Velocity Commercial Capital Loan Trust 2026-5 ABS-15G
Exhibit 99.08
Loan Level Exception - Final Grades (Loan Grades)
Run Date - 10/27/2026 12:10:06 PM
| FINAL CREDIT LOAN GRADES | FINAL COMPLIANCE LOAN GRADES | FINAL PROPERTY LOAN GRADES | FINAL OVERALL LOAN GRADES | ||||||||||||||||||||||||||||||||||||||||
| AMC Loan ID | Customer Loan ID | EDGAR Loan ID | Borrower Name | Deal Number | Original Loan Amount | State | Note Date | Purpose | Overall Grade | Credit Grade | Credit Exceptions | Credit Exception Information | Credit Exception Comments | Property Grade | Property Exceptions | Property Exception Information | Property Exception Comments | Compliance Grade | Compliance Exceptions | Compliance Exception Information | Compliance Exception Comments | Compliance Comp Factors | Compensating Factors | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P |
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100000 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] Application / Processing - Missing Document: HOA Questionnaire not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for title seasoning < 12 months. Comp Factor: LTV. < 2 active major trade lines on credit report. Approved exception at origination for credit report aged > 60 days. Comp Factor: LTV. Approved exception at origination for missing HOA cert, budget and P&L. Comp Factor: LTV. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for title seasoning < 12 months. Comp Factor: LTV. BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-23): Exception waived. Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factor, LTCV. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for credit report aged > 60 days. Comp Factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for missing HOA cert, budget and P&L. Comp Factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100276 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for 100% vacancy per appraisal (signed lease subsequently provided) Comp factor: LTV. Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for 100% vacancy per appraisal (signed lease subsequently provided) Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal notes black substance, possibly mold in half bath. Borrower provided a mold inspection report from the beginning of July, and it was noted to have some areas of mild mold, air quality issues (elevated gas levels) and HVAC repairs recommended. A 365-days holdback agreement was provided for $10,000 for mold remediation and reflected on HUD. Additionally, appraisal photos reflect bars on windows. No proof of quick release latches provided. No evidence of repairs for failed HVAC tape seal or failed caulk seal and reinspection to test air quality provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-14):XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Property vacant at origination. VCC completed a holdback for the mold remediation. The remaining repairs were considered deferred maintenance and while VCC felt comfortable proceeding, the borrower is expected to complete any necessary remaining repairs prior to tenant occupancy. VCC was further comforted as there were two inspections (one from May and one from July) which showed that work had been completed in the basement (where the mold was cited) between months and additionally by the low ltv. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100054 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease agreement. Comp factors: LTV and strong marketing trends which is non-quantitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for missing lease agreement. Comp factors: LTV and strong marketing trends which is non-quantitative subjective trait which cannot be substantiated. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100001 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - Missing Document: Lease Agreement not provided: Address: XXXXX, XXXX, XX XXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXX, XXXX, XX XXXXX |
FICO score < 650. Approved exception at origination for > 2X30 days late mortgage payments in the last 24 months. Comp factor: seasoned investor. Approved exception at origination for 100% vacancy per appraisal of subject property (signed lease subsequently provided) - XXXXXXXXXXXXXX Comp factor: Seasoned investor. Approved exception at origination for 100% vacancy per appraisal of subject property (signed lease subsequently provided). - XXXXXXXXXXXXXX. Comp factor: Seasoned investor. |
BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-23): Exception waived. Updated approval provided in trailing documents approving exception for FICO. Comp factors, seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for > 2X30 days late mortgage payments in the last 24 months. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for 100% vacancy per appraisal of subject property (signed lease subsequently provided) - XXXXXXXXXXXXXX Comp factor: Seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for 100% vacancy per appraisal of subject property (signed lease subsequently provided). - XXXXXXXXXXXXXX. Comp factor: Seasoned investor. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes the owner is in the process of installing new flooring in all three bedrooms and bathroom and new tub will also be installed. Cost to cure $5,000. Proof of completion not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-14): Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower was actively renovating. VCC hasn't confirmed the status of repairs; however, the borrower is expected to complete them prior to occupancy. VCC was further comforted because the borrower is a seasoned investor and the cost-to-cure is within VCC's deferred maintenance guideline of 5% or 20k. | 1 | Borrower's Experience/Track Record Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100261 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exceptions at origination for incomplete VOM-subject; missing 12 months deposit receipts for privately held mortgage., and missing VOR-primary; borrower lives rent free. Comp factors: FICO and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. Missing lease agreement. |
REVIEWER - WAIVED COMMENT (2026-09-17): Approved exceptions at origination for 1) incomplete VOM-subject; missing 12 months deposit receipts for privately held mortgage., and 2) missing VOR-primary; borrower lives rent free. Comp factors: FICO and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes bathtub/shower was removed and replaced by two sinks. Cost to cure to return the upstairs bath into a full bath with shower/bathtub is $10,000. Currently home has no full or 3/4 bathroom. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. This property is being operated as an artist studio with a coffee cart operating separately outside, and doesn't need a full bathroom for its current use. The $10,000 cost-to-cure is within VCC's guideline allowance for deferred maintenance. VCC was comforted by the low LTV and borrower's high FICO. | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100274 | Purchase | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100277 | Refinance Cash-out - Other | 3 | 2 | [2] General - Insufficient Hazard Insurance [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for basic form policy. Comp factor LTV. Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-09-23): Exception correceted on uploaded REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for basic form policy. Comp factor LTV. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The appraisal photos reflect what appears to be loose and hanging electrical wiring in the subject property's basement and rear exit/windows appear to be boarded/blocked. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No issue/concerns were cited by the appraiser. The wire in the basement is cabeled and did not appear to pose an immediate safety concern. The appraiser didn't cite any windows/doors being blocked, so that was not a concern at underwriting. VCC was comfortable proceeding with the loan as-is given the low LTV; however, the borrower is generally expected to maintain the property and complete any necessary repairs. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100262 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not collected at closing - on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for premium not collected at closing - on payment plan. Comp factor: seasoned investor. | 3 | [3] General - Subject is not in average or better condition.: - | Property condition C5 - The appraiser states that the property has not been updated in the past 15 years and while the dwelling remains habitable, some building components may require repair, rehabilitation, or updating. The appraiser does not specify what these areas are and does not provide a cost to cure. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): Appraisal made as-is and the property condition is considered in the value/LTV. No specific issues or deferred maintenance cited; however, the borrower provided an LOE stating that a portion of cash-out proceeds would be used towards making repairs/updates where necessary. VCC hasn't followed-up further, but expects the borrower to fulfill their commitment and to maintain the property. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100278 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX |
Title seasoning < 12 months on a cash-out refinance using the higher VCC value vs the lower purchase price - XXXXXXXXXXXX Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and DSCR. Approved exception at origination for 100% vacancy of 1 of 4 units per the appraisal (signed lease subsequently provided). Comp factors: LTV and DSCR. |
BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-24): Exception waived. Updated approval provided in trailing documents approving exception for cash out on property vesting < 12 months using appraised value versus original purchase price. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and DSCR REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for 100% vacancy of 1 of 4 units per the appraisal (signed lease subsequently provided) - XXXXXXXXXXXX Comp factors: LTV and DSCR. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100110 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. Missing lease agreements for units 1 and 2. |
REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-24): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XX% LTV - Appraiser/VCC Analyst review notes that the stove in the basement is illegal and needs to be removed and the electrical panel boxes need to be covered. Estimated cost to cure is $500. LOE in file from borrower stating they will remove the stove and install cover, no evidence of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete the repairs. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete them. VCC was comforted by the low LTV and low cost-to-cure. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100111 | Refinance Rate/Term | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for < 2 major active tradelines on credit report. Comp factor: LTV. 1) Approved exception at origination for missing VOM-subject. 2) Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for < 2 major active tradelines on credit report. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-16): 1) Approved exception at origination for missing VOM-subject. 2) Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100055 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy. Comp factors: Marketing trends, which is unable to be validated as a non-quantifiable trait and LTV. | REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy. Comp factors: Marketing trends, which is unable to be validated as a non-quantifiable trait and LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect some rooms are missing carpeting and the kitchen appliances are missing - cost to cure is $750. PTD for LOE prior sale and subsequent increase and itemized list of all recent renovations and associated costs required. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower provided an LOE stating that they were preparing the property to be leased. The UW didn't deem the itemized list as necessary to proceed with funding. Given the low LTV and cost-to-cure VCC felt comfortable with proceeding. VCC hasn't further followed-up but expects the borrower to fulfill their commitment to complete repairs and rent the property. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100182 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. Approved exception at origination for loan amount < $75,000. Comp factors: seasoned investor and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for loan amount < $75,000. Comp factors: seasoned investor and FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100112 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | 1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100183 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: reserves. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves. |
BUYER - GENERAL COMMENT (2026-09-23): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for FICO < 650. Comp factors: reserves. BUYER - GENERAL COMMENT (2026-09-23): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The appraisal photos reflect the rooms labeled "enclosed porch" has unfinished walls with exposed 2x4s and thus the potential for exposed electrical wiring and other possible hazards exists. Addition interior stairwell is missing railing. No cure or proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. There weren't any exposed wires pictured or mentioned by the appraiser, so this was not material to underwriting. Generally, missing handrails aren't material to underwriting. VCC expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100113 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100002 | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] General - FICO below 650 [2] Credit Documentation - Missing lease Agreement |
Approves exception at origination for title seasoning < 12 months. Comp factor: LTV. An approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-17): An approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes subject is undergoing exterior siding replacement and approximately 40% has been replaced and the kitchen needs appliances and outlet covers installed. The estimated cost to cure/complete is approximately $17,500. PTD for completion of vinyl siding and kitchen appliance installation provided; however, photo provided only shows rear of subject property completed. Unable to determine if all the vinyl siding has been completed Missing handrail on basement stairs. No proof of completion/repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV - including the cost-to-cure. The property was vacant and undergoing renovations at the time of the inspection. VCC felt the photos provided were sufficent to proceed. VCC hasn't further followed up on the status of the renovations; however, the borrower is expected to complete them so that they can rent the property. VCC was further comforted as this borrower is a seasoned investor and this is a low LTV loan. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100108 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Title seasoning < 12 months, no purchase price provided to determine if correct value was used to determine LTV. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO. Approved exception at origination for rural property. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-24): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for 100% vacancy per appraisal. Comp factors: FICO. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for rural property. Comp factor: FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100109 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing lease agreements for units 1 and 2/vacant on a refi. | BUYER - GENERAL COMMENT (2026-09-23): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-24): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV/. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100056 | Refinance Cash-out - Other | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XXXXXXXXXXX - Missing railing on interior stairs to basement. Additionally, appraiser noted there is peeling and flaking paint, which based on the property-built date of XXXX, could contain lead. XXXXXXXXXXX - The appraiser observed missing exterior siding and two missing outlet covers in the living room. Additionally, while no water leaks were noticed on the date of inspection, water stains in the basement indicated a possible past water intrusion event. No cost to cure provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The exceptions cited were considered standard deferred maintenance and VCC felt comfortable proceeding as-is. However, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100003 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors LTV. Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors: seasoned investor and seasoned business. Approved exception at origination for 50% vacancy; (signed leases subsequently provided). Comp factors: seasoned investor and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors LTV. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors: seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for 50% vacancy; (signed leases subsequently provided). Comp factors: seasoned investor and seasoned business. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100057 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease agreement for unit #1. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for missing lease agreement for unit #1. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal/VCC Analyst review notes unit 1 has security bars and loose hanging wiring in basement. No proof of quick release latches provided with no cost to cure. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given the low LTV, this wasn't material to underwriting. However, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100263 | Refinance Cash-out - Other | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect a water damaged ceiling in bedroom #1, wood rot on the front porch, sagging second floor rear balcony, and the exterior of the house requires paint stripping and repainting. Estimated cost to cure is $1,000 - $1500. Roof certification provided with cost of $2,470.80 paid through closing. No evidence of repair of bedroom ceiling (contractor makes note of the needed repairs but did not do them himself). Picture of roof patching provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC obtained a roof cert which confirmed that there isn't an active leak. The borrower provided an LOE commiting to complete the repairs post-close. VCC hasn't further confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100114 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photo reflects doorway (appears to be doorway into laundry area) in rear of property is boarded up. No costs to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. This wasn't considered material to underwriting; however, the borrower is generally expected to maintian the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100004 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | VCC Analyst Review notes subject is illegally divided into three units, in which the rear unit is not reflected as GLA per public record (reflected as screened porch). No value was given to this unit in the appraisal report. The main/front units were also divided without permits; however, the gross living area is reflected in the public records. A cost to cure of $5,000 was considered in the appraisal report to remove kitchen and open wall, forming a living room. No cost to cure provided to remove the portion converted from the screen porch. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. The subject was appraised as a typical 1 unit SFR and given the low cost-to-cure, VCC felt comfortable proceeding. VCC hasn't further followed-up, but the borrower is ecpected to maintain the property and obtain any necessary permits. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100005 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts. Comp factor: LTV. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for VOM-subject subordinate mortgage. Comp factor: LTV. REVIEWER - RE-OPEN COMMENT (2026-09-21): Update comment REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100006 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Missing Hazard Insurance [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. [2] General - The property is ineligible. |
Approved exception at origination for title seasoning < 12 months on a cash-out refinance using the higher appraised value vs the lower purchase price. Comp factor: LTV. Approved exception at origination for premium not collected in full at closing on payment plan). Comp factor: seasoned investor. Approved exception at origination for loan amount < $75,000. Comp factor: LTV. Approved exception at origination for rural property. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-09-23): Exception is valid. According to the prelim, borrower took title XXXX REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for title seasoning < 12 months on a cash-out refinance using the higher appraised value vs the lower purchase price. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for premium not collected in full at closing on payment plan). Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for rural property. Comp factor: LTV. |
1 | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100058 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Property has been listed for sale in the past 12 months. |
Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business. Approved exception at origination for 100% vacancy/missing lease agreement - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. Approved exception at origination for 49.08% vacancy/missing lease agreements - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. Approved exception at origination for 100% vacancy/missing lease agreement - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. Approved exception at origination for missing VOM-primary; guarantor lives rent free and Incomplete VOM-subject; missing 12 months deposit receipts for 5 of 6 properties held with private lenders. Comp factors: LTV and seasoned business. Approved exception at origination for cash-out refinance on property listed for sale within the last 6 months - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy/missing lease agreement - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 49.08% vacancy/missing lease agreements - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy/missing lease agreement - XXXXXXXXXXXX. Comp factors: LTV and seasoned investor. REVIEWER - RE-OPEN COMMENT (2026-09-21): Update comment REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy/missing lease agreement - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception for missing 1) VOM-primary; guarantor lives rent free and 2) Incomplete VOM-subject; missing 12 months deposit receipts for 5 of 6 properties held with private lenders. Comp factors: LTV and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for cash-out refinance on property listed for sale within the last 6 months - XXXXXXXXXXXX. Comp factors: LTV and seasoned business. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appriasal photo reflects stove not installed in XXXX kitchen - XXXXXXXXXXXXX. No proof of installation or cost to cure provided | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. This wasn't considered material as the property was vacant and being cleaned at the time of the inspection. VCC hasn't confirmed if the stove has been installed; however, it is expected that the stove will be installed prior to occupancy. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100007 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100115 | Purchase | 2 | 2 | [2] General - FICO below 650 [2] Application / Processing - Missing Document: HOA Questionnaire not provided |
Approved exception at origination for FICO < 650. Comp factor: seasoned investor. Approved exception at origination for missing HOA documents. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for missing HOA documents. Comp factor: seasoned investor. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: - | Appraiser observed shuttered window in rear, damaged screens and a missing screen door on the rear patio, damaged kitchen countertop tiles and missing base of kitchen cabinet and kitchen sink cabinetry under sink - cost to cure is $2,000. 2 car garage has enclosed room - noted as unpermitted den cost to cure to remove unpermitted den for functional 2 car garage is $1,000. Proof of repair not provided | BUYER - GENERAL COMMENT (2026-09-23): Uploaded REVIEWER - WAIVED COMMENT (2026-09-24): Exception waived. Updated approval provided in trailing documents approving the deferred maintenance. Comp factor, seasoned investor. |
1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100008 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property is ineligible. |
Approved exception at origination for FICO < 650. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for rural property. LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. |
REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for FICO < 650. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for rural property. LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes subject is at the end of a remodel and there are several items that need to be completed; windows need to be painted, remaining siding needs paint, soffit and fascia needs to be repaired, interior painting to completed and 1st floor porch needs to be scraped and painted due to lead based paint risk. Estimated cost to cure is $6000; no proof of repair provided | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant and undergoing renovations at origination. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to complete them prior to occupancy. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100116 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Approved exception at origination for missing VOR- primary; guarantor lives rent free. Comp factors: FICO and seasoned investor. Approved exception at origination for 100% vacancy. Comp factors: seasoned investor and FICO. Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for missing VOR- primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. REVIEWER - RE-OPEN COMMENT (2026-09-18): Comment update REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for missing VOR- primary; guarantor lives rent free. Comp factors: FICO and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for 100% vacancy. Comp factors: seasoned investor and FICO. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100117 | Purchase | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - LTV does not meet guidelines |
Approved exception at origination for 'Credit" (<2 active major tradelines on credit report). Comp factor: FICO. Approved exception at origination for LTV > 70% on owner user traditional 1 mixed use purchase. Comp factors; seasoned business and reserves. |
REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for 'Credit" (<2 active major tradelines on credit report). Comp factor: FICO. REVIEWER - RE-GRADED COMMENT (2026-09-16): Approved exception at origination for LTV > 70% on owner user traditional 1 mixed use purchase. Comp factors; seasoned business and reserves. |
3 | [3] General - Subject is not in average or better condition.: - [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - |
Property condition Fair - Subject photos reflect significant deferred maintenance and health and safety issues including broken windows, chipped/peeling paint, cracked/damaged exterior stucco and a broken entryway step. Bars on windows of residential portion without quick release latches. No costs to cure provided. Property condition Fair - Subject photos reflect significant deferred maintenance and health and safety issues including broken windows, chipped/peeling paint, cracked/damaged exterior stucco and a broken entryway step. Bars on windows of residential portion without quick release latches. No cost to cure provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): Purchase transaction. Appraisal made as-is and the property condition is considered in the value and LTV. The items are generally cosmetic deferred maintenance and were deemed to be insignificant to overall value. VCC was comfortable proceeding as the borrower is a seasoned investor who maintained strong reserves post-close. The borrower provided a business plan LOE stating that they would be explanding their business into the subject property. VCC expects the borrower to make any necessary repairs prior to occupying with their business. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): Purchase transaction. Appraisal made as-is and the property condition is considered in the value and LTV. The items are generally cosmetic deferred maintenance and were deemed to be insignificant to overall value. VCC was comfortable proceeding as the borrower is a seasoned investor who maintained strong reserves post-close. The borrower provided a business plan LOE stating that they would be explanding their business into the subject property. VCC expects the borrower to make any necessary repairs prior to occupying with their business. |
1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100009 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan >$500k. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |
REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan >$500k. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100059 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal/property inspection reflects deferred maintenance throughout, damaged ceiling, broken windows, possible leaking roof, drywall damage and non funtioning boiler/no heat source. Boiler cost to cure estimated to be 8k. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. VCC obtained a roof cert frrom a licensed vendor which confirmed that the roof did not have a leak and that it was functional. The remaining items were considered deferred maintenance and VCC expects the borrwoer to complete all of the necessary repairs - no further follow-up from VCC has been completed. VCC was further comforted as the borrower is a seasoned investor. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100010 | Refinance Cash-out - Other | 2 | 2 | [2] General - Ineligible property [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: FICO and seasoned investor. Approved exception at origination for incomplete VOR-primary; missing pay history receipts to supplement summary from private landlord. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: FICO and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception for incomplete VOR-primary; missing pay history receipts to supplement summary from private landlord. Comp factor: FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100060 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for missing VOM-subject. Comp factor: reserves. Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-09-16): Approved exception at origination for missing VOM-subject. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-09-23): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: reserves. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100061 | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Ineligible property [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for 2nd mortgage term < 3 years. Comp factor, FICO. Approved exception at origination for state exclusion override (IL). Comp factor, FICO. Approved exception at origination for incomplete VOR-primary. Missing 12 months deposit receipts. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for 2nd mortgage term < 3 years. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for state exclusion override (IL). Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for incomplete VOR-primary. Missing 12 months deposit receipts. Comp factor: FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100259 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - LTV does not meet guidelines |
< 2 active major tradelines on credit report. Approved exception at origination for LTV> 65% on cash out refinance by foreign investor. Comp factors: FICO and reserves. |
BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines. Comp factor, reserves. BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for LTV> 65% on cash out refinance by foreign investor. Comp factors: FICO and reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100118 | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves and seasoned business. | 1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100119 | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged >60 days. Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-09-24): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for credit report aged >60 days. Comp factor; FICO. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100062 | Purchase | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on investor traditional 1 multifamily purchase with loan > $750. Comp factors; FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for DSCR < 1.20x on investor traditional 1 multifamily purchase with loan > $750. Comp factors; FICO and reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100120 | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | 3% wind deductible is > $25k. | BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100121 | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance [2] General - LTV does not meet guidelines |
Approved exception at origination for DSCR < 1.0x on owner user traditional 2 purchase with loan > $750k. Comp factors; seasoned investor and seasoned business. Approved exception at origination for EOI for property coverage reflects exclusion of wind/hail policy. Comp factors, seasoned investor and seasoned business. Approved exception at origination for LTV > 70% and CLTV >85% on owner user traditional 2 purchase. Comp factors; seasoned investor and seasoned business. |
REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 purchase with loan > $750k. Comp factors; seasoned investor and seasoned business. BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Approved at origination for EOI for property coverage reflects exclusion of wind/hail policy. Comp factors, seasoned investor and seasoned business. REVIEWER - WAIVED COMMENT (2026-09-17): Approved exception at origination for LTV > 70% and CLTV >85% on owner user traditional 2 purchase. Comp factors; seasoned investor and seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100011 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100012 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100063 | Purchase | 2 | 2 | [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance |
Approved exception at origination for FICO < 650. Comp factor; seasoned business and DSCR. Missing evidence of liability coverage forXXXXXXXXXXXX |
BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for FICO < 650. Comp factor; seasoned business and DSCR. BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage on vacant lot. Comp factors, DSCR and seasoned business. |
1 | 1 | Borrower's Experience/Track Record The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100122 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100123 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100064 | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing Liability coverage < $1mm per occurrence/ $2mm Gen Agg (unit owners liability of $300k provided). | BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factors, LTV and FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100124 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100013 | Purchase | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for ineligible borrowers-foreign nationals without SSNs, tax returns or credit reports. Comp factors: LTV, company financial strength and DSCR. | REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for ineligible borrowers-foreign nationals without SSNs, tax returns or credit reports. Comp factors: LTV, company financial strength and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser states buildings A, B, E, H and I are currently vacant and exhibit deferred maintenance, including both cosmetic and physical deficiencies with cost to cure at approximately $1,257,675 rounded to $1,260,000. Appraisal photos reflect missing/damaged ceiling, damaged flooring, graffiti on walls and broken glass wall (safety hazard). Appraiser did not provided a breakdown of costs to cure items, cost is based on square feet of 50,307 x $25 (5 of 9 buildings). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-09-17): Appraisal made as-is, current property condition reflected in appraised value/purchase price and LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100014 | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for not meeting VCC's policy requirement criteria for foreign nationals, as guarantor does not have an SSN. Comp factors: Guarantor Support/Liquidity, company financial strength and DSCR. Approved exception at origination for missing personal credit reports for both guarantors. Comp factors: Company financial strength and DSCR. |
REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for not meeting VCC's policy requirement criteria for foreign nationals, as guarantor does not have an SSN. Comp factors: Guarantor Support/Liquidity, company financial strength and DSCR. REVIEWER - WAIVED COMMENT (2026-09-15): Approved exception at origination for missing personal credit reports for both guarantors. Comp factors: Company financial strength and DSCR. |
1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100015 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Basement shows evidence of mold on the walls and floor. Exposed wiring extending from ceiling to floor in the basement. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any mold concerns and the photos appear to show staining, but no mold was confirmed. The subject is in overall average condition and no deferred maintenance was cited. The wire was cabled and the basement is used for utility purposes only. VCC generally expects the borrower to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100016 | Refinance Rate/Term | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100017 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Credit report aged > 60 days. Missing lease agreement - XXXXXXXXXXXX Missing lease agreement - XXXXXXXXXXXX Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photo reflects front steps in need of repair; no cost to cure or proof of repair provided. PTD to repair damaged front steps; tripping hazard. LOE from borrower stating they will repair the front steps after closing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete repairs. VCC hasn't confirmed the status, but expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100018 | Refinance Cash-out - Other | 2 | 2 | [2] Mortgage / Program Eligibility - Missing Document: Note - Subordinate Lien not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Missing 2nd lien note. Approved exception at origination for incomplete VOM-subject; missing 7 of 12 months deposit receipts. Comp factor; LTV. |
BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-09-25): Exception remains. Updated approval has the exception listed without a comp factor. BUYER - GENERAL COMMENT (2026-10-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for missing 2nd note. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-09-18): Approved exception at origination for incomplete VOM-subject; missing 7 of 12 months deposit receipts. Comp factor; LTV. REVIEWER - RE-GRADED COMMENT (2026-09-18): Approved exception at origination for incomplete VOM-subject; missing 7 of 12 months deposit receipts. Comp factor; LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100019 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100020 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: FICO and LTV. Approved exception at origination for rural property. Comp factors, LTV and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: FICO and LTV. BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for rural property. Comp factors, LTV and FICO. |
2 | [2] General - Subject is not in average or better condition.: - [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - |
Approved exception at origination for Property in C5 condition - appraiser observed a non-functional and incomplete secondary bathroom, open garage ceiling with exposed framing and electrical wiring, and an open electrical panel with exposed wiring. PTD for completion of 2nd bathroom, installation of electrical panel cover and proof electrical service is turned on and functioning properly and garage ceiling to be repaired. Contractor's bid of $9,000 provided. Comp factor, 365-day signed Holdback Agreement for $13.500 and reflected on HUD. Approved exception at origination for appraiser observed a non-functional and incomplete secondary bathroom, open garage ceiling with exposed framing and electrical wiring, and an open electrical panel with exposed wiring. PTD for completion of 2nd bathroom, installation of electrical panel cover and proof electrical service is turned on and functioning properly and garage ceiling to be repaired. Contractor's bid of $9,000 provided. Comp factor: 365-day Holdback Agreement provided with holdback amount of $13,500 for garage,, electrical repairs, and complete 2nd bath. Amount reflected on HUD. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for Property in C5 condition - appraiser observed a non-functional and incomplete secondary bathroom, open garage ceiling with exposed framing and electrical wiring, and an open electrical panel with exposed wiring. PTD for completion of 2nd bathroom, installation of electrical panel cover and proof electrical service is turned on and functioning properly and garage ceiling to be repaired. Contractor's bid of $9,000 provided. Comp factor, 365-day signed Holdback Agreement for $13.500 and reflected on HUD. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for appraiser observed a non-functional and incomplete secondary bathroom, open garage ceiling with exposed framing and electrical wiring, and an open electrical panel with exposed wiring. PTD for completion of 2nd bathroom, installation of electrical panel cover and proof electrical service is turned on and functioning properly and garage ceiling to be repaired. Contractor's bid of $9,000 provided. Comp factor: 365-day Holdback Agreement provided with holdback amount of $13,500 for garage,, electrical repairs, and complete 2nd bath. Amount reflected on HUD. |
1 | Borrower has owned the subject property for at least 5 years. Evidence of Escrow Holdback in file. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100021 | Refinance Cash-out - Other | 3 | 2 | [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for LTV > 70% on Investor 1-4 with loan amount > $ 1,000,000. Comp factors, seasoned business and seasoned investor. Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and seasoned investor. Approved exception at origination for incomplete VOM-subject; missing 2 of 12 monthly deposit receipts. Comp factors: seasoned business and seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-10-27): Approved exception at origination for LTV > 70% on Investor 1-4 with loan amount > $ 1,000,000. Comp factors, seasoned business and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for incomplete VOM-subject; missing 2 of 12 monthly deposit receipts. Comp factors: seasoned business and seasoned investor. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The appraiser reported the subject property has an unpermitted bath in one bedroom, the garage has been converted to a living area, and the subject has multiple ramps and a floor plan conducive to an assisted living home, and not a typical SFR. Cost to return the property to a SFR floor plan is estimated to be $5,500. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. The cost-to-cure was applied to the final value. VCC did not consider this as material to underwriting because the current use of the property is an assisted living facility and the borrower has been operating the business for 10 years. If the borrower intends to change the use from an ALF to an SFR rental, then it's expected that they will complete the necessary conversions. Generally, VCC expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100065 | Refinance Rate/Term | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for title seasoning < 12 months using the higher appraised value vs the lower purchase price. Comp factor: seasoned investor. Approved exception at origination for missing VOR-primary. Comp factor: seasoned investor. Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for title seasoning < 12 months using the higher appraised value vs the lower purchase price. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for title seasoning < 12 months using the higher appraised value vs the lower purchase price. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100066 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for 100% vacancy per appraisal. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | 3 | [3] General - Subject is not in average or better condition.: - [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - |
Approved exception at origination for subject property in C5 condition. The home has brick exterior, a composition shingle roof, and wood windows. The home is in C5 condition with missing flooring, a large hole along the exterior brick wall (PTD noted), and has been considered as a C5. An estimated CTC is being provided (not provided by the appraiser) at an estimated $3500 for the missing flooring and will be deducted from the review. The home was vacant. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. The appraiser observed an opening in the exterior roof covering which has allowed water intrusion and resulted in in visible damage to the interior ceilings and finishes. The cost to cure is estimated between $4,500 and $8,500. The appraiser also observed a section of missing brick veneer which may allow moisture intrusion if left uncorrected. The cost to cure is between $1,000 and $1,500. VCC analyst review noted missing flooring with cost to cure of $3,500. PTD: repair of exterior brick - no proof of repair provided. |
REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for subject property in C5 condition. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. REVIEWER - GENERAL COMMENT (2026-10-27): Client Comment - XX% LTV. Appraisal made as-is and property condition is considered in the value/LTV. VCC internal reviewer determined that the cost-to-cure for the hole in the brick exterior to be $3500 and VCC UW had the borrower provide an LOE which confirmed that they would use cash-out proceeds to repair the exterior brick. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower was completing repairs. The borrower provided an LOE stating that cash-out proceeds would be used to cure the deferred maintenance including the brick repair. VCC hasn't further confirmed the status of repairs; however, VCC expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low LTV. |
1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100125 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for FICO < 650. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for 33% vacancy (lease agreement subsequently provided). Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for FICO < 650. Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for 33% vacancy (lease agreement subsequently provided). Comp factors: LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. BUYER - GENERAL COMMENT (2026-10-01): Correcetd Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal/VCC Analyst Review notes cover panels to be installed on furnaces for all 3 units and units 2&3 are missing ovens. No cost to cure or proof of installation provided. Additionally, it appears stairwell is missing railings in additional photos of subject property provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Units 2 and 3 are vacant.The borrower was actively renovating the subject and repairs are expected to be completed. VCC hasn't confirmed the status of repairs. VCC was further comforted as the borrower was actively renovating, is a seasoned investor and this is a low LTV loan. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100126 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Credit report aged > 60 days. | BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor, FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100127 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for 1x30 days late mortgage payments in the last 90 days. Comp factor: LTV. Approved exception at origination for 100% vacancy (signed lease agreement subsequently provided). Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for 1x30 days late mortgage payments in the last 90 days. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. REVIEWER - RE-OPEN COMMENT (2026-09-22): Update comment REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for 100% vacancy (signed lease agreement subsequently provided). Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100067 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX |
Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. Approved exception at origination for 50% vacancy (signed lease agreement subsequently provided). Comp factors: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for 50% vacancy (signed lease agreement subsequently provided) -XXXXXXXXXXXXXX. Comp factors: LTV and DSCR. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photo reflects appliances not installed in kitchen. No costs to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV.The borrower provided an LOE stating that per the lease agreement the tenant is responsible for providing appliances. VCC hasn't further confirmed the status of installation; however, it is expected that the appliances will be installed upon occupancy per the tenant lease agreement and borrower LOE. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100068 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100069 | Refinance Cash-out - Other | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100128 | Refinance Cash-out - Other | 3 | 2 | [2] General - The property is ineligible. | Rural Property. | BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photo reflects dampness in basement of unit A near furnace. Source of water intrusion not provided nor cost to cure. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No active leaks cited in the appraisal or observed in the photos, so this wasn't material to underwriting. However, VCC expects the borrower to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100070 | Refinance Cash-out - Other | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors; LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for loan amount < $75,000. Comp factors; LTV and marketing trends, which is unable to be validated as a non-quantifiable trait. | 3 | [3] Appraisal Documentation - Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.: - [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - |
Appraisal was made subject to installation of a fire/CO detector on first floor and one in the basement with cost to cure estimated at $125. 1004D/442 not provided. Apprasier observed worn floor covering, broken window and missing gutters and downspouts with estimated cost to cure of $4,450. LOE from borrower provided stating they will replace window and floor coverings after close. Appraisal was made subject to installation of a fire/CO detector on first floor and one in the basement with cost to cure estimated at $125. No proof of repair provided. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. VCC felt comfortable proceeding with the subject to appraisal given the low cost-to-cure. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-23): Client comment: XX% LTV. VCC obtained an LOE from the borrower stating that they would complete the repairs. VCC felt comfortable proceeding with the subject to appraisal given the low cost-to-cure. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. |
1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100129 | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for 100% vacancy per appraisal. Comp factor: FICO. Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-10-01): Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for 100% vacancy per appraisal. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100022 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary; missing 2 of 12 monthly deposit receipts. Comp factors: FICO and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for incomplete VOM-primary; missing 2 of 12 monthly deposit receipts. Comp factors: FICO and strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100071 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Missing lease agreement. Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and strong marketing trends with is a non-quantitative subjective trait which cannot be substantiated. |
BUYER - GENERAL COMMENT (2026-10-01): Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, reserves. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and strong marketing trends with is a non-quantitative subjective trait which cannot be substantiated. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: - | PTD to replace rotting and deteriorating rear wood exterior. LOE in file from borrower stating they will make repairs after closing. No cure or proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE commiting to complete the repairs post-close. VCC hasn't further confirmed the status of repairs, but expects the borrower to fulfill their commitment to complete them | 1 | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100264 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100023 | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Flood insurance [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Credit Report not provided |
HOA flood insurance policy is missing subject unit number. HOA master policy is missing subject unit number. Approved exception at origination for 1 score on credit report. Comp factor: LTV. |
BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for HOA Flood Insurance missing unit number. Comp factor. FICO. BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for HOA Insurance missing unit number. Comp factor. FICO. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for 1 score on credit report. Comp factor: LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100024 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100130 | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. [2] General - The property is ineligible. |
Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. Approved exception at origination for rural property. Comp factors: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for rural property. Comp factors: LTV and DSCR. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100131 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - Insufficient Hazard Insurance |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for subject premises liability insurance < $300,000. Comp factor not provided. |
REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: DSCR and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for subject premises liability insurance < $300,000. Comp factor not provided. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect dampness in the basement and only 1 water heater was observed. No cost to cure or proof of installation provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No active leak confirmed so the dampness wasn't considered material. The water heater wasn't confirmed to be an issue. Per borrower LOE, cash-out proceeds would be used towarrds home improvement and renovations. VCC hasn't further followed up on the status of any repairs, but generally expects the borrower to maintain the property and complete any necessary repairs. | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100132 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100072 | Purchase | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect enclosed porch has boarded windows and dampness in the basement. No cost to cure or proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, "repairs needed appear to be cosmetic in nature". VCC felt comfortable proceeding and expects the borrower to maintain the property and complete any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100266 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100073 | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-10-01): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100074 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XX% LTV - The appraiser observed a towel place behind a commode indicating the possibility of a slow water leak; cost to cure of $350 was estimated. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. This was considered a minor toilet leak and not material to underwriting; however, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100075 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. Credit report reflects > 1 X 30 days late payments in the past 12 months. |
REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. BUYER - GENERAL COMMENT (2026-10-01): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for late payments. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal notes fascia throughout exterior is unpainted with several sections rotting and deteriorating and several sections of exterior siding have been patched with different materials; Cost to cure is $13,800. No proof of repair provided. PTD: replace rotting and damaged siding around HVAC, replace damaged eaves and trim and properly seal and cover exposed exterior - XXXXXXXXXXX. LOE from borrower states repairs will be made after closing. Appraisal notes fascia throughout exterior is unpainted with several sections rotting and deteriorating and several sections of exterior siding have been patched with different materials; Cost to cure is $13,800. No proof of repair provided. PTD: replace rotting and damaged siding around HVAC, replace damaged eaves and trim and properly seal and cover exposed exterior - XXXXXXXXXXX. LOE from borrower states repairs will be made after closing. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete repairs post-close. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100025 | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factor: seasoned business. Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned business. Approved exception at origination for LTV >75% on owner user traditional 1 (underwritten as Trad II) mixed use refinance. Comp factor: seasoned business. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |
BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for FICO < 650. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for LTV >75% on owner user traditional 1 (underwritten as Trad II) mixed use refinance. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-09-24): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100026 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for >1x30 days late within 12 months on subject. Comp factors: LTV and FICO. Approved exception at origination for 1) incomplete VOM for subject 2nd mtg; missing pay history to supplement LOE VOM summary from private lender and 2) missing VOR-primary; guarantor lives rent free. Comp factors: LTV and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for >1x30 days late within 12 months on subject. Comp factors: LTV and FICO. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for 1) incomplete VOM for subject 2nd mtg; missing pay history to supplement LOE VOM summary from private lender and 2) missing VOR-primary; guarantor lives rent free. Comp factors: LTV and FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100027 | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Wind deductible of 7.5% is > 5% guideline maximum. | BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible. Comp factor, LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100133 | Purchase | 2 | 2 | [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Credit Report not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - Missing Hazard Insurance |
Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and reserves. Approved exception at origination for 1) credit report aged >60 days and 2) report pulled using incorrect DOB. Comp factor: reserves. Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: FICO and reserves. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |
REVIEWER - RE-GRADED COMMENT (2026-09-24): Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and reserves. REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for 1) credit report aged >60 days and 2) report pulled using incorrect DOB. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: FICO and reserves. BUYER - GENERAL COMMENT (2026-10-02): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |
1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100028 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750k. Comp factors; seasoned business and LTV. Wind deductible of $50k is > guideline mas of $25k. Approved exception at origination for missing VOM-subject. Comp factors; seasoned business and LTV. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750k. Comp factors; seasoned business and LTV. BUYER - GENERAL COMMENT (2026-09-24): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-09-25): Exception waived. Updated approval provided in trailing documents approving exception for wind deductible. Comp factor LTV. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for missing VOM-subject. Comp factors; seasoned business and LTV. |
1 | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100134 | Refinance Rate/Term | 2 | 2 | [2] General - Debt service ratio issue [2] General - Insufficient Hazard Insurance |
Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750,000. Comp factor: LTV. Wind deductible of 5% is > $25k guideline maximum. |
REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $750,000. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-10-02): Exception noted on uploaded approval REVIEWER - GENERAL COMMENT (2026-10-02): Exception remains. Not on updated approval for waiver. BUYER - GENERAL COMMENT (2026-10-05): Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Exception waived. Updated approval provided in trialing documents approving exception for deductible. Comp factor, LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100135 | Refinance Cash-out - Other | 3 | 2 | [2] General - Insufficient Hazard Insurance [2] General - Missing Hazard Insurance |
Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject photos indicate broken glass on the storefront display window. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): Appraisal made as-is and the property condition is considered in the value/LTV. The strorefront is secured with security bars and the broken glass was not viewed as material to underwriting. The property is otherwise well maintained and operated by a seasoned investor. VCC felt comfortable proceeding as-is; however, the borrower is generally expected to maintain the property and complete any necessary repairs. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100136 | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for first time investor/first time buyer with LTV > 65% on owner user Traditional II. Comp factors: reserves and FICO. Approved exception at origination for basic form policy/ coverage type. Comp factor: FICO. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for first time investor/first time buyer with LTV > 65% on owner user Traditional II. Comp factors: reserves and FICO. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for basic form policy/ coverage type. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100029 | Purchase | 2 | 2 | [2] General - Ineligible property [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for traditional property type located IN XX. Comp factor: LTV. Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for traditional property type located IN XX. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100137 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.20x on investor traditional 1 multifamily refinance with loan > $500k. Comp factors: LTV and FICO. Approved exception at origination for missing leases in multifamily refinance with loan > $500k (all ST rentals). Comp factors; LTV and FICO. |
REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for DSCR < 1.20x on investor traditional 1 multifamily refinance with loan > $500k. Comp factors: LTV and FICO. REVIEWER - WAIVED COMMENT (2026-09-21): Approved exception at origination for missing leases in multifamily refinance with loan > $500k (all ST rentals). Comp factors; LTV and FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100076 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Property inspection report (D0074) and appraisal reflect weathered/ deteriorated deck/walkway to second story units along with deteriorated overhead supports. East side of roof is missing shingles exposing tarpaper underneath. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): Appraisal made as-is and the property condition is considered in the value/LTV. The appraisal did not cite deferred maintenance, structural or health and safety concerns so VCC felt comfortable proceeding as the items listed in the exception all appear to be cosmetic in nature. VCC generally expects the borrower to maintain the property and completey any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100077 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; missing most recent monthly payment and partial payment reflected within 3 months. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for incomplete VOM-subject; missing most recent monthly payment and partial payment reflected within 3 months. Comp factors: FICO and seasoned business. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100030 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for DSCR < 1.20x on Traditional I multifamily refinance with loan > $500,000. Comp factor: LTV. Missing leases for 2 of 8 units being refinanced. |
REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for DSCR < 1.20x on Traditional I multifamily refinance with loan > $500,000. Comp factor: LTV. BUYER - GENERAL COMMENT (2026-10-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-02): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100031 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Missing handrail on stairs to basement and broken window in bathroom of commercial unit. Property inspection shows tile in the residential bathtub/shower enclosure is peeling the finish off tile. No cost to cure provided. LOE(D0215) evidencing borrower intent to repair provided but no proof of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided a commitment to complete the repairs. VCC hasn't confirmed the status; however, the borrower is expected to fulfill their commitment to complete them VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100078 | Purchase | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for Traditional property type located IN XX. Comp factor; DSCR. | BUYER - GENERAL COMMENT (2026-10-02): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for override of statewide exclusion for Traditional property type located IN XX. Comp factor; DSCR. |
1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100079 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; < 12 months pay history provided. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-09-23): Approved exception at origination for incomplete VOM-subject; < 12 months pay history provided. Comp factor: FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100032 | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO <650. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-10-02): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-05): Approved exception at origination for FICO <650. Comp factor: seasoned business. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100080 | Purchase | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100138 | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV > 60% on investor traditional II purchase by foreign national borrower. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-09-24): Approved exception at origination for first time investor with LTV > 60% on investor traditional II purchase by foreign national borrower. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100139 | Purchase | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] General - LTV does not meet guidelines |
Wind deductible of 5% is > $25k guideline maximum. Approved exception at origination for LTV >70% on owner user traditional 2 purchase. Comp factors; reserves and FICO. |
BUYER - GENERAL COMMENT (2026-10-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-05): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for LTV >70% on owner user traditional 2 purchase. Comp factors; reserves and FICO. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100081 | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100140 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100033 | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for collateral with number of beds > 16 guideline maximum for subject property type. Comp factors: DSCR and guarantor support/liquidity | REVIEWER - WAIVED COMMENT (2026-09-22): Approved exception at origination for collateral with number of beds > guideline maximum for subject property type. Comp factors: DSCR and guarantor support/liquidity | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100082 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100083 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100034 | Refinance Cash-out - Other | 2 | 1 | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: - | The appraiser commented that Units #1 and #2 have been combined by removing one interior wall and removing Unit #1's kitchen. The cost to add back the wall and kitchen and revert the subject property to a functional 4-unit property was estimated at $13,000. No proof of repair provided | BUYER - GENERAL COMMENT (2026-10-14): This isn't damage or a health and safety violation. The property was updated to fit it's current use (assisted living facility) and the 13k cost-to-cure is well within VCC's guideline allowance of 5% or 20k. REVIEWER - GENERAL COMMENT (2026-10-15): Exception remains. Property is zone as a 4 unit property. Current configuration does not support 4 units and is missing a kitchen. This is a health issue with no kitchen or separation for 1 unit to equal 2 units. 3 habitable units when zoned for 4 (4th unit uninhabitable or non-existent). BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property is currently used as an assisted living facility and the wall/kitchen was removed to create one larger unit. No other deferred maintenance noted. VCC felt comfortable proceeding given the current use of the property. The borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted as this borrower has owned the subject since XXXX and as kept the property well maintained. Additionally, the 13k cost to cure is within VCC's guideline allowance (5% or 20k) REVIEWER - GENERAL COMMENT (2026-10-27): Client comment - Property was appraised as having 4 units. |
1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100273 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100141 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect ceiling damage with cost to cure of $200 and security bars on first floor windows; no proof of quick release latches provided. LOE in file stating will fixed after close. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE stating that cash-out proceeds would be used towards repairs to the subject property. VCC hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100084 | Refinance Rate/Term | 2 | 2 | [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for LTV > 65% for a foreign national with no credit. Comp factors, seasoned business. Approved exception at origination for missing VOM. Comp factors, seasoned business. |
BUYER - GENERAL COMMENT (2026-10-02): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-05): Approved exception at origination for LTV > 65% for a foreign national with no credit. Comp factors, seasoned business. BUYER - GENERAL COMMENT (2026-10-02): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-05): Approved exception at origination for missing VOM. Comp factors, seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100035 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for missing HOA Budget/P&L. Comp factor: FICO. Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |
REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for missing HOA Budget/P&L. Comp factor: FICO. REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100142 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXX [2] General - The property is ineligible. |
Approved exception at origination for Rural properties. Comp Factors: Seasoned Investor and LTV. | BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. BUYER - GENERAL COMMENT (2026-10-05): exception was approved and mitigated at origination REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for Rural properties. Comp Factors: Seasoned Investor and LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal indicates HVAC is not currently working (permanent heat source provided through the HVAC) and missing permits for garage conversion. No cost to cure or proof of repairs provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE which confirmed that XXXXXXXXX has an operating HVAC which provides heating/cooling, they also confirmed that the property is currently rented through HUD, and they would not allow it to be rented without an operating HVAC. Regarding the garage - the conversion (bedroom with a walk-in closet and window unit for cooling) - the borrower confirmed that a permit was not required at the time as the property is in a rural community with no local building inspector. VCC was comforted as this borrower is a seasoned investor with 20+ years of landlord experience, and this is a low LTV loan. VCC expects the borrower to maintain the property and complete any necessary repairs. | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100036 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement [2] General - The property is ineligible. |
Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for private lender. Comp factors: strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. Approved exception at origination for 100% vacancy/missing lease agreements. Comp factors: strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. Approved exception at origination for rural property. Comp factors: Strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. |
REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for incomplete VOM-subject; missing 12 months deposit receipts for private lender. Comp factors: strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for 100% vacancy/missing lease agreements. Comp factors: strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for rural property. Comp factors: Strong marketing trends which is a non-quantitative subjective trait that cannot be substantiated and DSCR. |
3 | [3] General - Subject is not in average or better condition. [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - [2] General Appraisal Requirements - The appraisal revealed property damage. |
Property condition C5 – the appraiser notes that both units are in need of new flooring with a cost to cure of $10,000. Additionally, both units are in need of interior painting and cleaning with a cost to cure of $10,000 and baths and kitchens appear functional but dated; no proof of repair provided - XXXXX. Appraisal photo reflects dampness in basement. Approved exception at origination for deferred maintenance. The appraiser notes that both units are in need of new flooring with a cost to cure of $10,000. Additionally, both units are in need of interior painting and cleaning with a cost to cure of $10,000 and baths and kitchens appear functional but dated; no proof of repair provided . Comp factor, DCR and strong marketing trends which cannot be validated. |
BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): Appraisal made as-is and the property condition is considered in the value/LTV. The second unit is vacant and the borrower is working on cleaning it out and making repairs. The first unit could use cosmetic upgrades, but no functional issues were noted. VCC felt comfortable proceeding becuase this is a strong DCR loan and there are strong marketing trends in the area. VCC expects the borrower to maintain the property and complete any necessary repairs. BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): Appraisal made as-is and the property condition is considered in the value/LTV. No leaks or concerns cited by the appraiser and the dampness was not viewed as material to underwriting. VCC generally expects the borrower to complete any necessary repairs and maintain the property. BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for deferred maintenance. The appraiser notes that both units are in need of new flooring with a cost to cure of $10,000. Additionally, both units are in need of interior painting and cleaning with a cost to cure of $10,000 and baths and kitchens appear functional but dated; no proof of repair provided . Comp factor, DCR and strong marketing trends which cannot be validated. |
1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100143 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factor: LTV. Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. Approved exception at origination for Missing VOR-primary; guarantor lived rent free. Comp factors: LTV. |
REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for FICO < 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for Missing VOR-primary; guarantor lived rent free. Comp factors: LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Per Appraisal review the property is being fully renovated and currently has improperly terminated wiring, missing outlets in several rooms, uninstalled kitchen appliances and a portion of flooring is uninstalled. No cost to cure or proof of repair provided. Borrower's LOE stating wiring has been corrected, evidence light fixtures have been installed provided. All other items were not addressed. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15):XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and actively being renovated. The borrower provided an LOE stating that wiring/outlets had been installed by an electrician. The borrower provided an additional LOE committing to use cash-out proceeds for repairs. VCC hasn't confirmed the current status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100037 | Refinance Cash-out - Other | 3 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors DCR and market trends which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for rural property. Comp factors DCR and market trends which cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser observed water damage on the kitchen ceiling and a missing sink in the half bath. Cost to cure was estimated at $5,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE confirming that the leak which had caused the water damage was previously repaired. Prior to closing, the borrower provided an additional LOE confirming that the half bath sink had been installed and that the drywall repairs would be completed post-close. VCC didn't further confirm the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100144 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for expired credit report. Compensating Factor: Seasoned Investor. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for expired credit report. Compensating Factor: Seasoned Investor. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100038 | Refinance Cash-out - Other | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for expired credit report; extension provided. Comp factor seasoned investor. | REVIEWER - WAIVED COMMENT (2026-09-28): Approved exception at origination for expired credit report; extension provided. Comp factor seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Photos reflect multiple broken windows on property. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-21): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Per the appraisal, "deferred maintenance includes 2 broken windows with a cost-to-cure of $800. Given the low cost-to-cure and low LTV, VCC felt comfortable proceeding; however, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted because the borrower is a seasoned investor. | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100085 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100086 | Purchase | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | VCC analyst review/appraisal notes garage has been converted to living space without permits, garage door intact; estimated cost to cure is $2,000. Pool deck has noticeable cracking. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV.The unpermitted living space was valued as a garage. Given the low cost-to-cure this was not considered material to underwriting. Per the appraisal "the other than the typical risk associated with swimming activities, the pool does not pose any health, safety or environmental hazards. The pool and its related equipment appear operationgal and servicable". VCC felt comfortable proceeding as-is; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100145 | Refinance Rate/Term | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100039 | Refinance Rate/Term | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser noted ceiling damage in basement and possible leak/intrusion. Photo provided showing ceiling touched up and repainted; however, no proof provided confirming there is no active leak. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. No active leak was cited, and per the borrower, the plaster just needed to be touched up and painted. The borrower provided photos of the work completed and VCC felt that was sufficient to proceed. No further follow-up has been completed by VCC; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100087 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The appraiser observed that the property seems to be undergoing renovations. The subject property has incomplete painting, moisture in the basement with no stairs leading down, hanging PEX plumbing and dangling wires throughout the basement. Additionally, the roof and exterior siding appears worn and nearing the end of its economic life and sagging gutters noted. Cost to cure or proof of repair not provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC obtained a roof cert from a licensed contractor which confirmed that the estimated remaining useful life for the roof is 8 years and that the loose plumbing noted in the basement was associated with the replacement of the water heater. The existing water heater was emptied through its bottom drain valve in the vasement and the water observed was a result of that draining, not an active leak. The property was vacant and undergoing renovations at the time of the inspection, VCC hasn't further followed-up on the status of repairs, but the borrower is expected to complete them prior to occupancy. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100088 | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Missing Document: Lease Agreement not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Missing US bank stmt for foreign investor (account statement provided in file is for 'a Money Services Business' and not a FDIC insured US banking institution. {Guideline section 5.6 specifies a US bank acct is required.} ) Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; reserves. Approved exception at origination for loan < $75,000. Comp factor; reserves. |
BUYER - GENERAL COMMENT (2026-10-14): Uploaded and originally provided US bank statement. The bank address is aXX address and provides an account # and routing # REVIEWER - GENERAL COMMENT (2026-10-15): Exception remains. Statement provided is a from a licensed money transmitter that allows the borrower to receive USD payments which are then transferred out. It is a service and not a bank. Account does not carry a balance and charges fees for each transaction. BUYER - GENERAL COMMENT (2026-10-20): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-20): Exception waived. Updated approval provided in trailing documents approving exception for missing US Bank statement. Comp factor. reserves. BUYER - GENERAL COMMENT (2026-10-14): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; reserves. BUYER - GENERAL COMMENT (2026-10-14): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for loan < $75,000. Comp factor; reserves. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal reflects extensive deferred maintenance, damages ceilings, damaged floors, damaged cabinets, and mismatched painting in kitchen. Cost to cure $3,975.00. Unit 2 is missing kitchen appliances and has bars on the bedroom windows with no indication there are quick release latches. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Property vacant at origination and the borrower was actively renovating. VCC felt comfortable given the low cost-to-cure, and while no additional follow-up has been completed VCC expects the borrower to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100089 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reflect the stairs to the rear of property are missing handrails. No proof of installation provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Stairs 4 risers high. Generally, VCC does not consider missing handrails as material to underwriting. However, the borrower is expected to maintain the property and complete any necessary repairs. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record |
A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100146 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes missing state required carbon monoxide detectors. No proof of installation provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. Given the assumed minimal cost to cure, VCC felt comfortable proceeding. Generally, VCC expects the borrower to maintain the property and complete any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100090 | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for LTV > 65% for foreign investor without credit score. Comp factor: reserves. Approved exception at origination for loan amount < $75,000. Comp factor: other. reserves. |
REVIEWER - WAIVED COMMENT (2026-10-05): Approved exception at origination for LTV > 65% for foreign investor without credit score. Comp factor: reserves. BUYER - GENERAL COMMENT (2026-10-02): Correced Uploaded REVIEWER - WAIVED COMMENT (2026-10-05): Approved exception at origination for loan amount < $75,000. Comp factor: other. reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100091 | Refinance Cash-out - Other | 3 | 2 | [2] Miscellaneous - Credit Exception: [2] General - FICO below 650 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated and DSCR. Approved exception at origination for title seasoning < 12 months. Comp factors: strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated and DSCR. Missing VOM-subject. |
REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for FICO < 650. Comp factors: strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated and DSCR. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for title seasoning < 12 months. Comp factors: strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated and DSCR. BUYER - GENERAL COMMENT (2026-10-02): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reveal unsanitary conditions with soiled bathroom floors and damaged carpeting with apparent burn marks and animal feces throughout floor that could contain mold or other possible health hazards, missing drywall and water damaged ceiling from apparent leak and damaged singles on the exterior. The internal appraisal reviewer deemed the property bordering C5 condition. No cost to cure of proof repair provided. PTDs for bathroom tile floor appear unsanitary; carpeting is damaged with apparent burn marks - unsanitary; missing drywall and water damaged ceiling from apparent leak; apparent animal feces throughout floor; repair shingles and obtain cert from licensed roofer. Cost to cure is $5,000, no proof of repair provided. LOE in file statements borrower will work on issues after close as funds for repairs will be from cash out. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE stating that they would address the deferred maintenance/sanitary issues/roof shingles immediately post-close. There was no active leak at origination, the damages were from a prior leak which had already been repaired. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100147 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100040 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100092 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100041 | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount below minimum guideline amount, Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for loan amount below minimum guideline amount, Comp factor; LTV. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100148 | Purchase | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] General - LTV does not meet guidelines |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and marketing trends, which is unable to be validated as a non-quantifiable trait. Approved exception at origination for first time investor purchase of 3 1-unit SFRs with LTV > 70%. Comp factors: reserves and marketing trends, which is unable to be validated as a non-quantifiable trait. |
REVIEWER - WAIVED COMMENT (2026-10-20): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and marketing trends, which is unable to be validated as a non-quantifiable trait. REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for first time investor purchase of 3 1-unit SFRs with LTV > 70%. Comp factors: reserves and marketing trends, which is unable to be validated as a non-quantifiable trait. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100093 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property has been listed for sale in the last 12 months. |
Approved exception at origination for missing VOM.. Comp Factors, FICO and Seasoned Investor. All three properties were purchased within recent 12 months using appraised value versus original purchase price. |
BUYER - GENERAL COMMENT (2026-10-05): Exception has been approved and mitigated at origination REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for missing VOM.. Comp Factors, FICO and Seasoned Investor. BUYER - GENERAL COMMENT (2026-10-05): Exception was approved and mitigated at origination REVIEWER - GENERAL COMMENT (2026-10-06): Exception remains, Not listed on approval as an exception. BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-15): Exception waived. Updated approval provided in trailing documents approving exception for recently acquired property using appraised value versus purchase price. Comp factor, FICO. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100260 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease. Comp factors LTV and market trends which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for missing lease. Comp factors LTV and market trends which cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal reveals rotting exterior steps to deck with an estimated cost to cure of $1,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete the repairs post-close. VCC hasn't further followed-up on the status of repairs; however, the borrower is expected to fulfill their commitment to complete it. VCC was further comforted by the low LTV. | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100149 | Refinance Rate/Term | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business. Approved exception at origination for Loan on subject property 6 months past due at time of Maturity (additional 2 payments returned NSF). Comp factor, FICO. |
BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-16): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business. BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - GENERAL COMMENT (2026-10-16): Exception remains. Updated approval did not have an updated comp factor for this exception. BUYER - GENERAL COMMENT (2026-10-20): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-20): Approved exception at origination for Loan on subject property 6 months past due at time of Maturity (additional 2 payments returned NSF). Comp factor, FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100042 | Refinance Cash-out - Other | 2 | 1 | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Approved exception at origination for VCC analyst review and appraisal note electrical panel utilizes XXXX beakers; these breakers are associated with higher rates of failure to trip and have the potential to present fire/safety risks, also some insurance companies flag these panels as major hazards and may deny coverage until replaced. It is recommended an inspection by a licensed electrician for cost to replace the panel. Comp factor, 365-day signed Holdback Agreement for $1,200 and reflected on HUD provided. | REVIEWER - WAIVED COMMENT (2026-10-02): Approved exception at origination for VCC analyst review and appraisal note electrical panel utilizes XXXX beakers; these breakers are associated with higher rates of failure to trip and have the potential to present fire/safety risks, also some insurance companies flag these panels as major hazards and may deny coverage until replaced. It is recommended an inspection by a licensed electrician for cost to replace the panel. Comp factor, 365-day signed Holdback Agreement for $1,200 and reflected on HUD provided. Comment: |
1 | Evidence of Escrow Holdback in file. | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100150 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Ineligible property |
Approved exception at origination for missing HOA documents. Comp factor, LTV. Approved exception at origination for rural property. Comp factor, LTV. |
REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for missing HOA documents. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for rural property. Comp factor, LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100094 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for < 2 active major tradelines. Comp factor; reserves. Approved exception at origination for missing VOM/subject property. Comp factor; reserves. |
BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for < 2 active major tradelines. Comp factor; reserves. BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for missing VOM/subject property. Comp factor; reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100043 | Refinance Cash-out - Other | 3 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for FICO < 650. Comp Factors, LTV and Marketing Trends which cannot be substantiated. Approved Exception at Origination. Subject and Primary VOM exceptions for mortgage lates. Subject 1x60 and 1X30 last 24 months. Primary 1X30 rolling last 24 months (last 90 days). Comp Factors, LTV and Strong Marketing Trends which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for FICO < 650. Comp Factors, LTV and Marketing Trends which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-09-30): Approved Exception at Origination. Subject and Primary VOM exceptions for mortgage lates. Subject 1x60 and 1X30 last 24 months. Primary 1X30 rolling last 24 months (last 90 days). Comp Factors, LTV and Strong Marketing Trends which cannot be substantiated. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | VCC Analyst review notes that the basement has a 2nd kitchen without a permit. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property is in overall above average condition and given the low LTV and proeprty condition, VCC felt comfortable proceeding. Generally, VCC expects the borrower to maintain the property and obtain any necessary permits. REVIEWER - GENERAL COMMENT (2026-10-27): Client comment - Appraiser said this property is one unit plus accessory unit; however, no additional value was given to the basement as a separate living are. The basement was treated as a standard basement. |
1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100095 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp Factors, reserves. | BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp Factors, reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100096 | Refinance Rate/Term | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XX% LTV - Appraiser notes there is an illegal 5th unit in the basement, property only permitted to have 4 units. Cost to remove kitchen and covert back to finished basement is $10,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The cost-to-cure was considered in the appraised value and this wasn't considered material to underwriting.However, VCC expects the borrower to maintian the property and obtain any necessary permits. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100044 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/miss lease. Comp factor, seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2026-10-20): Approved exception at origination for 100% vacancy/miss lease. Comp factor, seasoned investor and LTV. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100151 | Refinance Rate/Term | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XX% LTV - Appraisal notes boarded up windows (reported to be drywalled over on the interior) and damaged missing steps. Cost to cure $5000. LOE in file from borrower indicating they will make the necessary repairs. No evidence they have been completed provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete repairs. VCC hasn't followed-up on the status of repairs, but expects the borrower to fulfill their commitment to believe them. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100152 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Missing Document: 1007 Rent Comparison Schedule not provided [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for Title seasoning < 12 months with no purchase price provided. Comp factor, FICO. Approved exception at origination for missing 1007/rent schedule. Comp factor, FICO. Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: FICO. Approved exception at origination for incomplete VOR-primary; missing 9 of 12 deposit receipts. Comp factors: FICO. Approved exception at origination for loan amount < $75,000 Comp factors: FICO. |
BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for Title seasoning < 12 months with no purchase price provided. Comp factor, FICO. BUYER - GENERAL COMMENT (2026-10-05): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for missing 1007/rent schedule. Comp factor, FICO. BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: FICO. BUYER - GENERAL COMMENT (2026-10-05): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception for incomplete VOR-primary; missing 9 of 12 deposit receipts. Comp factors: FICO. BUYER - GENERAL COMMENT (2026-10-05): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for loan amount < $75,000 Comp factors: FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100258 | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for loan amount <$75,000. Comp factors DCR and LTV. Approved exception at origination for missing lease/vacant property. Comp factors, DCR and LTV. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for loan amount <$75,000. Comp factors DCR and LTV. REVIEWER - WAIVED COMMENT (2026-10-20): Approved exception at origination for missing lease/vacant property. Comp factors, DCR and LTV. |
2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Approved exception at origination for Appraisal photos reveal multiple broken windows and rotting cracked wood on windowpanes. Comp factor, 120-day signed Holdback Agreement for $5,000 and reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for Appraisal photos reveal multiple broken windows and rotting cracked wood on windowpanes. Comp factor, 120-day signed Holdback Agreement for $5,000 and reflected on HUD. | 1 | Evidence of Escrow Holdback in file. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100045 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - LTV does not meet guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for missing HOA Budget/P&L. Comp factors: Seasoned business. LTV > 60% for a foreign investor and loan amount > $1,000,000. Approved exception at origination for incomplete VOM-subject; missing 9 of 12 months deposit receipts and partial payment for 1 month. Comp factors: Seasoned business. |
BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception for missing HOA Budget/P&L. Comp factors: Seasoned business. BUYER - GENERAL COMMENT (2026-10-05): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Exception waived. Updated approval provided in trailing documents approving exception for LTV > 60% for foreign investor. Comp factor, seasoned business. BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for incomplete VOM-subject; missing 9 of 12 months deposit receipts and partial payment for 1 month. Comp factors: Seasoned business. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100097 | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] General - Missing Document: Lease Agreement not provided |
Approved exception at origination for FICO < 650. Comp factors: seasoned business and seasoned investor. Approved exception at origination for 100% vacancy per appraisal. Comp factors: seasoned business and seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for FICO < 650. Comp factors: seasoned business and seasoned investor. REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for 100% vacancy per appraisal. Comp factors: seasoned business and seasoned investor. |
1 | 1 | Borrower's Experience/Track Record Borrower's Experience/Track Record |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100098 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor FICO. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100272 | Purchase | 2 | 2 | [2] General - FICO below 650 [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for FICO < 650. Comp factors reserves and marketing trends which cannot be substantiated. Approved exception at origination for < 2 active open major tradelines. Comp factors, reserves and market trends which cannot be substantiated. Approved exception at origination for 3x30 on primary mortgage within past 24 months. Comp factors reserves and market trends which cannot be substantiated. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for FICO < 650. Comp factors reserves and marketing trends which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for < 2 active open major tradelines. Comp factors, reserves and market trends which cannot be substantiated. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for 3x30 on primary mortgage within past 24 months. Comp factors reserves and market trends which cannot be substantiated. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100046 | Purchase | 2 | 2 | [2] General - Insufficient Hazard Insurance [2] General - Loan Amount below $250,000 |
Approved exception at origination for missing HOA Master Policy. Comp factor, LTV. Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and seasoned business. |
BUYER - GENERAL COMMENT (2026-10-15): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for missing HOA Master Policy. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and seasoned business. |
1 | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100153 | Refinance Cash-out - Other | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan amount <$75,000. Comp factors DCR and LTV. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for loan amount <$75,000. Comp factors DCR and LTV. | 1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100154 | Refinance Cash-out - Other | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full - on payment plan. Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-10-05): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for premium not paid in full - on payment plan. Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100047 | Refinance Rate/Term | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100048 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100155 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100049 | Refinance Cash-out - Other | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] General - The property is ineligible. |
Approved exception at origination for vacant property. Comp factors seasoned investor and FICO. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor, and FICO. Approved exception at origination for Rural property. Comp factors seasoned investor and FICO. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for vacant property. Comp factors seasoned investor and FICO. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor, and FICO. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for Rural property. Comp factors seasoned investor and FICO. |
1 | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100050 | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines |
Approved exception at origination for FICO below 650. Comp factors: reserves. Approved exception at origination for 1 x 60 on primary mortgage. Comp factors: reserves. |
BUYER - GENERAL COMMENT (2026-10-05): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for FICO below 650. Comp factors: reserves. BUYER - GENERAL COMMENT (2026-10-05): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for 1 x 60 on primary mortgage. Comp factors: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100051 | Refinance Rate/Term | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for > 1 x 30 days mortgage late payments in the last 12 months. Comp factors: reserves and FICO. | BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception for > 1 x 30 days mortgage late payments in the last 12 months. Comp factors: reserves and FICO. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | VCC analyst review/appraisal notes 3 electrical panels are missing covers; some patching and cracking to exterior stucco, missing window trim, cracked concrete slab, bedroom 3 missing door, holes in firewall/unfinished drywall in garage and auto reverse garage door sensors mounted to high. No cost of cure or proof of repair provided. LOE from borrower stating funds from HELOC refinance of primary residence will be used to fix these items within 30 days of closing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE committing to complete repairs post-close. VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100052 | Refinance Cash-out - Other | 3 | 2 | [2] Application / Processing - Missing Document: Approval not provided [2] General - Missing Document: Lease Agreement not provided [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. |
Approved exception at origination for rural property. Comp factor, LTV. Approved exception at origination for vacant property. Comp factors: LTV and Marketing trends which cannot be substantiated. Approved exception at origination for loan amount <$75,000. Comp factors; LTV. |
BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval. Property is considered in a rural area REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for rural property. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for vacant property. Comp factors: LTV and Marketing trends which cannot be substantiated. BUYER - GENERAL COMMENT (2026-10-05): Corrected uploaded REVIEWER - WAIVED COMMENT (2026-10-06): Approved exception at origination for loan amount <$75,000. Comp factors; LTV. |
3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | XX% LTV - Appraisal photos reveal missing switch plates in unit 1 bedroom and missing kitchen appliances in both units (evidence of appliance for 1 unit provided, unknown which unit it is). No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The property was vacant at origination and the borrower provided an LOE committing to complete the installations prior to occupancy. VCC hasn't further confirmed the status of installations; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100156 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Loan File - Missing Document: Hazard Insurance Policy not provided |
Approved exception at origination for DSCR < 1.00 on an owner/user traditional I multifamily property with loan amount > $500,000. Comp factor: LTV. Approved exception at origination for premium not collected at closing (on payment plan). Comp factor: seasoned investor. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for DSCR < 1.00 on an owner/user traditional I multifamily property with loan amount > $500,000. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for premium not collected at closing (on payment plan). Comp factor: seasoned investor. |
1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100053 | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: reserves and FICO. Approved exception at origination for 20.3% vacancy (commercial). Comp factors: reserves and FICO. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: reserves and FICO. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for 20.3% vacancy (commercial). Comp factors: reserves and FICO. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100099 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser photos show pooling water in basement and appraiser notes other areas of water seepage in basement. No cost to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-15): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. There was dampness observed in the basement but no leaks observed and per the appraisal "no major items of repair observed". Given the low LTV, VCC felt comfortable proceeding; however, the borrower is expected to maintain the property and complete any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100157 | Refinance Cash-out - Other | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for > 70% LTV on Trad 2. Comp factors; reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-09-28): Approved exception at origination for > 70% on Trad 2. Comp factors; reserves and seasoned investor. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100158 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100159 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] General - FICO below 650 [2] General - Insufficient Hazard Insurance |
Approved exception at origination for DSCR below 1.20x for multifamily traditional 1 property with loan exceeding $500k. Comp factor: LTV. Approved exception at origination for FICO below 650. Comp factor: LTV. Approved exception at origination for Basic Form policy. Comp factor: LTV. |
REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for DSCR below 1.20x for multifamily traditional 1 property with loan exceeding $500k. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for FICO below 650. Comp factor: LTV. REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for Basic Form policy. Comp factor: LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100160 | Purchase | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on a traditional II purchase. Comp factors: of FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for LTV > 70% on a traditional II purchase. Comp factors: of FICO and reserves. | 1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100161 | Refinance Cash-out - Other | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - The property is ineligible. |
Approved exception at Origination for FICO < 650. Comp factors: LTV and DSCR. Approved exception at origination for > 1X30 days late mortgage payments in the last 12 months. Comp Factor: LTV. Approved exception at origination for rural property. Comp factors: LTV and DSCR. |
REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at Origination for FICO < 650. Comp factors: LTV and DSCR. REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for > 1X30 days late mortgage payments in the last 12 months. Comp Factor: LTV REVIEWER - WAIVED COMMENT (2026-09-29): Approved exception at origination for rural property. Comp factors: LTV and DSCR. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100100 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.00 for owner/user property > $500,000. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for DSCR < 1.00 for owner/user property > $500,000. Comp factors: LTV and seasoned business. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100162 | Refinance Cash-out - Other | 2 | 2 | [2] Application / Processing - Missing Document: Other not provided | Missing U.S. bank account for foreign investor. | BUYER - GENERAL COMMENT (2026-10-15): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-15): Exception waived. Updated approval provided in trailing documents approving exception for missing bank, statement on a foreign investor. Comp factor, LTV. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100101 | Refinance Rate/Term | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The Property Inspection photos and the VCC Analyst review note uneven patio tiles as a possible safety issue. There is also damaged siding, deteriorated window trim and a leaning fence. No cost to cure or proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): Appraisal made as-is and the property condition is considered in the value/LTV. Overall, the property is in average condition. These were considered standard deferred maintenance items and VCC felt comfortable proceeding. Generally, VCC expects the borrower to maintain the property and complete any necessary repairs. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100102 | Purchase | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for DSCR < 1.25 for traditional II owner/user investment property with loan amount < $500,000. Comp factor: reserves. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for DSCR < 1.25 for traditional II owner/user investment property with loan amount < $500,000. Comp factor: reserves. REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. REVIEWER - RE-GRADED COMMENT (2026-09-30): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |
1 | 1 | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100163 | Refinance Rate/Term | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The Appraiser/VCC Analyst Review noted ceiling damage in rear room of XXXX rear; AMS inspection report indicates roof above appears to be sound, and issue appears to be with rear gutter which may require further inspection by roofing professional. Additionally, baluster missing from common area stairs, basement stairs is missing handrail, wires and a receptacle are hanging from the basement ceiling, there is no cover on the light switch to the basement, water observed in basement, front upper roofline trim is missing sections, the stucco exterior is discolored and basement interior walls have large areas of cracked parging on subject with no cost to cure or proof of repair provided. Appraiser reports ongoing litigation with neighbor due to the chimney damage which is reportedly due to a tree falling on property. There are outstanding violations with the city of XXXX related to the damaged chimney and property has been deemed unsafe for occupancy until violation is corrected with estimated cost repair of $2,500; no proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. Given that the roof was confirmed to be sound, the remaining items were considered deferred maintenance. The outstanding fees do to the city were paid off via the final hud at closing. VCC obtained a chimney cert from a licensed vendor which showed that the chimney had been capped, all debris was dumped and that the chimney was safe after work completed. VCC felt comfortable proceeding and awas further comforted by the low LTV. No additional follow-up has been completed. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100103 | Purchase | 2 | 2 | [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of ___ is less than Guideline Available for Reserves of ___. [2] General - LTV does not meet guidelines |
1) Missing verified reserves for 3 months P&I after closing, 2) missing bank statement and 3) missing copy of line of credit with available balance = > $100,000. Approved Exception at origination for LTV > 65% for first time investor. Comp Factors, Seasoned Business and Property Condition which is not valid for a purchase. |
BUYER - GENERAL COMMENT (2026-10-05): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-06): Exception waived. Updated approval provided in trailing documents approving exception for unverified reserves. Comp factor, seasoned business. REVIEWER - WAIVED COMMENT (2026-10-01): Approved Exception at origination for LTV > 65% for first time investor. Comp Factors, Seasoned Business and Property Condition which is not valid for a purchase. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100164 | Refinance Cash-out - Other | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 14.4% vacancy/missing 3 of 12 lease agreements. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-09-30): Approved exception at origination for 14.4% vacancy/missing 3 of 12 lease agreements. Comp factors: LTV and seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The Appraiser notes the interior entry hallway exhibits a stained ceiling. At the time of inspection, the vacant unit interiors were demoed and awaiting contractor to commence the build-out. As per the owner, the cost of renovations will be $50,000; however not detailed plans or contractor's estimates were provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. No active leaks at origination and the borrower was actively renovating the vacant unit. VCC hasn't further confirmed the status of the buildout; however, the borrower is expected to complete the in-process renovation. VCC was further comforted by the low LTV. | 1 | Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100104 | Purchase | 3 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on owner-user traditional 2 loan. Comp factors: FICO and DSCR. | REVIEWER - WAIVED COMMENT (2026-10-01): Approved exception at origination for LTV > 70% on owner-user traditional 2 loan. Comp factors: FICO and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser notes cracked glass block window and worn carpeting in some areas. No cure or proof of repair provided. In-house review indicates a cost of $5,000 to remove the bar and restaurant equipment and restore property to general retail use. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV, purchase transaction. Appraisal made as-is and the property condition is considered in the value/LTV.While the building is designed for bar/restaurant use, it is functional for a variety of retail uses with minimal improvements or reconfiguration required VCC felt comfortable proceeding as-is; however, the borrower is expected to maintian the property and complete any necessary repairs. | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100165 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100265 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15:1. Comp factors: LTV and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-09-28): Approved exception at origination for DSCR < 1.15:1. Comp factors: LTV and guarantor support/liquidity. | 1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100105 | Refinance Rate/Term | 1 | 1 | [1] Guideline Issue - One or more valuations indicate that the subject property is a rural property. | Approved exception at origination for MSA less than 50,000. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-09-25): Approved exception at origination for MSA less than 50,000. Comp factors: LTV and DSCR. | 1 | 1 | Borrower has owned the subject property for at least 5 years. The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. |
A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100106 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100166 | Refinance Rate/Term | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100167 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100107 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Insurance Documentation - Missing Document: Hazard Dec Page not provided |
DSC < 1.25 on Traditional 2 with loan > 500k. Approved exception at origination for Basic Form hazard insurance. Comp factor: FICO. |
BUYER - GENERAL COMMENT (2026-10-20): Exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-20): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO. REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for Basic Form hazard insurance. Comp factor: FICO. |
1 | 1 | Borrower has owned the subject property for at least 5 years. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100168 | Refinance Cash-out - Other | 2 | 2 | [2] General - Debt service ratio issue [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] General - Insufficient Hazard Insurance [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided [2] Credit Documentation - Missing lease Agreement |
Approved exception at origination for DSCR <1.20x on investor traditional 1 mixed use refinance with loan > $500k . Comp factors; FICO and LTV. Approved exception at origination for >2x 30 days late within 12 months. Comp factors; FICO and LTV. Wind deductible of 2% is > $25k. Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and LTV. Approved exception at origination for 30.3% vacancy/ missing lease on refinance. Comp factors; FICO and LTV. |
REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for DSCR <1.20x on investor traditional 1 mixed use refinance with loan > $500k . Comp factors; FICO and LTV. REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for >2x 30 days late within 12 months. Comp factors; FICO and LTV. BUYER - GENERAL COMMENT (2026-10-14): exception noted on uploaded approval REVIEWER - WAIVED COMMENT (2026-10-15): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and LTV. REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for 30.3% vacancy/ missing lease on refinance. Comp factors; FICO and LTV. |
2 | [2] General Appraisal Requirements - The appraisal revealed property damage. | Approved exception at origination for deferred maintenance > $20k. Per appraisal and inspection report property is in overall average condition. At time of inspection, the commercial unit was vacant and required fit-out to be in usable condition with a cost to cure of $20,000 (appraisal indicates commercial unit was a daycare prior to a pipe bursting). Per inspection, deferred maintenance includes garage wall discoloration and a worn access driveway, appraiser did not include this in the estimated cost to cure. Comp factors; FICO and LTV. | REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for deferred maintenance > $20k. Comp factors; FICO and LTV. REVIEWER - GENERAL COMMENT (2026-10-27): Client Comment - XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. VCC felt comfortable proceeding with the property as-is, and was comforted by the low LTV and the borrower's high FICO. Generally, VCC expects the borrower to maintain the property and complete any necessary repairs. |
1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100169 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-primary; < 12 months pay history receipts provided. Comp factors; FICO and DSCR. | REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for incomplete VOM-primary; < 12 months pay history receipts provided. Comp factors; FICO and DSCR. | 1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100170 | Purchase | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100171 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines [2] Credit Documentation - Missing Document: Credit Report not provided |
Approved exception at origination for <2 active major tradelines on credit report. Comp factor; seasoned business. Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned business. |
BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for <2 active major tradelines on credit report. Comp factor; seasoned business. BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned business. |
1 | 1 | Borrower's Experience/Track Record | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100172 | Refinance Cash-out - Other | 3 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors; seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-10-10): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors; seasoned investor and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photos reveal damages ceiling tiles due to water leaks in UNIT XXXX. Appraiser was told the leak was repaired. No cost to cure or evidence of repairs provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The unit where the celing damage was present was vacant at origination and there wasn't an active leak observed. The borrower was renovating the subject at the time of inspection and while VCC hasn't further confirmed the status of repairs, the borrower is expected to complete them prior to occupancy. VCC was further comforted by the low LTV and because the borrower is a seasoned investor with a high FICO. | 1 | Borrower's Experience/Track Record The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100173 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for expired credit report. Comp factor LTV. | BUYER - GENERAL COMMENT (2026-10-15): Exception was approved and mitigated at origination. Back to AMC REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for expired credit report. Comp factor LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100174 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100175 | Refinance Cash-out - Other | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2026-10-10): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factors: seasoned investor and LTV. | 1 | 1 | Borrower has owned the subject property for at least 5 years. Borrower's Experience/Track Record The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100271 | Refinance Cash-out - Other | 3 | 1 | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal/property inspection reflects damaged/deteriorated siding, peeling paint, broken/boarded up window, worn/discolored roof, cracked parking area, mature tree contacting the roof and overgrown vegetation in the rear. No costs to cure provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-10-22): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The borrower provided an LOE stating that cash-out proceeds would be used towards repairs and renovations to the subject property. . VCC hasn't further confirmed the status of repairs; however, the borrower is expected to fulfill their commitment to complete them. VCC was further comforted by the low LTV. | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | C | C | C | C | C | C | C | C | C | C | |||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100275 | Purchase | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for Foreign national borrower as first time investor on investor traditional 1 with LTV >70%. Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-10-15): Exception was reviewed and mitigated at origination. Back to AMC REVIEWER - WAIVED COMMENT (2026-10-15): Approved exception at origination for Foreign national borrower as first time investor on investor traditional 1 with LTV >70%. Comp factor; FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100176 | Purchase | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-10-15): Corrected Uploaded REVIEWER - WAIVED COMMENT (2026-10-16): Approved exception at origination for override of statewide exclusion for traditional property located IN XX. Comp factor; FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100177 | Refinance Rate/Term | 2 | 2 | [2] General - FICO below 650 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |
Approved exception at origination for FICO < 650. Comp factors: seasoned business and reserves. Approved exceptions at origination for > 0x 30 days late within 90 days, and >0x60 days late within 24 mos on subject. Comp factors: seasoned business and reserves. Approved exceptions at origination for missing VOR-primary; guarantor lives rent free and Incomplete VOM-subject; missing most recent monthly pay history. Comp factors: seasoned business and reserves. |
REVIEWER - WAIVED COMMENT (2026-10-10): Approved exception at origination for FICO < 650. Comp factors: seasoned business and reserves. REVIEWER - WAIVED COMMENT (2026-10-10): Approved exceptions at origination for > 0x 30 days late within 90 days, and >0x60 days late within 24 mos on subject. Comp factors: seasoned business and reserves. REVIEWER - WAIVED COMMENT (2026-10-10): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) Incomplete VOM-subject; missing most recent monthly pay history. Comp factors: seasoned business and reserves. |
1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100178 | Refinance Cash-out - Other | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-10-15): Borrower has a fico score almost 100 pts above the VCC minimum. This exception was reviewed and approved at origination REVIEWER - WAIVED COMMENT (2026-10-16): Approved exception at origination for credit report aged > 60 days. Comp factor; FICO. |
1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100179 | Refinance Cash-out - Other | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$100k on traditional property. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2026-10-12): Approved exception at origination for loan <$100k on traditional property. Comp factor; FICO. | 1 | 1 | The representative FICO score exceeds the guideline minimum by XX points. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100180 | Refinance Cash-out - Other | 2 | 2 | [2] Miscellaneous - Credit Exception: [2] General - Debt service ratio issue [2] General - FICO below 650 [2] General - LTV does not meet guidelines |
Credit report > 120 days old. Approved exception at origination for DSCR 1.15. Comp factors, net worth and managements experience. Approved exception at origination for FICO < 650. Comp factor, additional collateral, net worth, and managements experience. Approved exception at origination for LTV > 50%. Comp factor, net worth and management experience. |
BUYER - GENERAL COMMENT (2026-10-16): change memo acknowledging outdate report REVIEWER - WAIVED COMMENT (2026-10-16): Exception waived. Change memo provided with exception approved for expired credit report. Comp factor, LTV. REVIEWER - WAIVED COMMENT (2026-10-07): Approved exception at origination for DSCR 1.15. Comp factors, net worth and managements experience. REVIEWER - WAIVED COMMENT (2026-10-07): Approved exception at origination for FICO < 650. Comp factor, additional collateral, net worth, and managements experience. REVIEWER - WAIVED COMMENT (2026-10-07): Approved exception at origination for LTV > 50%. Comp factor, net worth and management experience. |
1 | 1 | Borrower's Experience/Track Record Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. The Loan to Value (LTV) on the loan is less than the guideline maximum. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100267 | Purchase | 2 | 2 | [2] Application / Processing - Missing Document: Other not provided | Missing Busines tax returns transcripts for FY XXXX AND XXXX (as required per approval conditions) | BUYER - GENERAL COMMENT (2026-10-20): change memo that addresses this attached. REVIEWER - WAIVED COMMENT (2026-10-20): Exception waived. Change memo provided approving exception for missing tax return transcripts (proof of filing provided). Comp factor, LTV. |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100181 | Purchase | 2 | 2 | [2] Miscellaneous - Credit Exception: | 1) Approved exception at origination for waiver of requirement for XXXX business tax transcript for 1 of 2 entity guarantors. Comp factors: LTV, FICO, and DSCR. (per change memo #4) 2) Approved exception at origination for waiver of requirement for 3 yrs of business tax transcripts for 1 of 2 entity guarantors. Comp factors: LTV, FICO, and DSCR. (per change memo #2) |
REVIEWER - WAIVED COMMENT (2026-10-13): 1) Approved exception at origination for waiver of requirement forXXXX business tax transcript. Comp factors: LTV, FICO, and DSCR. (per change memo #4) 2) Approved exception at origination for waiver of requirement for 3 yrs of business tax transcripts. Comp factors: LTV, FICO, and DSCR. (per change memo #2) |
1 | 1 | The Loan to Value (LTV) on the loan is less than the guideline maximum. The qualifying DSCR on the loan is greater than the guideline minimum. The representative FICO score exceeds the guideline minimum by XX points. |
B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100268 | Refinance Rate/Term | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM (subject). Comp factor, DSCR. | REVIEWER - WAIVED COMMENT (2026-10-07): Approved exception at origination for missing VOM (subject). Comp factor, DSCR. | 1 | 1 | The qualifying DSCR on the loan is greater than the guideline minimum. | B | B | B | B | B | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | B | B | B | B | B | ||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100269 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||
| XXXXXXXX | XXXXXXXX | VCC-2026-5-100270 | Refinance Cash-out - Other | 1 | 1 | 1 | 1 | A | A | A | A | A | N/A | N/A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | ||||||||||||||||