EX-99.11 69 ea025949101_ex99-11sch2.htm SCHEDULE 2 - EXCEPTIONS REPORT

Exhibit 99.11 Schedule 2

| Rating Agency Exceptions Report: 9/12/2025
| Loan Information | Exception Information | Initial Overall Grades | Final Overall Grades | Event Level
ASF Loan Number | Loan Number | Loan Number 2 | Property State | Purpose | Occupancy | Property Type | DTI | DSCR | FICO | LTV | Note Original Balance | Exception ID | Exception Type | Exception Description | Exception Note | Exception General Comment | Compensating Factors | Exception Status | DBRS | Fitch | Moody's | S&P | DBRS | Fitch | Moody's | S&P | Grade
400094447 | XXX | XXX | FL | Purchase | Owner Occupied | Condo Attached | 47.99 |  | 745 | 75.00 % | XXX | 297199 | Credit | Condo/PUD | Missing document indicating if condo is Warrantable or Non-Warrantable. | 01/10/25: Documentation provided to cure. Warrantable condo per seller. |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400092059 | XXX | XXX | SD | Refi - Cash Out | Non-Owner Occupied | Two-Unit Property | 0 | 1.5226 | 724 | 75.00 % | XXX | 296025 | Credit | Rental Income | Provide one month evidence of rent receipt at lease amount for unit 2 of subject property due to lease being expired. | 12.26 evidence of rent receipt provided |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400092034 | XXX | XXX | FL | Purchase | Non-Owner Occupied | Condo - Warrantable | 15.99 |  | 794 | 75.00 % | XXX | 296302 | Credit | Closing Disclosure | The final CD dated 12/XX/2024 is missing the signature page. | 12/16/2024: Document provided to cure. |  | Cleared Exception | D | D | D | D | A | A | A | A | 1
400092034 | XXX | XXX | FL | Purchase | Non-Owner Occupied | Condo - Warrantable | 15.99 |  | 794 | 75.00 % | XXX | 296303 | Credit | Program Eligibilty | Subject property is located in a declining market which requires a 5% LTV reduction making the maximum LTV 75%. Loan closed at 80% LTV; an exception for the guideline deviation is missing from the loan file. | 12.27 Exception in error. LTV is 75% which is the max. |  | Cleared Exception | D | D | D | D | A | A | A | A | 1
400091113 | XXX | XXX | GA | Refi - Cash Out | Non-Owner Occupied | PUD | 0 | 1.3102 | 701 | 70.00 % | XXX | 297331 | Credit | Credit | The subject property was qualified using short term rental and per the guidelines, short term rental statements must clearly identify the subject property by address. In this case, the statement does not clearly identify the subject. | SG allowed the use of the short term rental as December deposit can be tied to the screenshot. | Credit Score - Investor Connect Mid fico Score for Cash Out Refinance at 70% LTV is 660 and the Borrowers Mid Fico Score is 742., Reserves - Investor Connect reserve requirement for Cash Out Refinance is 6 months reserves and the Borrowers have 47.46 months of reserves. | Client Accepted | C | C | C | C | B | B | B | B | 2
400090585 | XXX | XXX | TX | Purchase | Non-Owner Occupied | PUD | 0 | 1.0039 | 678 | 80.00 % | XXX | 297318 | Credit | Warranty Deed / Quit Claim Deed | The Warranty/ Grant Deed is missing from the loan file. | 1/19/2025: Document provided to cure. |  | Cleared Exception | C | C | C | C | B | B | B | B | 1
400090585 | XXX | XXX | TX | Purchase | Non-Owner Occupied | PUD | 0 | 1.0039 | 678 | 80.00 % | XXX | 297319 | Credit | Program Eligibilty | Per guidelines the maximum LTV score requirement for an Investment Purchase with a minimum 660 Fico is 75%. Borrowers credit score is 678; an exception for being below the LTV requirement is missing from the loan file. | An exception dated 12/19/2024 was provided allowing the LTV to proceed at 80%. | Prior Mortgage History - No mortgage lates reported in the most recent 6 years. | Client Accepted | C | C | C | C | B | B | B | B | 2
400090585 | XXX | XXX | TX | Purchase | Non-Owner Occupied | PUD | 0 | 1.0039 | 678 | 80.00 % | XXX | 297320 | Credit | Program Eligibilty | Per guidelines the minimum reserves for a First Time Investor is 12 months. Borrower has 6.85 months after closing. | Exception for only having 6 months reserves for a First Time Investor approved by SGCP and in file. | Prior Mortgage History - No mortgage lates reported in the most recent 6 years. | Client Accepted | C | C | C | C | B | B | B | B | 2
400103300 | XXX | XXX | CA | Refi - Cash Out | Non-Owner Occupied | Three-Unit Property | 0 | 1.2338 | 779 | 70.00 % | XXX | 300255 | Credit | 1008 | Form 1008 document is not included in the loan file for a manually underwritten loan. | 3/18/2025: Document provided to cure. |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400103300 | XXX | XXX | CA | Refi - Cash Out | Non-Owner Occupied | Three-Unit Property | 0 | 1.2338 | 779 | 70.00 % | XXX | 300289 | Credit | Debt Service Coverage Ratio | Provide a DSCR income worksheet to verify what rents were used to qualify. Final DSCR pending. | 3/18/2025: Document provided to cure. |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400104733 | XXX | XXX | FL | Purchase | Owner Occupied | Single Family Detached | 42.27 |  | 661 | 63.31 % | XXX | 300758 | Compliance | Loan Estimate | The initial Loan Estimate and all subsequent LE's are missing from the loan file. | 4/9/2025: Document provided to cure. |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400104733 | XXX | XXX | FL | Purchase | Owner Occupied | Single Family Detached | 42.27 |  | 661 | 63.31 % | XXX | 300798 | Compliance | Closing Disclosure | The initial Closing Disclosure is not included in the loan file. | 4/9/2025: Document provided to cure. |  | Cleared Exception | C | C | C | C | A | A | A | A | 1
400103305 | XXX | XXX | SC | Refi - Cash Out | Non-Owner Occupied | Single Family Detached | 0 | 1.2188 | 799 | 70.00 % | XXX | 300547 | Credit | Credit | Housing history required for Primary and subject property refi, all borrowers must be current on mortgage or rent at loan application. In this case, Borrower lives with spouse rent free and owns several investment properties free and clear = NO housing history. The exception request in the file does not indicate if the request was granted or rejected. | 3/28/2025: SG approved the exception with comp factors. | Credit Score - 799 score, Months Of Reserves - 116.79 months reserves | Client Accepted | C | C | C | C | B | B | B | B | 2
| XXX | XXX |  |  |  |  |  |  |  |  | XXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
400104770 | XXX | XXX | CA | Refi - Cash Out | Owner Occupied | Condo Detached | 23.02 |  | 747 | 80.00 % | XXX |  |  |  |  |  |  |  |  |  |  |  | A | A | A | A |
| XXX | XXX |  |  |  |  |  |  |  |  | XXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |