EX-99.4 26 ea025949101_ex99-4sch5.htm SCHEDULE 5 - RATING AGENCY GRADES DETAIL REPORT

Exhibit 99.4 Schedule 5

ASF Loan Number | Loan ID | Seller Loan ID | Investor Loan ID | Overall Initial Loan Grade | Overall Final Loan Grade | Credit Initial Loan Grade | Credit Current/Final Loan Grade | Compliance Initial Loan Grade | Compliance Current/Final Loan Grade | Property Initial Loan Grade | Property Current/Final Loan Grade | Queue | Finding Code | Date Created | Date Modified | Finding Status | Event Level | Initial Finding Grade | Current/Final Finding Grade | Finding Category | Finding Sub Category | Finding Name | Finding Comments | Seller Comments | Resolution Comments | Reviewer Comp Factor | Originator Comp Factors | Finding Documents | Originator QM Status | Final Reviewed QM Status | Loan Amount | Property State | Occupancy | Loan Purpose | Refinance Purpose | Acknowledged / WaivedBy | Waiver in File? | Unique Finding ID
400081531 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE5782 | 2024-10-11 12:49 | 2024-10-16 17:07 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 1 Gap Credit Report is Missing | Resolved-Borrower 1 Gap Credit Report provided. - Due Diligence Vendor-10/XX/2024 Ready for Review-Document Uploaded. Please find the reissue report dated 9/XX/24 COE was 9/30 - Seller-10/XX/2024 Open-Borrower 1 Gap Credit Report is Missing - Due Diligence Vendor-10/XX/2024 | Ready for Review-Document Uploaded. Please find the reissue report dated 9/26/24 COE was 9/30 - Seller-10/14/2024 | Resolved-Borrower 1 Gap Credit Report provided. - Due Diligence Vendor-10/16/2024 | Months Reserves exceed minimum required - 18 months > 6 Qualifying DTI below maximum allowed - 25% vs 50% max |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | WA | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
400083143 | XXX | XXX | XXX | D | A | A | A | D | A | A | A | Closed | FCOM1232 | 2024-11-01 11:30 | 2024-11-06 17:17 | Resolved | 1 - Information | D | A | Compliance | Missing Doc | The Final 1003 is Missing | Resolved-Final 1003 provided. - Due Diligence Vendor-11/XX/2024 Ready for Review-Document Uploaded. Please find the final 1003 for review. - Seller-11/XX/2024 Open-The Final 1003 is Missing - Due Diligence Vendor-11/XX/2024 | Ready for Review-Document Uploaded. Please find the final 1003 for review. - Seller-11/04/2024 | Resolved-Final 1003 provided. - Due Diligence Vendor-11/06/2024 | Qualifying FICO score is at least 20 points above minimum for program - 751 score exceeds 660 minimum required. Qualifying DTI below maximum allowed - DTI is at 24.18%; max allowed DTI per guides is 50%. |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | CA | Primary Residence | Purchase | NA | N/A | N/A | XXX
400091350 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | CA | Primary Residence | Purchase | NA |  |  |
400098163 | XXX | XXX | XXX | C | B | C | B | C | A | A | A | Closed | FCRE1194 | 2025-03-04 10:35 | 2025-03-10 15:51 | Waived | 2 - Non-Material | C | B | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Document Uploaded. Originator waiver applied to non material finding with compensating factors - Due Diligence Vendor-03/XX/2025 Ready for Review-The appraiser does not determine per guides if property is rural or not, XX determines base on the review of the appraisal and MGMT determined the property not to be rural, please clear findings. - Seller-03/XX/2025 Counter-Appraisal notes Rural-finding remains. - Due Diligence Vendor-03/XX/2025 Ready for Review-XX determined that this property is not rural based on location of property. Property is just outside a residential area, gas stations and schools, also within 24 minutes of XXX and XXX which are bigger cities. XX determines if we deem the property rural or not, please clear findings. - Seller-03/XX/2025 Open-Audited LTV of 80% exceeds Guideline LTV of 75% Max LTV 75% for rural property - Due Diligence Vendor-03/XX/2025 | Ready for Review-The appraiser does not determine per guides if property is rural or not, XX determines base on the review of the appraisal and MGMT determined the property not to be rural, please clear findings. - Seller-03/10/2025 Ready for Review-XX determined that this property is not rural based on location of property. Property is just outside a residential area, gas stations and schools, also within 24 minutes of XXX and XXX which are bigger cities. XX determines if we deem the property rural or not, please clear findings. - Seller-03/05/2025 | Waived-Document Uploaded. Originator waiver applied to non material finding with compensating factors - Due Diligence Vendor-03/10/2025 | Qualifying FICO score is at least 20 points above minimum for program - MIn 660 Client qualified with a 816 credit score Qualifying DTI below maximum allowed - Allowed to 55% closed under 35% | 816 fico 35% DTI | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | TX | Primary Residence | Purchase | NA | Originator Post-Close | Yes | XXX
400098163 | XXX | XXX | XXX | C | B | C | B | C | A | A | A | Closed | finding-3532 | 2025-02-28 16:11 | 2025-03-06 07:37 | Resolved | 1 - Information | C | A | Compliance | TRID | Initial Closing Disclosure Delivery Date Test | Resolved-Received CD 2/XX/2025 with esign 2/XX/2025. Finding resolved.. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. please find the initial CD for review. - Seller-03/XX/2025 Open-This loan failed the initial closing disclosure delivery date test due to one of the following findings:( 12 CFR §1026.19(f)(1)(ii) )The initial closing disclosure delivery date is provided and the initial closing disclosure method of delivery is marked as either:"USPS First Class Mail" or "Electronic Delivery" or blank, and the initial closing disclosure delivery date is less than six business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; or"In Person" and the initial closing disclosure delivery date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; orThe initial closing disclosure receipt date is provided and the initial closing disclosure receipt date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transactionThe creditor shall ensure that the consumer receives the disclosures required under paragraph §1026.19(f)(1)(i) no later than three business days before consummation. -----Initial CD 02/XX/2025 is not signed and there is no evidence in file to determine if it was provided to borrower at least three days prior to closing date of 02/XX/2025. Statute of Limitations 3 years- Expiration date is 02/XX/2028. - Due Diligence Vendor-02/XX/2025 | Ready for Review-Document Uploaded. please find the initial CD for review. - Seller-03/05/2025 | Resolved-Received CD 2/XX/2025 with esign 2/XX/2025. Finding resolved.. - Due Diligence Vendor-03/06/2025 | Qualifying FICO score is at least 20 points above minimum for program - MIn 660 Client qualified with a 816 credit score Qualifying DTI below maximum allowed - Allowed to 55% closed under 35% |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | TX | Primary Residence | Purchase | NA | N/A | N/A | XXX
400097078 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE0042 | 2025-03-05 07:06 | 2025-03-10 16:03 | Resolved | 1 - Information | C | A | Credit | Eligibility | Florida Foreign National Affidavit is missing or incomplete | Resolved-Received ACH. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. See uploaded FL foreign affidavits, both documents are executed. Please clear condition. - Seller-03/XX/2025 Open-Florida Foreign National Affidavit is Missing or Incomplete. Florida Foreign National Affidavit not fully executed. - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. See uploaded FL foreign affidavits, both documents are executed. Please clear condition. - Seller-03/06/2025 | Resolved-Received ACH. - Due Diligence Vendor-03/10/2025 | Months Reserves exceed minimum required - Reqd 6 mos client has over 39 mos DSCR =/> 1.00 and minimum is 0.85 or Less - Dscr is 1.02 |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Purchase | NA | N/A | N/A | XXX
400098164 | XXX | XXX | XXX | D | A | D | A | C | A | A | A | Closed | FCRE1152 | 2025-03-07 10:54 | 2025-03-13 16:00 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Evidence of Property Tax Missing | Resolved-Received tax rate/calculation. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. A copy of the current property taxes showing the tax rate with the calculation for the purchase has been uploaded, please clear condition. - Seller-03/XX/2025 Open-Missing Evidence of Property Tax based on borrowers and not current owners - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. A copy of the current property taxes showing the tax rate with the calculation for the purchase has been uploaded, please clear condition. - Seller-03/11/2025 | Resolved-Received tax rate/calculation. - Due Diligence Vendor-03/13/2025 | LTV is less than guideline maximum - LTV 52.12% is lower than maximum 75% Qualifying FICO score is at least 20 points above minimum for program - Mid FICO 784 is higher than the required 640 |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | CA | Primary Residence | Purchase | NA | N/A | N/A | XXX
400098164 | XXX | XXX | XXX | D | A | D | A | C | A | A | A | Closed | finding-3532 | 2025-03-04 14:07 | 2025-03-12 08:15 | Resolved | 1 - Information | C | A | Compliance | TRID | Initial Closing Disclosure Delivery Date Test | Resolved-Received evidence of receipt 2/XX/2025. Finding resolved. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. CD issued 2/XX/2025 along with confirmation of receipt has been provided, please clear condition. - Seller-03/XX/2025 Open-This loan failed the initial closing disclosure delivery date test due to one of the following findings:( 12 CFR §1026.19(f)(1)(ii) )The initial closing disclosure delivery date is provided and the initial closing disclosure method of delivery is marked as either:"USPS First Class Mail" or "Electronic Delivery" or blank, and the initial closing disclosure delivery date is less than six business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; or"In Person" and the initial closing disclosure delivery date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; orThe initial closing disclosure receipt date is provided and the initial closing disclosure receipt date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transactionThe creditor shall ensure that the consumer receives the disclosures required under paragraph §1026.19(f)(1)(i) no later than three business days before consummation. Initial CD 02/XX/2025 is not signed and there is no evidence in file to determine if it was provided to borrower at least three days prior to closing date of 02/XX/2025. Statute of Limitations 3 years- Expiration date is 02/XX/2028 - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. CD issued 2/xx/2025 along with confirmation of receipt has been provided, please clear condition. - Seller-03/11/2025 | Resolved-Received evidence of receipt 2/20/2025. Finding resolved. - Due Diligence Vendor-03/12/2025 | LTV is less than guideline maximum - LTV 52.12% is lower than maximum 75% Qualifying FICO score is at least 20 points above minimum for program - Mid FICO 784 is higher than the required 640 |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | CA | Primary Residence | Purchase | NA | N/A | N/A | XXX
400098150 | XXX | XXX | XXX | D | A | D | A | C | A | A | A | Closed | FCRE1325 | 2025-03-07 00:42 | 2025-03-19 16:43 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 1 CPA Letter Missing | Resolved-Received sufficient documentation confirming 100% owner and 2+ years self employment. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. Business cert filed with the State of Texas shows it was filed in 2021, please clear condition. - Seller-03/XX/2025 Counter-Per the guidelines, a Copy of the business license covering 2 years as of the date application or Tax Preparer Letter. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. Per operating agreement borrower is the sole owner of the company, per the search uploaded it has been registered with the State of Texas since 2021. Please clear condition. - Seller-03/XX/2025 Open-Borrower 1 CPA Letter Missing Provide the CPA letter that will support the ownership as well has how long the business has been open - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. Business cert filed with the State of Texas shows it was filed in 2021, please clear condition. - Seller-03/17/2025 Ready for Review-Document Uploaded. Per operating agreement borrower is the sole owner of the company, per the search uploaded it has been registered with the State of Texas since 2021. Please clear condition. - Seller-03/12/2025 | Resolved-Received sufficient documentation confirming 100% owner and 2+ years self employment. - Due Diligence Vendor-03/19/2025 | LTV is less than guideline maximum - LTV 61.83% is lower than maximum 75% Qualifying FICO score is at least 20 points above minimum for program - Mid FICO 648 is higher than the required 600 |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | TX | Primary Residence | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
400098150 | XXX | XXX | XXX | D | A | D | A | C | A | A | A | Closed | finding-3540 | 2025-03-06 11:36 | 2025-03-13 07:43 | Resolved | 1 - Information | C | A | Compliance | TRID | Revised Closing Disclosure Delivery Date Test (No Waiting Period Required) Test | Resolved-Received COC for 2/XX/2025, 2/XX/2025 and 2/XX/2025. Finding resolved. - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. Provided a copy of the COCs, please review. - Seller-03/XX/2025 Open-This loan failed the revised closing disclosure delivery date test (no waiting period required). ( 12 CFR §1026.19(f)(2)(i) )The revised closing disclosure delivery does not require a new waiting period and:The revised closing disclosure delivery date is provided and the revised closing disclosure method of delivery is marked as either"USPS First Class Mail" or "Electronic Delivery" or blank, and the revised closing disclosure delivery date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; or"In Person" and the revised closing disclosure delivery date is after the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; orThe revised closing disclosure receipt date is provided and the revised closing disclosure receipt date is after the consummation date, or closing / settlement date if no consummation date is provided, of the transaction.Changes before consummation not requiring a new waiting period. Except as provided in §1026.19(f)(2)(ii), if the disclosures provided under §1026.19(f)(1)(i) become inaccurate before consummation, the creditor shall provide corrected disclosures reflecting any changed terms to the consumer so that the consumer receives the corrected disclosures at or before consummation. Notwithstanding the requirement to provide corrected disclosures at or before consummation, the creditor shall permit the consumer to inspect the disclosures provided under this paragraph, completed to set forth those items that are known to the creditor at the time of inspection, during the business day immediately preceding consummation, but the creditor may omit from inspection items related only to the seller's transaction. -----Missing valid COC for applicable increases. Statute of Limitations 3 years- Expiration date is 02/XX/2028 - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. Provided a copy of the COCs, please review. - Seller-03/12/2025 | Resolved-Received COC for 2/XX/2025, 2/XX/2025 and 2/XX/2025. Finding resolved. - Due Diligence Vendor-03/13/2025 | LTV is less than guideline maximum - LTV 61.83% is lower than maximum 75% Qualifying FICO score is at least 20 points above minimum for program - Mid FICO 648 is higher than the required 600 |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | TX | Primary Residence | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
400098177 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other |  |  |
400103289 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE1194 | 2025-03-13 08:58 | 2025-04-10 14:20 | Resolved | 1 - Information | C | A | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Resolved-Audited LTV of 75% is less than or equal to Guideline LTV of 75% - Due Diligence Vendor-04/XX/2025 Ready for Review-Document Uploaded. - Seller-03/XX/2025 Open-Audited LTV of 75% exceeds Guideline LTV of 70% Loan was locked DSCR PLUS max LTV 70% for cash out per matrix. - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. - Seller-03/13/2025 | Resolved-Audited LTV of 75% is less than or equal to Guideline LTV of 75% - Due Diligence Vendor-04/10/2025 | Qualifying FICO score is at least 20 points above minimum for program - FICO = 744 Min FICO = 700 Months Reserves exceed minimum required - Reserves = 28 months – Required Reserves = 6 Months |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | NJ | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
400103289 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE0040 | 2025-03-11 14:05 | 2025-03-13 17:15 | Resolved | 1 - Information | C | A | Credit | Borrower | Borrower or Co Borrower Citizenship is Unknown | Resolved-1003 provided confirming citizenship - Due Diligence Vendor-03/XX/2025 Ready for Review-Document Uploaded. - Seller-03/XX/2025 Open-The Borrower or Co-borrowers' Citizenship status is Unknown. B1 - Citizenship status is Unknown - not marked on 1003 - Due Diligence Vendor-03/XX/2025 | Ready for Review-Document Uploaded. - Seller-03/13/2025 | Resolved-1003 provided confirming citizenship - Due Diligence Vendor-03/13/2025 | Qualifying FICO score is at least 20 points above minimum for program - FICO = 744 Min FICO = 700 Months Reserves exceed minimum required - Reserves = 28 months – Required Reserves = 6 Months |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | NJ | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000051892 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE7497 | 2025-05-06 13:17 | 2025-05-14 14:02 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing verification of taxes, insurance, and/or HOA fees for non-subject property | Resolved-FPL provided for 3e. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. property was refi through XX and just closed uploaded the piti. - Seller-05/XX/2025 Open-1. Missing verification of the free and clear status B1 REO 3e of the 1003 2. Missing verification of tax and insurance for B1 REO 3e of the 1003 - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. property was refi through XX and just closed uploaded the piti. - Seller-05/12/2025 | Resolved-FPL provided for 3e. - Due Diligence Vendor-05/14/2025 | Qualifying DTI below maximum allowed - 50% allowed, 30.53% verified. Qualifying FICO score is at least 20 points above minimum for program - 680 required, subject 761 |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000051892 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE1510 | 2025-05-06 08:44 | 2025-05-14 13:56 | Resolved | 1 - Information | C | A | Credit | Closing | Issues exist on the Mortgage Document (Deed of Trust) | Resolved-Mortgage provided with legal description - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. DOT for review. - Seller-05/XX/2025 Open-There are Issues Present on the Mortgage Document (Deed of Trust) that must be addressed. The legal description is not attached to the Deed of Trust. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. DOT for review. - Seller-05/12/2025 | Resolved-Mortgage provided with legal description - Due Diligence Vendor-05/14/2025 | Qualifying DTI below maximum allowed - 50% allowed, 30.53% verified. Qualifying FICO score is at least 20 points above minimum for program - 680 required, subject 761 |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000052487 | XXX | XXX | XXX | D | A | A | A | A | A | D | A | Closed | FPRO1253 | 2025-05-12 14:23 | 2025-05-19 15:00 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Received Desk Review. Value Supported. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. DVR for review. please clear. - Seller-05/XX/2025 Open-Additional valuation product has not been provided. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. DVR for review. please clear. - Seller-05/15/2025 | Resolved-Received Desk Review. Value Supported. - Due Diligence Vendor-05/19/2025 | Qualifying FICO score is at least 20 points above minimum for program - Qualifying FICO 764 is more than 20 points higher than the guideline min of 660. Qualifying DTI below maximum allowed - Qualifying DTI 33.77 is less than the guideline max of 50. |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | TX | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE1254 | 2025-05-16 07:38 | 2025-06-16 12:38 | Resolved | 1 - Information | C | A | Credit | Title | Property Title Issue | Resolved-Open Coprporates shows that borrower and seller are not related - Due Diligence Vendor-06/XX/2025 Counter-Received confirmation 2024 taxes paid. Missing 2. Provide the LLC documents for the Seller/builder so that it can be verified that there is no relationship between buyer and seller. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. - Seller-06/XX/2025 Ready for Review-document which is the final SS shows taxes are paid, also this is a combined SS showing sellers expenses. please clear findings. - Seller-06/XX/2025 Counter-Received duplicate documentation-original finding remains. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. final SS showing payments. - Seller-06/XX/2025 Open-Property Title Issue 1. Missing evidence that delinquent taxes noted in Schedule B1 Items 9 and 10 were paid. Per title, taxes for the year 2024 are a lien due, payable and now delinquent. 2. Provide the LLC documents for the Seller/builder so that it can be verified that there is no relationship between buyer and seller. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. - Seller-06/09/2025 Ready for Review-document which is the final SS shows taxes are paid, also this is a combined SS showing sellers expenses. please clear findings. - Seller-06/09/2025 Ready for Review-Document Uploaded. final SS showing payments. - Seller-06/06/2025 | Resolved-Open Coprporates shows that borrower and seller are not related - Due Diligence Vendor-06/16/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE1440 | 2025-05-16 09:28 | 2025-06-13 11:20 | Resolved | 1 - Information | C | A | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Resolved-Verification of rent and lease provided. - Due Diligence Vendor-06/XX/2025 Counter-VOR required-reviewer is unable to confirm notes received. - Due Diligence Vendor-06/XX/2025 Ready for Review-They moved in July XX which the rent would be prorated for the month which is why they only paid $XX. 6/28 they paid security deposit of $XX (before they moved in on 7/XX). All payments were made on 1st of the month moving forward. 8/XX - $XX 9/XX -XX 9/XX -XX (10/XX payment) 11/XX-XX 12/XX -XX 1/XX -XX 2/XX -XX 3/XX- XX 4/XX -XX The borrower made 10/X payment on 9/XX which is why it shows a “credit” of $XX (see ledger). They were then charged the $XX on 10/XX and if you look at the payment ledger it shows 0 like all the other payments because they were given credit for the payment that was made on 9/XX. There was no reverse payment. The payment was made before they were “charged” for the month. Please clear findings. - Seller-06/XX/2025 Counter-Documentation received is insufficient. Ledger reflects smaller payment in July and reversed payment in Sept. Original finding remains. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. per guides the payment ledger matches the lease payments so clear. - Seller-05/XX/2025 Open-Housing History Does Not Meet Guideline Requirements Missing rental verification meeting guideline requirements. File includes copy of lease and an account ledger for 12 months. Guidelines require Legible copy of canceled checks (front and back) or money orders – amount of checks / money orders must be consistent and match the amount of monthly rent reflected on the 1003, Verification of Rent (VOR) or a rating from credit reporting agency if from rental agency, or Bank statements which consistently show payment made for rent amount. - Due Diligence Vendor-05/XX/2025 | Ready for Review-They moved in July XX which the rent would be prorated for the month which is why they only paid $XXX. 6/XX they paid security deposit of XXX (before they moved in on 7/XX). All payments were made on 1st of the month moving forward. 8/XX -XXX 9/XX -XXX 9/XX -XX (10/XX payment) 11/XX -XX 12/XX -XX 1/XX -XX 2/XX -XX 3/XX- XX 4/XX -XX The borrower made 10/XX payment on 9/XX which is why it shows a “credit” of $XXX (see ledger). They were then charged the $XXX on 10/xx and if you look at the payment ledger it shows 0 like all the other payments because they were given credit for the payment that was made on 9/XX. There was no reverse payment. The payment was made before they were “charged” for the month. Please clear findings. - Seller-06/05/2025 Ready for Review-Document Uploaded. per guides the payment ledger matches the lease payments so clear. - Seller-05/19/2025 | Resolved-Verification of rent and lease provided. - Due Diligence Vendor-06/13/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE1506 | 2025-05-16 11:01 | 2025-06-13 11:19 | Resolved | 1 - Information | C | A | Credit | QM-ATR | Invalid Final QM Status - ATR/QM: Status Pending | Resolved-The Final Reviewed QM Status is acceptable or the loan is a Business Purpose loan. - Due Diligence Vendor-06/XX/2025 Open-The Final Reviewed QM Status is 'ATR/QM: Status Pending' on a non-Business Purpose loan. Pending income documents. - Due Diligence Vendor-05/XX/2025 |  | Resolved-The Final Reviewed QM Status is acceptable or the loan is a Business Purpose loan. - Due Diligence Vendor-06/13/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  |  | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE1292 | 2025-05-16 10:58 | 2025-05-21 14:20 | Resolved | 1 - Information | C | A | Credit | Income/Employment | Income 1 Months Income Verified is Missing | Resolved-Received business bank statement. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. uploaded the may stmt. - Seller-05/XX/2025 Open-Income 1 Months Income Verified is Missing Missing May 2024 statement. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. uploaded the may stmt. - Seller-05/19/2025 | Resolved-Received business bank statement. - Due Diligence Vendor-05/21/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE1964 | 2025-05-16 08:25 | 2025-05-21 14:14 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing income documentation | Resolved-Received website confirming business nature. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. borrowers line of biz please clear findings. - Seller-05/XX/2025 Open-Missing documentation of borrower's line of business to determine expense factor to be used. Audit used 30% per lender's worksheet. Additional findings may apply. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. borrowers line of biz please clear findings. - Seller-05/19/2025 | Resolved-Received website confirming business nature. - Due Diligence Vendor-05/21/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000046806 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FPRO1253 | 2025-05-16 07:58 | 2025-05-21 14:12 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Received secondary valuation. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. DVR for review. - Seller-05/XX/2025 Open-Additional valuation product has not been provided. Missing secondary evaluation per guides. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. DVR for review. - Seller-05/19/2025 | Resolved-Received secondary valuation. - Due Diligence Vendor-05/21/2025 | Qualifying FICO score is at least 20 points above minimum for program - 801 FICO exceeds 700 minimum required. LTV is less than guideline maximum - 73.08% LTV is less than 80% maximum. |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TN | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000052120 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE0044 | 2025-05-19 10:37 | 2025-05-22 14:18 | Resolved | 1 - Information | C | A | Credit | Eligibility | File does not contain LOX for credit inquiries | Resolved-Received credit inquiry LOE. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. Please find the LOX for review. - Seller-05/XX/2025 Open-LOX for credit inquiries is missing. Missing LOX for inquiry dated 1/XX/2025 - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Please find the LOX for review. - Seller-05/21/2025 | Resolved-Received credit inquiry LOE. - Due Diligence Vendor-05/22/2025 | Months Reserves exceed minimum required - Guidelines require 0 months of reserves. Qualifying reserves are 29 months. Qualifying FICO score is at least 20 points above minimum for program - Guidelines require 640 credit score. Qualifying credit score is 786. |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | GA | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053916 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TN | Investment | Refinance | Cash Out - Other |  |  |
2000054318 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | MI | Investment | Refinance | Cash Out - Other |  |  |
2000053792 | XXX | XXX | XXX | D | B | C | B | A | A | D | A | Closed | FCRE0969 | 2025-05-21 13:44 | 2025-06-16 13:25 | Resolved | 1 - Information | C | A | Credit | Closing | Prepayment Penalty Issue | Resolved-Required language regarding governing laws of Maryland is contained within the Mortgage/Deed of Trust. - Due Diligence Vendor-06/XX/2025 Counter-Documentation received is insufficient-finding remains. - Due Diligence Vendor-06/XX/2025 Ready for Review-DISAGREE: As outlined below, XXpress is not a “credit grantor” under the definition presented in MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii). We are licensed under the Maryland Mortgage Lender Law (and therefore not exempt) and we do not fund second liens. Therefore, we do not meet the requirements to be considered a credit grantor and this provision does not apply to us. - Seller-06/XX/2025 Counter-Even if they are licensed under the Maryland Mortgage Lender Law, they must still include the required specific language on the Note as this subtitle outlines the legal requirements for credit grantors, including the disclosure of certain information to the borrowers in the note. - Due Diligence Vendor-06/XX/2025 Ready for Review-DISAGREE: Per MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii), a credit grantor is an entity that is exempt from licensing under the Maryland Mortgage Lender Law and is providing credit for a second lien. Neither of those conditions applies to this loan or to the lending activity of XXpress in general, as XXpress is a licensed entity under the Maryland Mortgage Lender Law and only provides credit for first liens. - Seller-06/XX/2025 Counter-Documentation received is insufficient-original finding remains. - Due Diligence Vendor-05/XX/2025 Ready for Review-Please provide a citation to the statute requiring this verbiage to be printed on a MD loan vesting in a legal entity. We reviewed the Title 12, Subtitle 10 of the Maryland Commercial Law Statutes and we not finding a specific verbiage requirement. - Seller-05/XX/2025 Open-MD requires specific language "This loan is made pursuant to Title 12, Subtitle 10 of the Maryland Commercial Law Article for Credit Grantor Closed-End Credit " or the "Governing Laws' paragraph. This verbiage was not identified on the note or the PPP addendum. - Due Diligence Vendor-05/XX/2025 | Ready for Review-DISAGREE: As outlined below, XXpress is not a “credit grantor” under the definition presented in MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii). We are licensed under the Maryland Mortgage Lender Law (and therefore not exempt) and we do not fund second liens. Therefore, we do not meet the requirements to be considered a credit grantor and this provision does not apply to us. - Seller-06/05/2025 Ready for Review-DISAGREE: Per MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii), a credit grantor is an entity that is exempt from licensing under the Maryland Mortgage Lender Law and is providing credit for a second lien. Neither of those conditions applies to this loan or to the lending activity of XXpress in general, as XXpress is a licensed entity under the Maryland Mortgage Lender Law and only provides credit for first liens. - Seller-06/04/2025 Ready for Review-Please provide a citation to the statute requiring this verbiage to be printed on a MD loan vesting in a legal entity. We reviewed the Title 12, Subtitle 10 of the Maryland Commercial Law Statutes and we not finding a specific verbiage requirement. - Seller-05/23/2025 | Resolved-Required language regarding governing laws of Maryland is contained within the Mortgage/Deed of Trust. - Due Diligence Vendor-06/16/2025 | Months Reserves exceed minimum required - 6 months required, 12 months verified. Qualifying FICO score is at least 20 points above minimum for program - 700 required, subject 802 |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | MD | Investment | Purchase | NA | N/A | N/A | XXX
2000053792 | XXX | XXX | XXX | D | B | C | B | A | A | D | A | Closed | FCRE0104 | 2025-05-21 13:54 | 2025-06-05 16:04 | Resolved | 1 - Information | C | A | Credit | Eligibility | Prepayment Penalty is not allowed | Resolved-Prepay has issues finding is open. - Due Diligence Vendor-06/XX/2025 Ready for Review-DISAGREE: Per MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii), a credit grantor is an entity that is exempt from licensing under the Maryland Mortgage Lender Law and is providing credit for a second lien. Neither of those conditions applies to this loan or to the lending activity of XXpress in general, as XXpress is a licensed entity under the Maryland Mortgage Lender Law and only provides credit for first liens. - Seller-06/XX/2025 Counter-Documentation received is insufficient-original finding remains. - Due Diligence Vendor-05/XX/2025 Ready for Review-Please provide a citation to the statute requiring this verbiage to be printed on a MD loan vesting in a legal entity. We reviewed the Title 12, Subtitle 10 of the Maryland Commercial Law Statutes and we not finding a specific verbiage requirement. - Seller-05/XX/2025 Open-Prepayment Penalty is not allowed. MD requires specific language "This loan is made pursuant to Title 12, Subtitle 10 of the Maryland Commercial Law Article for Credit Grantor Closed-End Credit " or the "Governing Laws' paragraph. This verbiage was not identified on the note or the PPP addendum. - Due Diligence Vendor-05/XX/2025 | Ready for Review-DISAGREE: Per MD Commercial Code Title 12, Subtitle 10, Section 12-1001(g)(2)(ii), a credit grantor is an entity that is exempt from licensing under the Maryland Mortgage Lender Law and is providing credit for a second lien. Neither of those conditions applies to this loan or to the lending activity of XXpress in general, as XXpress is a licensed entity under the Maryland Mortgage Lender Law and only provides credit for first liens. - Seller-06/04/2025 Ready for Review-Please provide a citation to the statute requiring this verbiage to be printed on a MD loan vesting in a legal entity. We reviewed the Title 12, Subtitle 10 of the Maryland Commercial Law Statutes and we not finding a specific verbiage requirement. - Seller-05/23/2025 | Resolved-Prepay has issues finding is open. - Due Diligence Vendor-06/05/2025 | Months Reserves exceed minimum required - 6 months required, 12 months verified. Qualifying FICO score is at least 20 points above minimum for program - 700 required, subject 802 |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | MD | Investment | Purchase | NA | N/A | N/A | XXX
2000053792 | XXX | XXX | XXX | D | B | C | B | A | A | D | A | Closed | FCRE0068 | 2025-05-20 11:33 | 2025-05-28 15:46 | Waived | 2 - Non-Material | C | B | Credit | Closing | Remaining Equity is less than $40,000 which does not meet guideline requirement | Waived-Originator provided a waiver remaining equity <$40,000 applied to non material finding with comp factors - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. Document provided, please clear. - Seller-05/XX/2025 Counter-Please provide complete exception request form. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. Credit exception for the minimum equity has been provided, please clear condition. - Seller-05/XX/2025 Open-Remaining equity is less than $40,000 which does not meet guideline requirement. Per the applicable guidelines $40,000 cash equity is required per transaction. The subject transaction has $34,500 in cash equity which does not meet guideline requirements. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Document provided, please clear. - Seller-05/27/2025 Ready for Review-Document Uploaded. Credit exception for the minimum equity has been provided, please clear condition. - Seller-05/23/2025 | Waived-Originator provided a waiver remaining equity <$40,000 applied to non material finding with comp factors - Due Diligence Vendor-05/28/2025 | Months Reserves exceed minimum required - 6 months required, 12 months verified. Qualifying FICO score is at least 20 points above minimum for program - 700 required, subject 802 | FICO: 801 Years at residenct: 8 Credit: 0x30 for 346 months | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | MD | Investment | Purchase | NA | Originator Post-Close | Yes | XXX
2000053792 | XXX | XXX | XXX | D | B | C | B | A | A | D | A | Closed | FPRO1253 | 2025-05-20 11:33 | 2025-05-27 13:27 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Received secondary valuation. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. DVR supports the appraisal value, copy nhas been provided. Please clear condition. - Seller-05/XX/2025 Open-Additional valuation product has not been provided. The second valuation product was not identified in the file. There is a CU but the score is 3.8 which does not meet guidelines. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. DVR supports the appraisal value, copy nhas been provided. Please clear condition. - Seller-05/23/2025 | Resolved-Received secondary valuation. - Due Diligence Vendor-05/27/2025 | Months Reserves exceed minimum required - 6 months required, 12 months verified. Qualifying FICO score is at least 20 points above minimum for program - 700 required, subject 802 |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | MD | Investment | Purchase | NA | N/A | N/A | XXX
2000054226 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FPRO1255 | 2025-05-21 10:18 | 2025-06-26 12:01 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Credit | HOA Questionnaire Document is Missing | Resolved-Per questionnaire subject unit not affected, additionally per appraisal, total gut rehabilitation in 2021. No additional documentation is required - Due Diligence Vendor-06/XX/2025 Counter-Received HOA Questionnaire-*NEW* Condo questionnaire indicates asbestos noted within project. Ineligible project. - Due Diligence Vendor-06/XX/2025 Ready for Review-XX guidelines for InvestorX program allow for non-warrantable condos. No exception is required for non-warrantable condo. Please clear finding. - Seller-06/XX/2025 Counter-Documentation is insufficient-any sign of asbestos in the project would make the project non-warrantable. Missing evidence that unit 224 asbestos has been remedied. If this cannot be provided, an exception would be needed to allow non-warrantable condo. Guide only allow non-warrantable due to commercial space, the project operates as a condotel, investor concentration is over 50% or there is pending litigation or insurance limitations. - Due Diligence Vendor-06/XX/2025 Ready for Review-The HOA states that Asbestos was reported in the ceiling of unit 224. The appraiser noted that the “subject property experienced a gut rehabilitation in 2021”. Any gut rehabilitation required full abatement of any asbestos present. Additionally, pictures taken by the appraiser and included in the rental listing on the appraisal show that as part of the rehabilitation, the ceilings in the unit were replaced. Please clear finding. - Seller-05/XX/2025 Counter-Documentation is insufficient-the presents of hazard such as asbestos are ineligible. Provide confirmation property has been remedied. - Due Diligence Vendor-05/XX/2025 Ready for Review-Per the comments, it was unit 242; A. (10): Asbestos- unit 242 reported asbestos found in ceiling. Other units could have similar composition ceilings and testing and remedy are at the expense of individual owners. - Seller-05/XX/2025 Counter-Received HOA questionnaire-subject property noted as containing Asbestos (#10)-acceptable confirmation subject property has remedied for condo warrantability. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. Condo questionnaire has been provided, please clear condition. - Seller-05/XX/2025 Open-Subject Property is part of an HOA but the HOA Questionnaire Document is Missing. Subject Property is part of an HOA but the HOA Questionnaire Document and evidence of project approval are Missing. - Due Diligence Vendor-05/XX/2025 | Ready for Review-XX guidelines for InvestorX program allow for non-warrantable condos. No exception is required for non-warrantable condo. Please clear finding. - Seller-06/05/2025 Ready for Review-The HOA states that Asbestos was reported in the ceiling of unit 224. The appraiser noted that the “subject property experienced a gut rehabilitation in 2021”. Any gut rehabilitation required full abatement of any asbestos present. Additionally, pictures taken by the appraiser and included in the rental listing on the appraisal show that as part of the rehabilitation, the ceilings in the unit were replaced. Please clear finding. - Seller-05/29/2025 Ready for Review-Per the comments, it was unit 242; A. (10): Asbestos- unit 242 reported asbestos found in ceiling. Other units could have similar composition ceilings and testing and remedy are at the expense of individual owners. - Seller-05/27/2025 Ready for Review-Document Uploaded. Condo questionnaire has been provided, please clear condition. - Seller-05/23/2025 | Resolved-Per questionnaire subject unit not affected, additionally per appraisal, total gut rehabilitation in 2021. No additional documentation is required - Due Diligence Vendor-06/26/2025 | Qualifying FICO score is at least 20 points above minimum for program - Qualifying FICO 726 is more than 20 points higher than the guideline min of 680. DSCR % greater than 1.20 - Qualifying DSCR is 1.33. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | HI | Investment | Purchase | NA | N/A | N/A | XXX
2000053419 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | NH | Investment | Refinance | Cash Out - Other |  |  |
2000053171 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE1198 | 2025-05-23 08:17 | 2025-06-16 14:44 | Resolved | 1 - Information | C | A | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Resolved-Evidence of the $100K EMD was provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Looks like you are missing the EMD of $150k attached is the worksheet from UW - Seller-06/XX/2025 Counter-Reviewer has the following assets: XX. Only 4.24 reserves after closing. - Due Diligence Vendor-06/XX/2025 Ready for Review-can you please provide a breakdown for the calculation of assets as we show the borrower having enough funds. - Seller-06/XX/2025 Counter-Received duplicate documentation-original finding remains. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. also 1008 and the assets included. - Seller-06/XX/2025 Ready for Review-Hi can you provide an asset breakdown of the assets you are calculating. the assets in file are all seasoned business accounts? - Seller-06/XX/2025 Open-Audited Reserves of 4.24 month(s) are less than Guideline Required Reserves of 6 month(s) Subject DSCR score 0.88, 4mos reserves documented, and LTV 61.2% (<=65% LTV, no reserves required). Per guides pg123: DSCR under 1.00 requires 6 months reserves. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Looks like you are missing the EMD of $150k attached is the worksheet from UW - Seller-06/16/2025 Ready for Review-can you please provide a breakdown for the calculation of assets as we show the borrower having enough funds. - Seller-06/09/2025 Ready for Review-Document Uploaded. also 1008 and the assets included. - Seller-06/05/2025 Ready for Review-Hi can you provide an asset breakdown of the assets you are calculating. the assets in file are all seasoned business accounts? - Seller-06/05/2025 | Resolved-Evidence of the $100K EMD was provided. - Due Diligence Vendor-06/16/2025 | On time mortgage history exceeds guideline requirement - Borrs 93mos 0x30 mortgage pay history. Per guides, minimum 12mos 0x30 mortgage/rental pay history. Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 730. Per guides, minimum score required 640. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | HI | Investment | Purchase | NA | N/A | N/A | XXX
2000053332 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCOM1221 | 2025-05-23 11:58 | 2025-06-02 14:42 | Resolved | 1 - Information | C | A | Credit | Closing | The Deed of Trust is Incomplete | Resolved-Received legal - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. final DOT with legal - Seller-05/XX/2025 Open-The Deed of Trust is Incomplete Missing legal description - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. final DOT with legal - Seller-05/29/2025 | Resolved-Received legal - Due Diligence Vendor-06/02/2025 | Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 718. Per guides, minimum score required 620. Months Reserves exceed minimum required - 38.6mos reserves. Per guides, 3 reserves required. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053364 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE8701 | 2025-05-23 11:37 | 2025-06-25 09:43 | Resolved | 1 - Information | C | A | Credit | Borrower | Business Entity Formation Document is Missing | Resolved-EIN number not required per guides. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. per guides we do not require EIN anymore please see attached - Seller-06/XX/2025 Counter-Received FL electronic filing-missing EIN - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. doc formation - Seller-06/XX/2025 Counter-Detail by Entity Name is not for the vesting business. Finding Remains. - Due Diligence Vendor-06/XX/2025 Ready for Review-Please re review, the EIN number is on the page. please clear. - Seller-06/XX/2025 Counter-Received SOS-missing EIN - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. please find the entity formation - Seller-05/XX/2025 Open-The Business Entity Formation Document is Missing -Missing Business Entity Formation; Per Division of Corporations FEI/EIN Number is NONE. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. per guides we do not require EIN anymore please see attached - Seller-06/24/2025 Ready for Review-Document Uploaded. doc formation - Seller-06/17/2025 Ready for Review-Please re review, the EIN number is on the page. please clear. - Seller-06/05/2025 Ready for Review-Document Uploaded. please find the entity formation - Seller-05/28/2025 | Resolved-EIN number not required per guides. - Due Diligence Vendor-06/25/2025 | Months Reserves exceed minimum required - 45.43mos reserves. Per guides, 6 reserves required. Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 729. Per guides, minimum score required 640. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000053743 | XXX | XXX | XXX | C | A | A | A | C | A | A | A | Closed | finding-3532 | 2025-05-22 16:48 | 2025-05-29 12:12 | Resolved | 1 - Information | C | A | Compliance | TRID | Initial Closing Disclosure Delivery Date Test | Resolved-Received e-signed copy of initial CD 5/XX/25 confirming it was provided to borrower three days prior to closing date of 5/XX/25. - Due Diligence Vendor-05/XX/2025 Ready for Review-Document Uploaded. initial CD for review. - Seller-05/XX/2025 Open-This loan failed the initial closing disclosure delivery date test due to one of the following findings:( 12 CFR §1026.19(f)(1)(ii) )The initial closing disclosure delivery date is provided and the initial closing disclosure method of delivery is marked as either:"USPS First Class Mail" or "Electronic Delivery" or blank, and the initial closing disclosure delivery date is less than six business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; or"In Person" and the initial closing disclosure delivery date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction; orThe initial closing disclosure receipt date is provided and the initial closing disclosure receipt date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transactionThe creditor shall ensure that the consumer receives the disclosures required under paragraph §1026.19(f)(1)(i) no later than three business days before consummation. Initial CD 5/XX/2025 is not signed and there is no evidence in file to determine if it was provided to borrower at least three days prior to closing date of 5/XX/2025. Provide proof of delivery for CD 5/XX/25. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. initial CD for review. - Seller-05/28/2025 | Resolved-Received e-signed copy of initial CD 5/XX/25 confirming it was provided to borrower three days prior to closing date of 5/XX/25. - Due Diligence Vendor-05/29/2025 | Months Reserves exceed minimum required - 17.2mos reserves. Per guides, 3 reserves required. Qualifying DTI below maximum allowed - Borr DTI 18.34%. Per guides, maximum DTI 50%. |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | MI | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | FCRE1348 | 2025-05-28 14:22 | 2025-06-17 07:02 | Resolved | 1 - Information | C | A | Credit | Income/Employment | Borrower 2 Total Years Employment Verified is Less Than 24 Months | Resolved-The loan file contains 2023 partnership, extension for filing of 2024 taxes and 2024 P&L and 2025 YTD P&L, which verified two years of employment history. - Due Diligence Vendor-06/XX/2025 Ready for Review-2024 income taxes do not need to be filed to verify 2 years of employment. Borrower provided 2024 P&L and 2025 YTD P&L as well as extension for filing of 2024 taxes. Please clear finding. - Seller-06/XX/2025 Counter-B2 employment not consistent on 1003 based on K-1s. Acquired percentage of ownership in 2023. 2024 income not filed-need complete 24 months employment for B2. - Due Diligence Vendor-06/XX/2025 Ready for Review-1/2023 to 4/2025 is over 24 months, please clear condition. - Seller-05/XX/2025 Open-Borrower 2 Total Years Employment Verified is Less Than 24 Months B2 was not an owner of the business until 2023, one year. - Due Diligence Vendor-05/XX/2025 | Ready for Review-2024 income taxes do not need to be filed to verify 2 years of employment. Borrower provided 2024 P&L and 2025 YTD P&L as well as extension for filing of 2024 taxes. Please clear finding. - Seller-06/13/2025 Ready for Review-1/2023 to 4/2025 is over 24 months, please clear condition. - Seller-05/30/2025 | Resolved-The loan file contains 2023 partnership, extension for filing of 2024 taxes and 2024 P&L and 2025 YTD P&L, which verified two years of employment history. - Due Diligence Vendor-06/17/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  |  | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | FCRE1364 | 2025-05-28 14:22 | 2025-06-06 16:28 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 2 Executed 4506-T/4506-C is Missing | Resolved-Received 4506C - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Here is the correct 4506-c, please clear condition. - Seller-06/XX/2025 Counter-4506 reflects only 2023 -need 2 years reflecting. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. 4506C executed by both borrowers has been provided, please clear condition. - Seller-05/XX/2025 Open-Borrower 2 Executed 4506-T/4506-C is Missing The 4506-C for the co-borrower was not identified in the file. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Here is the correct 4506-c, please clear condition. - Seller-06/04/2025 Ready for Review-Document Uploaded. 4506C executed by both borrowers has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received 4506C - Due Diligence Vendor-06/06/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | FCOM1290 | 2025-05-28 10:31 | 2025-06-02 08:06 | Resolved | 1 - Information | D | A | Compliance | Missing Doc | Undiscounted Rate is Missing | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/XX/2025 Open-Undiscounted Rate is Missing -This is the interest rate available to the borrower based on the borrower's particular credit profile and loan characteristics, before any discount points are applied. Unable to test QM points and fees properly. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/02/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | finding-3393 | 2025-05-28 08:27 | 2025-06-02 08:06 | Resolved | 1 - Information | C | A | Compliance | Points & Fees | High-Cost Mortgage Points and Fees Threshold Test | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/XX/2025 Open------ Tolerance violation exceeds allowable by $189.37, and due to Federal or Section 32 High-Cost, the overage is not curable. Provide the undiscounted rate for further testing. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/02/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | finding-3399 | 2025-05-28 08:27 | 2025-06-02 08:06 | Resolved | 1 - Information | C | A | Compliance | Disclosure | High-Cost Mortgage Timing of Disclosure Test | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/XX/2025 Open------ Tolerance violation exceeds allowable by $189.37, and due to Federal or Section 32 High-Cost, the overage is not curable. Provide the undiscounted rate for further testing. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/02/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | finding-3406 | 2025-05-28 08:27 | 2025-06-02 08:06 | Resolved | 1 - Information | C | A | Compliance | Disclosure | High-Cost Mortgage Pre-Loan Counseling Date Test | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/XX/2025 Open------ Tolerance violation exceeds allowable by $189.37, and due to Federal or Section 32 High-Cost, the overage is not curable. Provide the undiscounted rate for further testing. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/02/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053393 | XXX | XXX | XXX | D | A | D | A | D | A | A | A | Closed | finding-3408 | 2025-05-28 08:27 | 2025-06-02 08:06 | Resolved | 1 - Information | C | A | Compliance | Points & Fees | High-Cost Mortgage Late Fee Test | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/XX/2025 Open------ Tolerance violation exceeds allowable by $189.37, and due to Federal or Section 32 High-Cost, the overage is not curable. Provide the undiscounted rate for further testing. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Undiscounted information has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received undiscounted rate of 8.75. - Due Diligence Vendor-06/02/2025 | Months Reserves exceed minimum required - Zero required, 71 verified. LTV is less than guideline maximum - 65 allowed, 35.92 verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | FL | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053728 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE1764 | 2025-05-29 12:02 | 2025-06-04 10:33 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing Verification of Mortgage | Resolved-First payment letters provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. 1st payment letters have been provided for the 2 units, please clear condition. - Seller-06/XX/2025 Open-The notes and HUD-1s from the simultaneous closings of property 3A units B, C and D are required to verify the payments for those mortgages. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. 1st payment letters have been provided for the 2 units, please clear condition. - Seller-06/03/2025 | Resolved-First payment letters provided. - Due Diligence Vendor-06/04/2025 | Qualifying DTI below maximum allowed - 50% maximum, subject 42.35% Months Reserves exceed minimum required - 6 months required, 133.42 months verified. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053728 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE0360 | 2025-05-29 11:44 | 2025-06-04 10:31 | Resolved | 1 - Information | C | A | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Resolved-Verification of Mortgage (VOM) Document and first payment letters provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. VOMs and 1st payment letters have been provided for the 3 units, please clear condition. - Seller-06/XX/2025 Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The verifications of mortgage for property 3A Units B, C, and D were not identified in the file. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. VOMs and 1st payment letters have been provided for the 3 units, please clear condition. - Seller-06/03/2025 | Resolved-Verification of Mortgage (VOM) Document and first payment letters provided. - Due Diligence Vendor-06/04/2025 | Qualifying DTI below maximum allowed - 50% maximum, subject 42.35% Months Reserves exceed minimum required - 6 months required, 133.42 months verified. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053730 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE0360 | 2025-05-30 06:57 | 2025-06-04 10:15 | Resolved | 1 - Information | C | A | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Resolved-Verification of Mortgage (VOM) Document and 1st payment letters were provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. VOMs and 1st payment letters have been provided for the 3 units, please clear condition. - Seller-06/XX/2025 Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The verifications of mortgage for property 3a Units A, C, and D were not identified in the file. These are required. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. VOMs and 1st payment letters have been provided for the 3 units, please clear condition. - Seller-06/03/2025 | Resolved-Verification of Mortgage (VOM) Document and 1st payment letters were provided. - Due Diligence Vendor-06/04/2025 | Qualifying DTI below maximum allowed - 50% allowed, 42.35% verified Months Reserves exceed minimum required - 6 months required, subject 144.91 verified. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053734 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE0360 | 2025-05-29 15:04 | 2025-06-04 10:22 | Resolved | 1 - Information | C | A | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Resolved-Verification of Mortgage (VOM) Document and first payment letters were provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. VOMs and 1st payment letters for Units A, B and D have been provided along with the 1st payment letter for A&B and C&D xx. Per gap report xx loans (business loans) are paid as agreed. - Seller-06/XX/2025 Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verifications of mortgage payment for property 3A Marjorie units A, B, and D. Additionally the first payments for the xx C-D and xx A-B mortgages was not identified in the file. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. VOMs and 1st payment letters for Units xx have been provided along with the 1st payment letter for xxn. Per gap report xx loans (business loans) are paid as agreed. - Seller-06/03/2025 | Resolved-Verification of Mortgage (VOM) Document and first payment letters were provided. - Due Diligence Vendor-06/04/2025 | Months Reserves exceed minimum required - Reserves are 133 mo's vs program min required of 6 mo's. Qualifying DTI below maximum allowed - DTI is < 43% with max allowed to 50% |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000053736 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other |  |  |
2000054146 | XXX | XXX | XXX | D | B | D | B | A | A | A | A | Closed | FCRE1278 | 2025-05-29 11:14 | 2025-06-11 18:10 | Waived | 2 - Non-Material | C | B | Credit | Eligibility | Escrow waiver guidelines were not met | Waived-Originator exception granted to allow escrow waiver. Non-material waiver applied to finding with compensating factors. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Credit exception for escrow waiver has been provided, please clear condition. - Seller-06/XX/2025 Counter-Documentation is insufficient-escrows are required unless specifically defined by State. Exception required for waiving escrows. - Due Diligence Vendor-06/XX/2025 Ready for Review-The State of Michigan does not require taxes and insurance to be escrowed. Please clear condition. - Seller-06/XX/2025 Counter-Documentation received is insufficient-guidelines reflect-Required for all loans where allowed by law. Original finding remains. - Due Diligence Vendor-06/XX/2025 Ready for Review-There isn't a Michigan law that universally requires lenders to use escrow accounts for mortgage loans. Please clear condition. - Seller-05/XX/2025 Open-Escrows required but waived. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Credit exception for escrow waiver has been provided, please clear condition. - Seller-06/09/2025 Ready for Review-The State of Michigan does not require taxes and insurance to be escrowed. Please clear condition. - Seller-06/04/2025 Ready for Review-There isn't a Michigan law that universally requires lenders to use escrow accounts for mortgage loans. Please clear condition. - Seller-05/30/2025 | Waived-Originator exception granted to allow escrow waiver. Non-material waiver applied to finding with compensating factors. - Due Diligence Vendor-06/11/2025 | Months Reserves exceed minimum required - 49.44mos reserves. Per guides, 6 reserves required Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 710. Per guides, minimum score required 680. Qualifying DTI below maximum allowed - Borr DTI 30.84%. Per guides, maximum DTI 50%. | 49 months reserves 29.90% DTI 15 years at current address. | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | MI | Primary Residence | Refinance | Cash Out - Other | Originator Post-Close | Yes | XXX
2000054146 | XXX | XXX | XXX | D | B | D | B | A | A | A | A | Closed | FCRE6777 | 2025-05-29 11:18 | 2025-06-03 16:19 | Waived | 2 - Non-Material | C | B | Credit | Eligibility | Acreage exceeds guidelines | Waived-Originator provided a waiver allow 10.01 acres, applied to non material finding with comp factors - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Credit exception for the acreage has been provided, please clear condition. - Seller-05/XX/2025 Open-Subject is 10.01 acres, max acres 10.00. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Credit exception for the acreage has been provided, please clear condition. - Seller-05/30/2025 | Waived-Originator provided a waiver allow 10.01 acres, applied to non material finding with comp factors - Due Diligence Vendor-06/03/2025 | Months Reserves exceed minimum required - 49.44mos reserves. Per guides, 6 reserves required Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 710. Per guides, minimum score required 680. Qualifying DTI below maximum allowed - Borr DTI 30.84%. Per guides, maximum DTI 50%. | DTI: 26.13% Long time at present address: 15 years Long time with employer: 34 years | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | MI | Primary Residence | Refinance | Cash Out - Other | Originator Post-Close | Yes | XXX
2000054146 | XXX | XXX | XXX | D | B | D | B | A | A | A | A | Closed | FCRE1202 | 2025-05-29 11:32 | 2025-06-03 16:17 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Third Party Fraud Report Partially Provided | Resolved-Received complete fraud report. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Complete fraud report has been provided, please clear condition. - Seller-05/XX/2025 Open-Third Party Fraud Report Partially Provided Missing full report, only pages 1-4 are provided - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Complete fraud report has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received complete fraud report. - Due Diligence Vendor-06/03/2025 | Months Reserves exceed minimum required - 49.44mos reserves. Per guides, 6 reserves required Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 710. Per guides, minimum score required 680. Qualifying DTI below maximum allowed - Borr DTI 30.84%. Per guides, maximum DTI 50%. |  | XX | QM: Safe Harbor APOR (APOR SH) | QM: Safe Harbor APOR (APOR SH) | XXX | MI | Primary Residence | Refinance | Cash Out - Other | N/A | N/A | XXX
2000054197 | XXX | XXX | XXX | D | A | A | A | A | A | D | A | Closed | FPRO1253 | 2025-05-28 15:08 | 2025-06-04 09:18 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Vision desk review and ICE AVM provided that supported the value. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Please find the DVR for review. - Seller-06/XX/2025 Open-Additional valuation product has not been provided. -APPRAISAL: A SECONDARY VALUATION OR ADDITIONAL VALUATION HAS NOT BEEN ENTERED PER SECURITIZATION REQUIREMENTS - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Please find the DVR for review. - Seller-06/02/2025 | Resolved-Vision desk review and ICE AVM provided that supported the value. - Due Diligence Vendor-06/04/2025 | Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 731. Per guides, minimum score required 620. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | PA | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000054262 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCOM9400 | 2025-05-29 07:33 | 2025-06-03 16:28 | Resolved | 1 - Information | D | A | Property | Missing Doc | Property 1: Missing Second Valuation Product | Resolved-Received secondary valuation product. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Provided DVR which supports the appraisal value, please clear condition. - Seller-05/XX/2025 Open-Missing Second Valuation Product - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. Provided DVR which supports the appraisal value, please clear condition. - Seller-05/30/2025 | Resolved-Received secondary valuation product. - Due Diligence Vendor-06/03/2025 | Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 762. Per guides, minimum score required 620. Months Reserves exceed minimum required - 111.94mos reserves. Per guides, 6 reserves required |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000054262 | XXX | XXX | XXX | D | A | D | A | A | A | D | A | Closed | FCRE8700 | 2025-05-29 07:31 | 2025-06-03 16:25 | Resolved | 1 - Information | D | A | Credit | Missing Doc - Credit | Missing EIN Number for Business Entity | Resolved-Received EIN. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. EIN has been provided, please clear condition. - Seller-05/XX/2025 | Ready for Review-Document Uploaded. EIN has been provided, please clear condition. - Seller-05/30/2025 | Resolved-Received EIN. - Due Diligence Vendor-06/03/2025 | Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 762. Per guides, minimum score required 620. Months Reserves exceed minimum required - 111.94mos reserves. Per guides, 6 reserves required |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | TX | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000054675 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE7497 | 2025-05-29 16:23 | 2025-06-18 17:28 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing verification of taxes, insurance, and/or HOA fees for non-subject property | Resolved-Received supporting documentation properties owned by LLC. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. please find the notes for the other two properties that show LLC owned for urdea and 171 - Seller-06/XX/2025 Counter-Received documentation on xxand xx only. Original finding remains - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. Properties are owned by LLC's and do not need to be counted against DTI - Seller-06/XX/2025 Open-The following REOs listed on the Final 1003 PITIAs were not factored into the DTI calc however, they are reporting on the Borr credit report: xx xx and xxMissing verification of taxes, insurance, and HOA. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. please find the notes for the other two properties that show LLC owned for xx and xx- Seller-06/17/2025 Ready for Review-Document Uploaded. Properties are owned by LLC's and do not need to be counted against DTI - Seller-06/06/2025 | Resolved-Received supporting documentation properties owned by LLC. - Due Diligence Vendor-06/18/2025 | Months Reserves exceed minimum required - 67.21mos reserves. Per guides, 6 reserves required On time mortgage history exceeds guideline requirement - Borrs 187mos 0x30 mortgage pay history. Per guides, minimum 12mos 0x30 mortgage/rental pay history. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000054675 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE8701 | 2025-05-30 08:30 | 2025-06-09 14:28 | Resolved | 1 - Information | C | A | Credit | Borrower | Business Entity Formation Document is Missing | Resolved-Received EIN. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. please find the EIN for review. - Seller-06/XX/2025 Open-The Business Entity Formation Document is Missing Missing EIN Doc - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. please find the EIN for review. - Seller-06/06/2025 | Resolved-Received EIN. - Due Diligence Vendor-06/09/2025 | Months Reserves exceed minimum required - 67.21mos reserves. Per guides, 6 reserves required On time mortgage history exceeds guideline requirement - Borrs 187mos 0x30 mortgage pay history. Per guides, minimum 12mos 0x30 mortgage/rental pay history. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000053574 | XXX | XXX | XXX | D | A | A | A | A | A | D | A | Closed | FPRO1253 | 2025-05-30 12:20 | 2025-06-04 10:01 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Additional valuation product was provided. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. DVR which supports the value has been provided, please clear condition. - Seller-06/XX/2025 Open-Secondary valuation CU score 3.1, higher than max score of 2.5. - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. DVR which supports the value has been provided, please clear condition. - Seller-06/03/2025 | Resolved-Additional valuation product was provided. - Due Diligence Vendor-06/04/2025 | Months Reserves exceed minimum required - 13.8mos reserves. Per guides, 6 reserves required Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 736. Per guides, minimum score required 620. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | KY | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000054697 | XXX | XXX | XXX | D | B | D | B | A | A | D | A | Closed | FCRE5116 | 2025-06-02 16:11 | 2025-07-16 14:18 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing VOM or VOR | Resolved-Email from management company confirming no 30day lates provided. - Due Diligence Vendor-07/XX/2025 Ready for Review-Document Uploaded. Please find the email chain and verification of rental showing rental history with no 30 day lates. - Seller-07/XX/2025 Counter-Received bank statements supporting rents-missing VOR or copy of lease. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. VOR is in file reflected on the bank statements under xx $2139.95/mo xx Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower rented for 9 year and 3 months with no rental payment as listed on the application. No VOR or letter of explanation was identified in the file. - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. Please find the email chain and verification of rental showing rental history with no 30 day lates. - Seller-07/16/2025 Ready for Review-Document Uploaded. VOR is in file reflected on the bank statements under xx $2139.95/mo xx | Resolved-Email from management company confirming no 30day lates provided. - Due Diligence Vendor-07/16/2025 | Months Reserves exceed minimum required - 6 months required, 22.74 months verified. Qualifying DTI below maximum allowed - 50% allowed, 22.74% verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TX | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000054697 | XXX | XXX | XXX | D | B | D | B | A | A | D | A | Closed | FPRO1253 | 2025-06-02 15:17 | 2025-06-11 17:36 | Resolved | 1 - Information | D | A | Property | Missing Doc | Secondary Valuation or Additional Valuation has not been entered per securitization requirements | Resolved-Receive secondary valuation. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. please find the DVR for review. - Seller-06/XX/2025 Open-Additional valuation product has not been provided. The CU in file scores a 2.6 and does not meet the score requirement to use as a secondary valuation product, No additional valuation product was identified in the file. - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. please find the DVR for review. - Seller-06/09/2025 | Resolved-Receive secondary valuation. - Due Diligence Vendor-06/11/2025 | Months Reserves exceed minimum required - 6 months required, 22.74 months verified. Qualifying DTI below maximum allowed - 50% allowed, 22.74% verified |  | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TX | Primary Residence | Purchase | NA | N/A | N/A | XXX
2000054697 | XXX | XXX | XXX | D | B | D | B | A | A | D | A | Closed | FCRE0068 | 2025-06-02 15:17 | 2025-06-11 17:29 | Waived | 2 - Non-Material | C | B | Credit | Closing | Remaining Equity is less than $40,000 which does not meet guideline requirement | Waived-Originator provided a waiver remaining equity <$40,000, applied to non material finding with comp factors - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. - Seller-06/XX/2025 Open-Remaining equity is less than $40,000 which does not meet guideline requirement. Per the applicable guidelines $40,000 or more in cash equity is required. The subject loan has $38,000 in cash equity which is not sufficient to meet the $40,000 minimum cash equity requirement. - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. - Seller-06/10/2025 | Waived-Originator provided a waiver remaining equity <$40,000, applied to non material finding with comp factors - Due Diligence Vendor-06/11/2025 | Months Reserves exceed minimum required - 6 months required, 22.74 months verified. Qualifying DTI below maximum allowed - 50% allowed, 22.74% verified | DTI: 23% FICO: 721 | XX | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | TX | Primary Residence | Purchase | NA | Originator Post-Close | Yes | XXX
2000055164 | XXX | XXX | XXX | C | A | C | A | A | A | A | A | Closed | FCRE8701 | 2025-05-30 16:39 | 2025-06-10 14:37 | Resolved | 1 - Information | C | A | Credit | Borrower | Business Entity Formation Document is Missing | Resolved-Received EIN - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. please find the EIN - Seller-06/XX/2025 Open-The Business Entity Formation Document is Missing -Missing EIN/Business Entity Formation Document - Due Diligence Vendor-05/XX/2025 | Ready for Review-Document Uploaded. please find the EIN - Seller-06/06/2025 | Resolved-Received EIN - Due Diligence Vendor-06/10/2025 | Qualifying FICO score is at least 20 points above minimum for program - Borr qualifying FICO score 681. Per guides, minimum score required 620. LTV is less than guideline maximum - Borr LTV 67.25%. Per guides, maximum LTV 80%. Months Reserves exceed minimum required - 30.19mos reserves. Per guides, 3 reserves required (additional 2mos required for primary housing). |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | NJ | Investment | Refinance | Cash Out - Other | N/A | N/A | XXX
2000050824 | XXX | XXX | XXX | A | A | A | A | A | A | A | A |  |  |  |  |  |  | A | A |  |  |  |  |  |  |  |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | FL | Investment | Refinance | Cash Out - Other |  |  |
2000051910 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE8702 | 2025-06-04 09:41 | 2025-06-18 17:30 | Resolved | 1 - Information | C | A | Credit | Borrower | Business Entity Formation Document is Incomplete | Resolved-Received EIN. - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. EIN number provided, please clear finding. - Seller-06/XX/2025 Open-The Business Entity Formation Document is incomplete Missing Business Entity EIN - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. EIN number provided, please clear finding. - Seller-06/17/2025 | Resolved-Received EIN. - Due Diligence Vendor-06/18/2025 | Months Reserves exceed minimum required - Guidelines require 6 months of reserves. Qualifying reserves are 10 months. Qualifying FICO score is at least 20 points above minimum for program - Guidelines require 680 credit score. Qualifying credit score is 788. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | PA | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000051910 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE1394 | 2025-06-04 09:53 | 2025-06-12 16:29 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 3 Executed 4506-T/4506-C is Missing | Resolved-Received 4506C - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. 4506C executed by Rebecca has been provided, please clear condition. - Seller-06/XX/2025 Open-Missing signed 4506C - XXX - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. 4506C executed by XXX has been provided, please clear condition. - Seller-06/10/2025 | Resolved-Received 4506C - Due Diligence Vendor-06/12/2025 | Months Reserves exceed minimum required - Guidelines require 6 months of reserves. Qualifying reserves are 10 months. Qualifying FICO score is at least 20 points above minimum for program - Guidelines require 680 credit score. Qualifying credit score is 788. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | PA | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000051910 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE1364 | 2025-06-03 20:27 | 2025-06-12 16:28 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 2 Executed 4506-T/4506-C is Missing | Resolved-Received 4506C - Due Diligence Vendor-06/XX/2025 Ready for Review-4506C executed by XXX and XXX has been provided, please clear condition. - Seller-06/XX/2025 Open-Borrower 2 Executed 4506-T/4506-C is Missing Missing signed 4506C - Beth - Due Diligence Vendor-06/XX/2025 | Ready for Review-4506C executed by xx and xx has been provided, please clear condition. - Seller-06/10/2025 | Resolved-Received 4506C - Due Diligence Vendor-06/12/2025 | Months Reserves exceed minimum required - Guidelines require 6 months of reserves. Qualifying reserves are 10 months. Qualifying FICO score is at least 20 points above minimum for program - Guidelines require 680 credit score. Qualifying credit score is 788. |  |  | ATR/QM: Exempt | ATR/QM: Exempt | XXX | PA | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX
2000051910 | XXX | XXX | XXX | D | A | D | A | A | A | A | A | Closed | FCRE1334 | 2025-06-03 20:27 | 2025-06-12 16:28 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Borrower 1 Executed 4506-T/4506-C is Missing | Resolved-Received 4506C - Due Diligence Vendor-06/XX/2025 Ready for Review-Document Uploaded. 4506C executed by XXX and XXX has been provided, please clear condition. - Seller-06/XX/2025 Open-Borrower 1 Executed 4506-T/4506-C is Missing Missing signed 4506C - XXX - Due Diligence Vendor-06/XX/2025 | Ready for Review-Document Uploaded. 4506C executed by XXX and XXX has been provided, please clear condition. - Seller-06/10/2025 | Resolved-Received 4506C - Due Diligence Vendor-06/12/2025 | Months Reserves exceed minimum required - Guidelines require 6 months of reserves. Qualifying reserves are 10 months. Qualifying FICO score is at least 20 points above minimum for program - Guidelines require 680 credit score. Qualifying credit score is 788. |  | XX | ATR/QM: Exempt | ATR/QM: Exempt | XXX | PA | Investment | Refinance | No Cash Out - Borrower Initiated | N/A | N/A | XXX