Exhibit 99.9
Exception Grades
Run Date - 10/27/2026 11:13:45 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 |
| 226095472 | 3158710954 | 37212889 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation |
ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation. |
No documentation in file to evidence appraisal was provided to the borrower. |
Reviewer Comment (2026-08-21): appraisal receipt received Buyer Comment (2026-08-21): Please review receipt |
08/21/2026 | No | 1 | B | A | B | A | B | A | B | A | B | A | TX | Primary | Refinance - Rate/Term | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 226095472 | 3158710954 | 37212891 | Compliance | Compliance | Federal Compliance | RESPA | RESPA - Initial Escrow Account Statement Missing | RESPA: Initial escrow account statement was not provided to the borrower. | Initial escrow account statement was missing from the file. | Reviewer Comment (2026-08-24): IEAD disclosure received Buyer Comment (2026-08-21): Pleae review IEAD |
08/24/2026 | No | 1 | B | A | B | A | B | A | B | A | B | A | TX | Primary | Refinance - Rate/Term | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 226095472 | 3158710954 | 37212892 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Principal and Interest | TILA-RESPA Integrated Disclosure - Loan Terms: Final Closing Disclosure provided on [Redacted] disclosed a Principal and Interest Payment that does not match the actual payment for the loan. | Final Closing Disclosure provided on [Redacted] reflects a loan amount of $[Redacted], while the Note reflects a loan amount of $[Redacted]. A Change of Circumstance (COC) included in the file documents and explains the reduction in the loan amount from $[Redacted] to $[Redacted]. | Reviewer Comment (2026-08-24): [Redacted] received [Redacted] Final CD Buyer Comment (2026-08-21): Please review Final Closing Disclosure |
08/24/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Refinance - Rate/Term | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable |
C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 226095472 | 3158710954 | 37212893 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Projected P&I Payment Min Payment Fixed Rate Initial Payment | TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on [Redacted] disclosed a periodic principal and interest payment for payment stream 1 that does not match the actual payment for the loan. | Final Closing Disclosure provided on 05/26/2026 reflects a loan amount of $[Redacted], while the Note reflects a loan amount of $[Redacted]. A Change of Circumstance (COC) included in the file documents and explains the reduction in the loan amount from $[Redacted] to $[Redacted]. | Reviewer Comment (2026-08-24): [Redacted] received [Redacted] Final CD Buyer Comment (2026-08-21): Please review final CD |
08/24/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Refinance - Rate/Term | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 226095472 | 3158710954 | 37288000 | Compliance | Compliance | Federal Compliance | Missing Required Data (other than HUD-1 or Note) |
Payoff Statement Missing | Missing Payoff Statement: Unable to determine if a prepayment penalty was included in the pay-off which may impact high cost findings. | Reviewer Comment (2026-08-21): mtg statement indicating no prepayment penalties received Buyer Comment (2026-08-21): Do not concur. Please review the Mortgage Statement **Account Information** section "Prepayment Penalty" reflects No. this is acceptable. document ID D0350 page 937. Property Address Outstanding Principal Interest Rate Prepayment Penalty |
08/21/2026 | No | 1 | B | A | B | A | B | A | B | A | B | A | TX | Primary | Refinance - Rate/Term | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||||||||
| 226095472 | 3158710954 | 37288001 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Final Closing Disclosure Total Of Payments | TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on [Redacted] disclosed an inaccurate Total of Payments on page 5 that does not match the actual total of payments for the loan (fee amounts included in TOP calculation are based on Closing Disclosure dated [Redacted]. The disclosed Total of Payments in the amount of $[Redacted] is under disclosed by $[Redacted] compared to the calculated total of payments of $[Redacted] which exceeds the $[Redacted] threshold. | The disclosed Total of Payments in the amount of $[Redacted] is under disclosed by $[Redacted] compared to the calculated total of payments of $[Redacted] which exceeds the $[Redacted] threshold. | Reviewer Comment (2026-08-24): [Redacted] received [Redacted] Final CD Buyer Comment (2026-08-21): Please review Final Closing Disclosure |
08/24/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Refinance - Rate/Term | TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed equivalent amount, Corrected CD, and Re-open Rescission (required on rescindable transactions) | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 226095507 | 3158711000 | 37221069 | Credit | Income / Employment | Income Documentation | Income / Employment | Verification(s) of employment is not within 10 business days of the Note. | - | VOE for Employer [Redacted] was not found in file. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable Buyer Comment (2026-08-21): Do Not Concur - pay check date 05/20/2026 within 30 days of note - page 1047 / D0626 and VOE page 1117 |
08/21/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 226095507 | 3158711000 | 37221088 | 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) Risk. | Waterfall finding due to the missing VVOE for the co-borrower's secondary employment. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable |
08/21/2026 | No | 1 | B | A | C | A | B | A | C | A | B | A | NY | Primary | Purchase | Lender to provide updated ATR/QM status | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 226095507 | 3158711000 | 37239134 | 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 due to missing VVOE for coborrower's second job. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable |
08/21/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 226095507 | 3158711000 | 37239136 | 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 due to missing VVOE for coborrower's second job. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable |
08/21/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 226095507 | 3158711000 | 37239137 | Credit | Income / Employment | Income Documentation | Income / Employment | Income documentation requirements not met. | Missing VVOE for coborrower's second job. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable |
08/21/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | ||||||||||||
| 226095507 | 3158711000 | 37239139 | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - | Missing VVOE for coborrower's second job. | Reviewer Comment (2026-08-21): recent paystub used as VOE acceptable Buyer Comment (2026-08-21): [Redacted] - [Redacted] (Gastroenterologist)[Redacted] - 8.7yrs [Redacted] Paystub: $[Redacted]x26=$[Redacted] / $[Redacted]/12=$[Redacted] / YTD $[Redacted]/1.93=$[Redacted]. YTD supports base. No deductions to address. W2: [Redacted] $[Redacted]/12=$[Redacted] [Redacted] $[Redacted]/12=$[Redacted] [Redacted] -[Redacted] (Gastroenterologist) [Redacted] [Redacted] Paystub: $[Redacted]x26=$[Redacted] / $[Redacted]/12=$[Redacted] / YTD $[Redacted]/1.39=$[Redacted] / YTD supports base. No deductions to address. All are union or parking. [Redacted] Paystub: $[Redacted]x26=$[Redacted] / $[Redacted]/12=$[Redacted]. Appears borrower has recd raise $[Redacted]/12=$[Redacted]. YTD $[Redacted]/4.19=$[Redacted]. UW notes paystubs changed suggesting payroll has changed however all other information is accurate and no red flags. Google search does show that [Redacted] and [Redacted] are affiliated. |
08/21/2026 | No | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | C | A | C | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No |