final Property Grade (Fitch) Final Compliance Grade (Fitch) Final Overall Grade (Kroll) Final Credit Grade (Kroll) Final Property Grade (Kroll) Final Compliance Grade (Kroll) Final Overall Grade (Moodys) Final Credit Grade (Moodys) Final Property Grade (Moodys) Final Compliance Grade (Moodys) Final Overall Grade (S&P) Final Credit Grade (S&P) Final Property Grade (S&P) Final Compliance Grade (S&P)
2179458   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 01/07/2026 Resolved FCRE8999 Credit No Credit Findings The loan meets all applicable credit guidelines.     Informational 01/09/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
2179458   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 01/07/2026 Resolved FPRO8998 Property No Property Findings Property and valuations related findings were not identified on the loan.     Informational 01/09/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
2179473   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 01/30/2026 Resolved FCRE8999 Credit No Credit Findings The loan meets all applicable credit guidelines.     Informational 02/02/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
2179473   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 01/30/2026 Resolved FPRO8998 Property No Property Findings Property and valuations related findings were not identified on the loan.     Informational 02/02/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
2179473   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 01/30/2026 Resolved FCOM8997 Compliance No Compliance Findings The loan is in compliance with all applicable laws and regulations.     Informational 02/02/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCOM1233 Credit The Final 1003 is Incomplete The Final 1003 is Incomplete. Borrower Final 1003 declarations indicated they have not owned any other property in the last XXX years which would make the borrower a FTHB and would be ineligible. Primary residence is listed in REO though mortgage Statement has name of different person. Provide a Final 1003 with correct declarations and REO. Document Uploaded. Revised 1003 is attached. 08/31/2026 The Final 1003 is Present 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A D A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE1198 Credit Audited Reserves are less than Guideline Required Reserves (Number of Months) Audited Reserves of month(s) are less than Guideline Required Reserves of XXX month(s) Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Audited Reserves of XXX month(s) are greater than or equal to Guideline Required Reserves of XXX month(s); Not FTI; CPA Letter only required for self-XXX borrowers and employment is not verified on DSCR loans, therefore, CPA Letter is not required on DSCR; Acknowledge rental property documentation. Need a CPA letter to verify use of business funds will not impact his business, and the Borrower has use of the funds. Exception remains. 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE9995 Credit Audited Reserves are less than Guideline Required Reserves (Dollar Amount) Audited Reserves of $ are less than Guideline Required Reserves of $XXX. Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Audited Reserves of XXX are equal to or greater than AUS Required Reserves of $XXX.; Not FTI; CPA Letter only required for self-XXX borrowers and employment is not verified on DSCR loans, therefore, CPA Letter is not required on DSCR; Acknowledge rental property documentation. Need a CPA letter to verify use of business funds will not impact his business, and the Borrower has use of the funds. Exception remains. 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE9992 Credit Borrower Contributions Do Not Met Guideline Minimum Percent of Borrowers Funds for Down Payment of XXX% does not meet guideline minimum XXX% Borrower is classifed as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Documentation is sufficient. Previous rental property information provided. Exception resolved.; Borrower Contributions Meet Guidelines 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE2335 Credit DSCR is less than guideline minimum Qualifying DSCR of XXX is less than guideline minimum requirement of XXX Subject Property DSCR is.XXX. Borrower is classified as First Time Investor which requires DSCR of XXX or greater. There is documentation showing XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Documentation is sufficient. Previous rental property information provided. DSCR ration acceptable per guidelines. Exception resolved.; Qualifying DSCR meets Guidelines 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FVAL9739 Property Property/Appraisal General Property/Appraisal guideline violation: Subject property is classified as Rural per appraisal. Rural properties are ineligible for DSCR XX/XX/XXXX Unit Program.     Updated guidelines provided allowing Rural properties 09/01/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE2800 Credit Verified Liquid Assets Insufficient For Closing Verified Liquid Assets are insufficient for closing in the amount of $-XXX. To use business funds for closing a P&L and Balance Sheet is required to calculate Funds Available for Business Expense Coverage -OR- a CPA Letter attesting that the use of business funds will not impact business activities. Without business funds, borrower does not have enough funds for closing or reserves. Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves.     Not FTI; CPA Letter only required for self-XXX borrowers and employment is not verified on DSCR loans, therefore, CPA Letter is not required on DSCR; Verified Liquid Assets are insufficient for closing in the amount of $-XXX.; Verified Liquid Assets are sufficient for closing. 08/31/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE0382 Credit Assets do not meet guideline requirements When the Total Qualified Asset Post Close field contains a negative value, the required assets do not meet guidelines. To use business funds for closing a P&L and Balance Sheet is required to calculate Funds Available for Business Expense Coverage -OR- a CPA Letter attesting that the use of business funds will not impact business activities. Without business funds, borrower does not have enough funds for closing or reserves. Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves.     Not FTI; CPA Letter only required for self-XXX borrowers and employment is not verified on DSCR loans, therefore, CPA Letter is not required on DSCR; When the Total Qualified Asset Post Close field contains a negative value, the required assets do not meet guidelines.; Funds are found to meet guidelines. 08/31/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE1491 Credit Asset Qualification Does Not Meet Guideline Requirements Asset Qualification Does Not Meet Guideline Requirements. To use business funds for closing a P&L and Balance Sheet is required to calculate Funds Available for Business Expense Coverage -OR- a CPA Letter attesting that the use of business funds will not impact business activities. Without business funds, borrower does not have enough funds for closing or reserves. Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. Borrower is short funds to close and reserves.     Not FTI; CPA Letter only required for self-XXX borrowers and employment is not verified on DSCR loans, therefore, CPA Letter is not required on DSCR; Asset Qualification Does Not Meet Guideline Requirements..; Asset Qualification Meets Guideline Requirements. 08/31/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE8201 Credit Loan does not conform to program guidelines Subject Property DSCR is less than XXX Per guidelines, First Time Investor is not allowed for XX/XX/XXXX Unit DSCR less than XXX program. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Documentation is sufficient. Property profile provided. Exception resolved. 08/26/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/20/2026 Resolved FCRE1440 Credit Housing History Does Not Meet Guideline Requirements Housing History Does Not Meet Guideline Requirements. Borrower is classified as First Time Investor and gift funds cannot be used for First Time Investor. There is documentation showing XXX XXX is owned by XXX and borrower is owner of LLC; however, the picture appears to show vacant land and there is no verification it is a rental property with a lease and monthly rents received. Primary mortgage is also solely in name of another individual XXX. No mortgage history for borrower provided and no evidence of rental income received. First Time Investor is allowed only with a primary mortgage history. It does not appear borrower has a primary mortgage history. Document Uploaded. Attached is proof that they are not a 1st time Investor. 08/25/2026 Documentation is sufficient. Previous rental property information provided. Exception resolved.; Documentation is sufficient. Previous rental property information provided. Exception resolved.; Housing History Meets Guideline Requirements. 08/26/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A C A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2216152   XXX XXXXX XX/XX/XXXX $XXXXXX XXX ATR/QM: Exempt Loan Review Complete 08/21/2026 Resolved FCOM8997 Compliance No Compliance Findings The loan is in compliance with all applicable laws and regulations.     Informational Only 08/21/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX D A A A D A C A A A D D C A D D C A D D C A D D C A D D C A A A A A A A A A A A A A A A A A A A A A
2211684   XXX XXXXX XX/XX/XXXX $XXXXXX XXX Non-QM: Lender documented all ATR UW factors Loan Review Complete 09/08/2026 Resolved FCOM5922 Compliance Lender QM Status not validated The Originator QM designation was not verified. The Originator disclosed a QM designation of (QM: Average Prime Offer Rate (APOR)), whereas the final QM designation is (Non-QM: Lender documented all ATR UW factors).     Document Uploaded. Updated Compliance report received, QM Status match with non-QM. 09/10/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX C B C A A A A A C B C A A C C A A C C A A C C A A C C A A C B A A B B A A B B A A B B A A B B A A B
2211684   XXX XXXXX XX/XX/XXXX $XXXXXX XXX Non-QM: Lender documented all ATR UW factors Loan Review Complete 09/04/2026 Acknowledged FCOM9186 Compliance eSigned Documents Consent is Missing The eSigned consent disclosure is missing. Documentation required. 1st e-signed document in the file is dated XX/XX/XXXX, however missing proof of e-consent dated XX/XX/XXXX or before.     Client acknowledges that findings are non-material. Downgraded to B 09/09/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX C B B B A A A A C B C A A C C A A C C A A C C A A C C A A C B A A B B A A B B A A B B A A B B A A B
2211684   XXX XXXXX XX/XX/XXXX $XXXXXX XXX Non-QM: Lender documented all ATR UW factors Loan Review Complete 09/04/2026 Acknowledged FCOM5135 Compliance Missing Required Affiliated Business Disclosure Required Affiliated Business Disclosure Missing. Documentation required to clear exception: Please provide proof that the Affiliated Business Disclosure was provided prior to closing or provide confirmation that the lender has no affiliates or made no referral of business to affiliates.     Client acknowledges that findings are non-material. Downgraded to B 09/09/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX C B B B A A A A C B C A A C C A A C C A A C C A A C C A A C B A A B B A A B B A A B B A A B B A A B
2211684   XXX XXXXX XX/XX/XXXX $XXXXXX XXX Non-QM: Lender documented all ATR UW factors Loan Review Complete 09/08/2026 Resolved FCRE8999 Credit No Credit Findings The loan meets all applicable credit guidelines.     Informational Only 09/08/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX C B A A A A A A C B C A A C C A A C C A A C C A A C C A A C B A A B B A A B B A A B B A A B B A A B
2211684   XXX XXXXX XX/XX/XXXX $XXXXXX XXX Non-QM: Lender documented all ATR UW factors Loan Review Complete 09/08/2026 Resolved FPRO8998 Property No Property Findings Property and valuations related findings were not identified on the loan.     Informational Only 09/08/2026 Qualifying FICO is Greater than the Guideline Minimum - Qualifying FICO of XXX is greater than Guideline minimum FICO of XXX C B A A A A A A C B C A A C C A A C C A A C C A A C C A A C B A A B B A A B B A A B B A A B B A A B