# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-25-018905
**Filing Date:** 2025-11
**Character Count:** 1424749
**Document Hash:** 17736e78e73df9231a22fd39e3036934
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-018905.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001999371-25-018905

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251126

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VCC Mortgage Securities, LLC
- **CENTRAL INDEX KEY:** 0001542220

**ORGANIZATION NAME:**
- **EIN:** 451144335
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00608
- **FILM NUMBER:** 251531533

**BUSINESS ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
- **BUSINESS PHONE:** 818-532-3700

**MAIL ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VCC Mortgage Securities, LLC
- **CENTRAL INDEX KEY:** 0001542220

**ORGANIZATION NAME:**
- **EIN:** 451144335
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
- **BUSINESS PHONE:** 818-532-3700

**MAIL ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VCC Mortgage Securities, LLC
- **CENTRAL INDEX KEY:** 0001542220

**ORGANIZATION NAME:**
- **EIN:** 451144335
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00608

**BUSINESS ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362
- **BUSINESS PHONE:** 818-532-3700

**MAIL ADDRESS:**
- **STREET 1:** 30699 RUSSELL RANCH ROAD
- **STREET 2:** SUITE 295
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91362

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549<br>FORM ABS-15G<br>ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

**<u>VCC MORTGAGE SECURITIES, LLC</u>**

Check the appropriate box to indicate the filing obligation which this form is intended to satisfy:

____ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period______________ to _________________

Date of Report (Date of earliest event reported) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer:__________________

Name and telephone number, including area code, of the person to contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(l) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

☒ Rule 15Ga-2 under the Exchange Act (17 CPR 240.15Ga-2)

Central Index Key Number of depositor: 0001542220

<u>Velocity Commercial Capital Loan Trust 2025-5</u><br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): _______________

Central Index Key Number of underwriter (if applicable): ________________

Jeff Taylor, (818) 532-3707

Name and telephone number, including area code, of the person to contact in connection with this filing

**PART I: REPRESENTATION AND WARRANTY INFORMATION**

Item 1.01 Initial Filing of Rule l5Ga-1 Representations and Warranties Disclosure

Not Applicable

Item 1.02 Periodic Filing of Rule l5Ga-1 Representations and Warranties Disclosure

Not Applicable

Item 1.03 Notice of Termination of Duty to File Reports under Rule l5Ga-1

Not Applicable

**PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

EXHIBIT INDEX

---

| | |
|:---|:---|
| [99.01](ex99-01.htm) | AMC Diligence, LLC ("**AMC**") Executive Summary |
| [99.02](ex99-02.htm) | AMC Data Compare Report |
| [99.03](ex99-03.htm) | AMC Servicing Upload Report |
| [99.04](ex99-04.htm) | AMC Servicing Pay History Report |
| [99.05](ex99-05.htm) | AMC Delinquency Summary |
| [99.06](ex99-06.htm) | AMC Valuation Summary Report |
| [99.07](ex99-07.htm) | AMC Multi-Property Valuation Report |
| [99.08](ex99-08.htm) | AMC NOO Exception and Grades Report |
| [99.09](ex99-09.htm) | AMC GL Exception and Grades Report |
| [99.10](ex99-10.htm) | AMC GL Exception Grades Report |
| [99.11](ex99-11.htm) | AMC Property Condition Report |
| [99.12](ex99-12.htm) | Opus Capital Markets Consultants, LLC ("**Opus**") Narrative |
| [99.13](ex99-13.htm) | Opus Standard Findings Report |
| [99.14](ex99-14.htm) | Opus Rating Agency Grades Report |
| [99.15](ex99-15.htm) | Opus Data Compare Report |
| [99.16](ex99-16.htm) | Opus Valuation Report |
| [99.17](ex99-17.htm) | Opus Multi-Property Valuation Report |
| [99.18](ex99-18.htm) | Opus Standard Findings Report |
| [99.19](ex99-19.htm) | Opus NOO Rating Agency Grades Report |
| [99.20](ex99-20.htm) | Opus Property Review Report |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**VCC Mortgage Securities, LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor)

Date: November 26, 2025

/s/ Jeff Taylor

Name: Jeff Taylor

Title: Executive Vice President (senior officer in charge of securitization)

## Exhibit 99.01

**Exhibit 99.01**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex9901001.jpg)

**EXECUTIVE SUMMARY**

**DESCRIPTION OF SERVICES**

**(1) Type of assets that were reviewed.**

AMC Diligence, LLC ("AMC") performed certain due diligence services described below on small balance commercial mortgage loans. The review was conducted on behalf of Velocity Commercial Capital, LLC ("Client" or "VCC") between April 2025 and November 2025 via files imaged and provided by Client (the "Review").

**(2) Sample size of the assets reviewed.**

The Client requested that AMC perform a review, based upon the Guideline Review and Non-Owner Occupancy ("NOO") review scopes detailed in Section 5, on a total of four hundred eighty-six (486) unique mortgage loans (the "Review").

The Review totals, for mortgage loans within the initial securitization population, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Small Bal CRE\* | &nbsp;&nbsp;163 | &nbsp;&nbsp;279 | &nbsp;&nbsp;58.42% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;163 | &nbsp;&nbsp;323 | &nbsp;&nbsp;50.46% |
|  | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**602** | &nbsp;&nbsp;**54.15%** |

---

The nine (9) SBA loans below are a subset of the previous table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Guideline Review | &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;SBA | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;(Including Data Integrity) | &nbsp;&nbsp;Investor 1-4 Fam | &nbsp;&nbsp;SBA | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**Total Guideline Review** |  |  | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

\*All investor 1-4 Fam in the Guideline Review were also review for Non-Owner Occupancy ("NOO") NOO review was performed on all Investor 1-4 Family not included in the Guideline Review and seasoned less than twenty-four (24) months.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**Pool** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Population** | &nbsp;&nbsp;**Population** |

---

1 \| P a g e

![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam (not included in Guideline Review) | &nbsp;&nbsp;160 | &nbsp;&nbsp;323 | &nbsp;&nbsp;49.54% |
| &nbsp;&nbsp;Total Non-Owner Occupancy ("NOO") |  | &nbsp;&nbsp;160 | &nbsp;&nbsp;323 | &nbsp;&nbsp;49.54% |

---

In addition to the Guideline and NOO Review, AMC performed a Pay History and Servicer Comment Review as detailed further in Section 8.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;Small Bal CRE > | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;Investor 1-4 Fam > | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total Servicing Review** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Servicer Comment Review | &nbsp;&nbsp;Small Bal CRE > | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Servicer Comment Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Servicer Comment Review | &nbsp;&nbsp;Investor 1-4 Fam > | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Servicer Comment Review | &nbsp;&nbsp;6months | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total Servicing Review** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

**(3) Determination of the sample size and computation.**

DBRS, Inc. ("DBRS") and Kroll Bond Rating Agency, Inc. ("Kroll") who are the NRSRO providing a rating on the transaction at the time of this disclosure, does not have published guidelines for this asset class. The sample sizes utilized were communicated by the Client to AMC. AMC did not choose the size of the samples, but AMC did select loans for inclusion in a sample once a number of loans to be reviewed had been determined. DBRS and Kroll are aware of the sample size covered during the Review.

**(4) Quality or integrity of information or data about the assets: review and methodology.**

AMC compared data fields on the bid tape provided by the Client to the data found in the actual mortgage loan file as captured by AMC. This comparison, when data was available (please note that not all fields were available for all Loans during the Review), involved forty-two (42) potential fields for the full Guideline Review and the Non-Owner Occupancy Review. The data fields are listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Field** | &nbsp;&nbsp;**Loans With Discrepancy** | &nbsp;&nbsp;**Total Times Compared** | &nbsp;&nbsp;**% Variance** | &nbsp;&nbsp;**# Of Loans** |
| &nbsp;&nbsp;# of Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |

---

2 \| P a g e

![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;15 | &nbsp;&nbsp;486 | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |

---

3 \| P a g e

![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;486 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;486 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**20412** | &nbsp;&nbsp;**0.07%** | &nbsp;&nbsp;**20412** |

---

**(5) Origination of the assets and conformity to stated underwriting or credit extension guidelines, standards, criteria or other requirements: review and methodology.**

The Review covered the: (i) Guideline Review, (ii) Non-Owner Occupancy Review, and (iii) Servicing Review. As a subset of the Guideline Review, AMC conducted a Valuation Review and Data Integrity Review. The details of each scope of review are covered below for the Guideline Review and the Non-Owner Occupancy Review, Section 6 for the Valuation Review and Section 8 for the Servicing and Data Integrity Review.

**<u>Guideline Review</u>**

Documents reviewed include the following items (\* = where applicable):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Note | &nbsp;&nbsp;Business License\* | &nbsp;&nbsp;Flood certificates |
| &nbsp;&nbsp;Guaranty Agreement(s)\* | &nbsp;&nbsp;Business P&L's\* | &nbsp;&nbsp;Purchase agreement(s)\* |
| &nbsp;&nbsp;Deed of Trust / Mortgage | &nbsp;&nbsp;Verification of down payment funds/ funds to close / reserve funds\* | &nbsp;&nbsp;Final HUD-1 |
| &nbsp;&nbsp;Non-Owner-Occupancy & Business – Purpose Letter of Intent (LOI) / Letter of Explanation (LOE) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Title Search Documentation |
| &nbsp;&nbsp;Final Form 1003 / Loan Application(s) | &nbsp;&nbsp;Broker Price Opinion and market rent addendum\* | &nbsp;&nbsp;Evidence of Hazard / Liability / Flood Insurance coverage |
| &nbsp;&nbsp;VCC Credit Report(s) | &nbsp;&nbsp;Appraisal Review documentation\* | &nbsp;&nbsp;Second mortgage documentation\* |
| &nbsp;&nbsp;Verification of Rent / Mortgage (VOR/VOM) payment history\* | &nbsp;&nbsp;Existing Leases\* | &nbsp;&nbsp;Certification(s) of Business purpose of loan |
| &nbsp;&nbsp;Identification / proof of residency status | &nbsp;&nbsp;Rent Roll\* | &nbsp;&nbsp;Certification(s) of Non-Owner Occupancy and Indemnity\* |
| &nbsp;&nbsp;Background check | &nbsp;&nbsp;Environmental reports |  |

---

Each loan was reviewed for adherence to the most recent VCC Master Credit Policy ("MCP") revision that is dated prior to the loan approval date as indicated on the Final Loan Approval Worksheet for the loan being reviewed.

For this review, the procedures included:

■ Reviewing the provided
Note, Mortgage/DOT, and Guaranty Agreement(s) to confirm execution, adherence to the MCP, and agreement with other Loan Approval
documentation.

■ Examining appraisal reports,
BPO's, and appraisal reviews to determine if the property type is consistent with underwritten property type and usage (such
as evidence/an indication of either owner or tenant occupancy) and comparing this information against other relevant information
contained within applicable sections of the loan file to evaluate consistency, accuracy, and adheres to the MCP.

■ Reviewing environmental
reporting, Flood Certification, and Evidence of Insurance to confirm accuracy and adherence to MCP requirements.

■ Reviewing credit reporting,
VOR/VOM, Background Check(s), and any applicable Letter(s) of Explanation to confirm accuracy, adherence to VCC MCP requirements,
and consistency with the Final Loan Approval worksheet.

■ Reviewing HUD-1's,
Title Search, Purchase Agreements, existing leases/rent rolls, and verification of funds with loan terms, and underwritten approved
terms and amounts/LTV/LTC as well as adherence to MCP requirements.

■ Reviewing LOI/LOE(s)
for presence of un-qualified statement of business and occupancy intent, confirmation that the LOI/LOI cited address is consistent
with the subject property address, and that signatory(s) are consistent with the identified borrower(s)/guarantor(s).

■ Reviewing Final Form
1003/Loan application to ensure complete execution that the subject property listed is consistent with the subject property, and
that the listed residence for the Individual(s) is an address other than the subject property.

■ Confirming, if applicable,
business license(s) and P&L's are present, valid, and adheres to MCP requirements.

■ Confirming, if applicable,
second mortgage documents are present, valid, align with approved terms amounts, and adhere to MCP requirements.

■ Reviewing final loan
approval worksheets for accuracy, completion, documentation of approval for any exceptions, and evaluating such items for agreement/consistency
with all other documentation contained in the review file.

4 \| P a g e

![](ex9901001.jpg)

■ Reviewing the Certification
of Business Purpose and Certification of Non-Owner Occupancy and Indemnity for presence of a completed fields, and verifying that
that the hand written Primary Residence address differs from the subject property address, and is signed/dated as required.

■ Verifying presence of
a complete Certification of Non-Owner Occupancy and Indemnity document for each individual borrower/co-borrower/guarantor identified
within the subject note/guaranty agreement, including the presence of either individual certifications or one certificate containing
all required signatures.

■ Comparing the Primary
Residence address(es) listed for consistency between the Final Form 1003/Loan application(s) and the Certification(s) of Non-Owner
Occupancy and Indemnity.

■ Documenting any non-approved
MCP exceptions and/or inconsistencies and reporting and/or marking such items for further dialogue.

**<u>Non-Owner Occupancy Review</u>**

Documents reviewed include the following items (\* = where applicable):

---

| | |
|:---|:---|
| &nbsp;&nbsp;Note | &nbsp;&nbsp;Final Form 1003 / Loan Application(s) |
| &nbsp;&nbsp;Guaranty Agreement(s)\* | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Non-Owner-Occupancy & Business – Purpose Letter of Intent (LOI) / Letter of Explanation (LOE)\* | &nbsp;&nbsp;Certification(s) of Non-Owner Occupancy and Indemnity\* |

---

For this review, the procedures included:

■ Reviewing the provided
Note and Guaranty Agreement(s) to determine the identity and quantity of individuals serving as either Borrower, Co-borrower, or
Guarantor, as well as to confirm whether the borrower and/or co-borrower is a legal business entity (LLC, INC, Corporation, Partnership) or an Individual(s).

■ Reviewing appraisal reports
to determine if the property type is consistent with the underwritten property type, and evaluating the reports for evidence/indication
of either owner or tenant occupancy.

■ For loans made to Individual
borrowers, reviewing the LOI/LOE for the presence of an un-qualified statement of intent not to occupy the property, affirmation
that the LOI/LOI cited address is consistent with the subject property address, and that signator(s) are consistent with the identified
of the borrower(s)/guarantor(s). For loans made to Business Entity borrowers, the LOI/LOE is not a required document and loan file
will not be cited if missing.

■ Reviewing the Final Form
1003/Loan application to ensure that the subject property listed is consistent with the subject property for the loan, and that
the listed residence for the Individual(s) is an address other than the subject property.

■ For loans made to Individual
borrowers, reviewing the Certification of Non-Owner Occupancy and Indemnity for the presence of a completed Primary Residence address
including a verification that that the hand written Primary Residence address differs from the subject property address, and is
signed/dated as required. For loans made to Business Entity borrowers, the Certification of Non-Owner Occupancy and Indemnity is
not a required document and loan file will not be cited if missing.

■ For loans made to Individual
borrowers, verifying the presence of a complete Certification of Non-Owner Occupancy and Indemnity document for each individual
borrower/co-borrower/guarantor identified within the subject note/guaranty agreement, including whether individual certifications
or one certificate containing all required signatures is present. For loans made to Business Entity borrowers, the Certification
of Non-Owner Occupancy and Indemnity is not a required document and loan file will not be cited if missing.

■ Confirming that the Primary
Residence address(es) listed are compared for consistency between the Final Form 1003/Loan application(s) and the Certification(s)
of Non-Owner Occupancy and Indemnity.

■ Documenting any exceptions
and/or inconsistencies and reporting and/or marking such items for further dialogue.

**(6) Value of collateral securing the assets: review and methodology.**

At the direction of the Client, AMC conducted a valuation review utilizing various values and methodologies as further detailed in Item 5 below. In total, for the entire original population, Client ordered secondary valuation products on ninety-eight (98) mortgage loans. Once these valuations were received, AMC compared these values versus the origination appraisal. If a variance between the origination appraisal / LTV value and the secondary valuation was greater than 10%, an adverse event level was placed on the loan.

**(7) Compliance of the originator of the assets with federal, state and local laws and regulations: review and methodology.**

AMC did not review residential mortgage compliance on any loans within the securitization.

5 \| P a g e

![](ex9901001.jpg)

**(8) Other: review and methodology.**

The final review results reflected in the Overall Review Results Summary herein may include additional exceptions identified after AMC's initial review was completed where loan level issues were identified by external parties as a result of separate, distinct quality control evaluation of the loan files. In such cases, any additional exceptions cited by any such quality control evaluation would either be reflected (i) as an open exception or (ii) remediated if required documentation and/or curative actions were provided to AMC. The exception totals reflected herein, and corresponding Exception Rating, include exceptions that were so subsequently identified, if any. Please note that only a limited number of loans, if any, reflected in the Review Results Summary were subject to such external quality control evaluations.

In addition to the procedures under Section 5 and 6 above, AMC conducted the following supplemental reviews:

**<u>Data Integrity Review (486 loans)</u>**

For the loans in the Guideline Review population, Non-Owner Occupancy Review and additional population, data points were reviewed between the data tape and the data collected by AMC.

**<u>Payment History Review (2 loans)</u>**

AMC performed up to 12-month review utilizing individual mortgage loan payment history reports provided by the servicer. Using the MBA methodology, AMC created a payment string using a 12 month look back for each mortgage loan within the payment history population.

**<u>Servicer Comment Review (2 loans)</u>**

AMC performed up to 12-month review utilizing individual mortgage loan collection comments provided by the servicer in order to provide a brief summary outlining current performance status, the borrower's ability to pay, relative future/current risk including (hardship, life changes, etc.), possible servicer remedies, loss mitigation efforts, and modifications.

**<u>Limited Appraisal Review (276 Mortgage Loans, 324 Properties)</u>**

SitusAMC conducted a limited review of the origination appraisal documentation for each loan and property not included in the Guideline Review. For each loan and property, SitusAMC reviewed the applicable appraisal to determine what the property condition was and if the appraiser indicated any damage or safety concerns at the time of the inspection.

**(9) Disclaimer.**

Except as expressly enumerated above, please be advised that SitusAMC has not performed any review to determine whether the mortgage loans covered in this Report complied with federal, state or local laws, constitutional provisions, regulations, ordinances or any other laws or guidance, including, without limitation, licensing and general usury laws ("Applicable Law"). Further, there can be no assurances that in performing the review and preparing this Report that SitusAMC has uncovered all relevant factors and potential issues relating to the origination of the mortgage loans, their compliance with Applicable Law, or the original appraisals relating to the mortgaged properties, or that SitusAMC has uncovered all relevant factors that could affect the future performance of the mortgage loans. Please note that the results set forth in this Report are dependent upon receipt of complete and accurate data regarding the mortgage loans from mortgage loan originators, sponsors, issuers, and other third parties upon which SitusAMC is relying in reaching such results. Except as expressly stated herein, SitusAMC did not verify the data relied upon in performing its review and producing this Report. In addition, the findings and conclusions set forth in this Report are provided on an "as is" basis and are based on available information and Applicable Law as of the date of this Report, and SitusAMC does not undertake any obligation to update or provide any revisions to this Report to reflect events, circumstances, changes in Applicable Law, or changes in expectations after the date this Report was issued.

Please be further advised that SitusAMC does not employ personnel who are licensed to practice law in the various jurisdictions covered in this Report, and the results set forth in this Report do not constitute legal advice or legal opinions whatsoever. The findings are recommendations or conclusions based on information provided to SitusAMC, and are not statements of fact or legal conclusions. Information contained in the Report related to the applicable statute of limitations for certain claims may not be accurate or reflect the most recent controlling case law. Further, a particular court in a particular jurisdiction may extend, not enforce or otherwise allow claims beyond the statute of limitations identified in the Report based on certain factors, including the facts and circumstances of an individual mortgage loan. The authorities administering the Applicable Law that was part of the review have broad discretionary powers

6 \| P a g e

![](ex9901001.jpg)

which may permit such authorities, among other things, to withdraw exemptions accorded by statute or regulation, to impose additional requirements or to reach a conclusion that is not consistent with the results set forth in the Report. All decisions as to whether to issue, purchase, hold, sell or otherwise transact in securities backed by the mortgage loans reviewed in this Report, any investment strategy and any legal conclusions, including the potential liability related to the purchase or other transaction involving any such securities, shall be made solely by the parties to or investors in the transaction. The results set forth in this Report do not constitute tax or investment advice. The scoring models in this Report are designed to identify potential risk in the securities backed by the mortgage loans reviewed, and each party or investor assumes sole responsibility for determining the suitability of the information for its particular use. SitusAMC does not make any representation or warranty (express or implied) as to the value of any mortgage loan or mortgage loan's collateral that has been reviewed by SitusAMC.

**SUMMARY OF FINDINGS AND CONCLUSIONS OF REVIEW**

The NRSRO criteria referenced for this report and utilized for grading descriptions is based upon the NRSROs listed on the 15E Certification.

There can be no assurance that the Review uncovered all relevant factors relating to the origination of the mortgage loans, their compliance with applicable law and regulation and the original appraisals relating of the mortgaged properties or uncovered all relevant factors that could affect the future performance of the mortgage loans. Furthermore, the findings reached by AMC are dependent upon its receiving complete and accurate data regarding the loans from loan originators and other third parties upon which AMC is relying in reaching such findings.

Please be further advised that AMC does not employ personnel who are licensed to practice law in the various jurisdictions, and the findings set forth in the reports prepared by AMC do not constitute legal advice or opinions. They are recommendations or conclusions based on information provided to AMC. All final decisions as to whether to purchase or enter into a transaction related to any individual loan or the loans in the aggregate, any investment strategy and any legal conclusions, including the potential liability related to the purchase or other transaction involving any such loan or loans, shall be made solely by the Client, or other agreed upon party, that has engaged AMC to prepare its reports pursuant to its instructions and guidelines. Client, or other agreed upon party, acknowledges and agrees that the scoring models applied by AMC are designed to identify potential risk and the Client, or other agreed upon party, assumes sole responsibility for determining the suitability of the information for its particular use. AMC does not make any representation or warranty as to the value of any mortgage loan or loan collateral that has been reviewed by AMC.

**CREDIT REVIEW RESULTS**

**Guideline Review Credit Results:**

Two hundred twenty-five (225) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 30.98% of the mortgage loans by number have a Credit grade of "A.". One hundred ninety-one (191) of the Credit grade "B" correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of three hundred thirty-three (333) waived (and downgraded) credit exceptions affecting those one hundred ninety-one (191) mortgages loans. Some mortgage loans received multiple waivers.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Credit Loan Grades** | &nbsp;&nbsp;**Guideline Review Credit Loan Grades** | &nbsp;&nbsp;**Guideline Review Credit Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;101 | &nbsp;&nbsp;30.98% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;225 | &nbsp;&nbsp;69.02% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** |

---

**Non-Owner Occupancy Review Credit Results**

All one hundred sixty (160) mortgage loans reviewed by AMC have a Credit grade of "A".

&nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades**

7 \| P a g e

![](ex9901001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;160 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**100.00%** |

---

**VALUATION REVIEW RESULTS**

The valuation review was bi-furcated based upon the underlying property bucket (residential or commercial). All commercial mortgage loans received an "A" NRSRO valuation grade and per the scope of the review, no secondary valuation product was separately ordered by AMC during the review. The Client ordered a secondary valuation product one hundred sixty-four (164) residential mortgage loans. Zero (0) mortgage loan had a value more than 10% below Origination Value or a secondary valuation was not received.

**Guideline Review Valuation Results:**

Two hundred eighty-six (286) of the mortgage loans received a Property grade "A", one (1) of the mortgage loans received and Property grade "B", and thirty-nine (39) of the mortgage loans received a Property grade "C". The thirty-nine (39) mortgage loans with the Property grade "C" corresponds to the thirty-seven (37) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo", and four (4) "Subject is not in average or better condition" exceptions. Some mortgage loans received multiple exceptions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** | &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** | &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;286 | &nbsp;&nbsp;87.73% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;39 | &nbsp;&nbsp;11.96% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** |

---

**OVERALL RESULTS SUMMARY** 

**Guideline Review Overall Results:**

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, two hundred eighty-seven (287) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 28.22 % of the mortgage loans by number have an Overall grade of "A." Thirty-nine (39) mortgage loans have an Overall grade of "C".

The table below summarizes the Overall grade based on the Credit and Property Valuation sections above:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;92 | &nbsp;&nbsp;28.22% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;195 | &nbsp;&nbsp;59.82% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;39 | &nbsp;&nbsp;11.96% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** |

---

8 \| P a g e

![](ex9901001.jpg)

In the Guideline Review Population there are nine (9) SBA mortgage loans. SitusAMC conducted a review of the nine SBA loans in accordance with the established guidelines. Our review process aligned with the same criteria used for the guidelines review.

Specifically, we adhered to the following procedures:

1. Income Calculation: We did not recalculate income for these loans. We did confirm the income was withing guidelines.

2. Document Verification: We confirmed the presence of all necessary documents.

3. Property Eligibility: We verified the eligibility of the properties associated with these loans.

4. SBA Occupancy Requirements: We ensured compliance with SBA occupancy requirements.

5. Property Types: All properties reviewed were either residential or commercial; there were no newly constructed properties.

6. Equipment/UCC Loans: There were no equipment or UCC loans included in our review/population.

**Non-Owner Occupancy Review Overall Results:**

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, all one hundred sixty mortgage loans reviewed by AMC have an Overall grade of "A".

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;160 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**100.00%** |

---

**Payment History Review Summary** 

AMC conducted a Payment History Review on two (2) mortgage loans. Two (2) (100.00%) of the Mortgage loans subjected to the Payment History Review had complete pay history strings. In total, no mortgage loans showed at least one delinquency within the look back period. As of the 10/31/2025 cutoff date, two (2) mortgage loans (100.00%) mortgage loans were current. Some "% of Loans" may not add to 100% due to rounding.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**# of Mortgage Loans** | &nbsp;&nbsp;**% of Mortgage Loans** |
| &nbsp;&nbsp;No Delinquency, No Missing Data | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Delinquency, No Missing Data | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;No Delinquency, At Least One Month Missing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Delinquency, At Least One Month Missing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lookback Period** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;Twelve (12) Months | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

**Servicer Comment Review Summary**

AMC conducted a Servicing Review on two (2) mortgage loans. The servicing review contained EV1 grades for two (2) mortgage loans.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Servicing Review Grade | &nbsp;&nbsp;Loan Count | &nbsp;&nbsp;% of Loans |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

9 \| P a g e

![](ex9901001.jpg)

**SitusAMC Limited Appraisal Review Summary (276 Mortgage Loans, 324 Properties)**

SitusAMC conducted a Limited Appraisal Review of the origination appraisal documentation for each loan and property not included in the Guideline Review. This encompassed two hundred seventy-six (276) mortgage loans representing three hundred twenty-four (324) properties. For each loan and property, SitusAMC reviewed the applicable appraisal to determine what the property condition was and if the appraiser indicated any damage or safety concerns at the time of the inspection.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Property Condition** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;Above average | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;109 | &nbsp;&nbsp;33.64% |
| &nbsp;&nbsp;C1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;9 | &nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;C3 | &nbsp;&nbsp;85 | &nbsp;&nbsp;26.23% |
| &nbsp;&nbsp;C4 | &nbsp;&nbsp;90 | &nbsp;&nbsp;27.78% |
| &nbsp;&nbsp;C5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;Fair | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;Good | &nbsp;&nbsp;18 | &nbsp;&nbsp;5.56% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**324** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;293 | &nbsp;&nbsp;90.43% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;31 | &nbsp;&nbsp;9.57% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**324** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;294 | &nbsp;&nbsp;90.74% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;30 | &nbsp;&nbsp;9.26% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**324** | &nbsp;&nbsp;**100.00%** |

---

**ADDITIONAL MORTGAGE LOAN POPULATION SUMMARY***\**

All items are relevant for the three hundred twenty-six (326) loans in the guideline review that are part of the securitization population.

*\*Percentages may not sum to 100% due to rounding.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amortization Type** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;Fixed | &nbsp;&nbsp;326 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$145151593.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$145151593.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lien Position** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;326 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$145151593.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$145151593.00** | &nbsp;&nbsp;**100.00%** |

---

10 \| P a g e

![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;Cash Out: Other/Multi-purpose/Unknown Purpose | &nbsp;&nbsp;210 | &nbsp;&nbsp;64.42% | &nbsp;&nbsp;$73488933.00 | &nbsp;&nbsp;50.63% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;92 | &nbsp;&nbsp;28.22% | &nbsp;&nbsp;$54522510.00 | &nbsp;&nbsp;37.56% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;24 | &nbsp;&nbsp;7.36% | &nbsp;&nbsp;$17140150.00 | &nbsp;&nbsp;11.81% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$145151593.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Original Term** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;121-180 Months | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.31% | &nbsp;&nbsp;$160000.00 | &nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;325 | &nbsp;&nbsp;99.69% | &nbsp;&nbsp;$144991593.00 | &nbsp;&nbsp;99.89% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**326** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$145151593.00** | &nbsp;&nbsp;**100.00%** |

---

11 \| P a g e

## Exhibit 99.02

**Exhibit 99.02**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Data Compare (Non-Ignored)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Servicer Loan ID** | **Investor Loan Number** | **Field Label** | **Bid Tape Field Value** | **Field Value** | **Compare Status** | **Comment** |
| XXXX | XXXX | VCC-1000194 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC-1000175 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000172 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC-1000159 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000280 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC-1000421 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000190 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC-1000217 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000076 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC-1000407 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000408 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology Difference |
| XXXX | XXXX | VCC-1000327 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology Difference |
| XXXX | XXXX | VCC-1000475 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000019 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC-1000315 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |

---

## Exhibit 99.03

**Exhibit 99.03**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Servicing Upload -** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Customer Loan ID** | **EDGAR Loan ID** | **Final Current Event Level** | **Current Exceptions** | **Collection comments** |
| XXXX | VCC-1000000 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: No evidence of recent contact with the borrower.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is UTD.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | VCC-1000001 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was XX/XX/XXXX. Borrower called to make a payment.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is UTD.<br> ADDITIONAL INFORMATION: N/A |

---

## Exhibit 99.04

**Exhibit 99.04**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOANUID** | **LOANID** | **EDGAR Loan ID** | **SLOANID** | **First Payment Date** | **Data Cutoff Date** | **Pay History Scope** | **Pay History Summary (MBA)** | **Months of Data Missing During Lookback** | **Delinquency During Lookback** |
|  | XXXX | VCC-1000000 |  | XX/XX/XXXX | 10/31/2025 | 4 | 0000 | 0 | 0 |
|  | XXXX | VCC-1000001 |  | XX/XX/XXXX | 10/31/2025 | 6 | 000000 | 0 | 0 |

---

## Exhibit 99.05

**Exhibit 99.05**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | |
|:---|:---|:---|
| **Category** | **# of Mortgage Loans** | **% of Mortgage Loans** |
| No Delinquency, No Missing Data | 2 | 100.00% |
| Delinquency, No Missing Data | 0 | 0.00% |
| No Delinquency, At Least One Month Missing | 0 | 0.00% |
| Delinquency, At Least One Month Missing | 0 | 0.00% |
| **Total** | **2** | **100.00%** |

---

## Exhibit 99.06

**Exhibit 99.06**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **As-Is Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation Appraiser Name** | **Primary Valuation Appraiser License Num** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **Secondary Valuation Desk Review Risk Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Aggregate Appraised Value** | **Aggregate Variance Amount** | **Aggregate Variance Percent** | **Value Analysis Valuation Value** | **Value Analysis Report Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **LCA Risk Score** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | VCC-1000001 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000040 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 8.570% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000058 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 25.420% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 25.420% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000066 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 2.690% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.690% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000069 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000086 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.180% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000098 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000120 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -6.250% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000122 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 16.310% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 16.310% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000137 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000141 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000142 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000185 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000196 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000222 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000259 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 3.060% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 3.060% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000028 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000088 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000133 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000166 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 24.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 24.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000168 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000169 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000173 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000201 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000220 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000249 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000256 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000258 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 2.670% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.670% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000260 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -4.880% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000269 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000272 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000279 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000298 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000288 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000239 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -8.160% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000236 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.140% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.140% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000126 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000104 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000041 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 32.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 32.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000050 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000052 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000096 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000101 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000123 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000170 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000231 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000266 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000273 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000276 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000281 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000299 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000326 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000332 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000340 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000348 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000352 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 26.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 26.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000354 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -7.690% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000358 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000291 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000304 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000036 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000049 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 6.760% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.760% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000235 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 27.270% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 27.270% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000241 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.400% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.400% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | $XXX | 80.720% | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000301 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 29.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 29.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000307 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000309 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.670% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.670% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000317 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.010% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000331 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 6.670% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.670% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000415 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 14.480% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 14.480% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000416 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000081 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000099 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000105 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 30.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 30.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000118 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -0.620% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000119 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 7.430% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 7.420% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000135 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000139 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000140 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000174 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000176 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000177 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000186 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000189 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000200 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000223 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000234 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000264 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000265 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000277 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000280 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000290 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000293 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 31.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 31.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000321 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000339 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000351 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000363 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000372 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000374 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000380 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000381 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000383 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000403 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.620% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000418 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000421 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000438 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -4.170% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000446 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 13.450% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 13.450% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000146 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000370 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000371 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000410 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -2.050% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000367 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 6.880% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.880% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000431 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000243 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000325 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000428 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 17.500% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 17.500% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000457 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -4.760% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000074 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000270 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000161 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000346 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000039 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000253 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000386 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -8.820% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000156 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000286 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000284 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000315 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000350 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 19.190% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 19.190% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000364 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000510 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000353 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000401 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC-1000008 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.07

**Exhibit 99.07**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Multi Property Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Property ID** | **Property Address** | **City** | **State** | **Zip Code** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Value Analysis Valuation Value** | **Value Analysis Report Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | VCC-1000602 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000603 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000604 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000605 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 15.625% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 15.63% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000606 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 55.556% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 55.56% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000607 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000608 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000609 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000610 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000611 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000612 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000613 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000614 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000615 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000616 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 13.333% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 13.33% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000617 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 5.474% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 5.47% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000618 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000619 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 10.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 10.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000620 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 4.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 4.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000621 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000622 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 11.539% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 11.54% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000623 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 4.167% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 4.17% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000624 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 10.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 10.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000625 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 12.857% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 12.86% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000626 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000627 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000628 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000629 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000630 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000631 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000632 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000633 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000634 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000635 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000636 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000637 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000638 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000639 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000640 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000641 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000642 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000643 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 22.500% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 22.50% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000644 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 22.500% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 22.50% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000645 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000646 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000647 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000648 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 2.667% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 2.67% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000649 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000650 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 36.842% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 36.84% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000651 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 24.615% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 24.62% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000652 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 31.429% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 31.43% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000653 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000654 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000655 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000656 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000657 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 4.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 4.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000658 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.952% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.95% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000659 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000660 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000661 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  | $XXX | $XXX | 0.000% | XXXX |  | XX/XX/XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000662 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 15.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 15.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000663 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 37.838% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 37.84% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000664 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000665 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000666 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 31.579% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 31.58% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000667 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 9.091% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 9.09% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000668 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 24.348% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 24.35% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000669 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 21.212% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 21.21% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000670 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 5.263% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 5.26% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000671 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000672 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 67.188% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 67.19% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000673 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 31.579% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 31.58% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000674 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000675 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 25.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 25.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000676 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 4.167% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 4.17% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC-1000677 |  | XX/XX/XXXX | $XXX | $XXX | $XXX | $XXX | 46.429% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 46.43% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.08

**Exhibit 99.08**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Loan Level Exception - Final Grades (Loan Grades)**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC-1000327 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000316 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000154 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000450 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000459 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000287 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000333 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000334 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000295 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000436 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000067 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000387 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000365 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000191 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000047 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000302 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000171 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000071 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000080 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000110 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000112 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000113 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000128 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000138 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000198 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000199 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000203 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000221 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000282 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000294 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000329 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000337 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000338 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000344 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000361 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000368 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000413 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000430 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000432 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000445 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000451 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000456 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000463 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000468 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000469 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000475 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000480 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000485 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000487 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000496 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000497 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000501 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000520 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000521 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000068 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000087 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000091 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000167 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000181 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000252 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000343 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000359 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000360 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000394 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000409 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000423 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000433 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000434 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000439 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000460 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000461 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000465 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000467 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000471 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000474 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000479 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000483 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000508 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000515 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000527 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000531 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000532 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000545 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000546 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000550 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000551 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000552 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000556 |  | XXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000042 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000092 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000303 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000314 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000330 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000345 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000382 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000398 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000442 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000443 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000476 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000481 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000491 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000506 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000514 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000519 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000522 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000528 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000530 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000534 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000544 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000549 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000574 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000576 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000578 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000581 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000584 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000588 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000589 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000592 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000594 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000313 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000427 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000355 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000488 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000402 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000447 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000492 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000466 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000482 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000499 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000504 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000533 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000518 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000523 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000529 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000567 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000553 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000541 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000548 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000547 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000566 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000554 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000573 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000565 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000561 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000560 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000575 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000568 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000562 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000577 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000570 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000585 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000591 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000582 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000593 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000586 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000590 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000596 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000600 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000597 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000601 |  | XXXX | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |

---

## Exhibit 99.09

**Exhibit 99.09**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Loan Level Exception - Final Grades (Loan Grades)**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC-1000001 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for unpaid collections/ charge off accounts aggregating > $25k. Comp factors: LTV and reserves (reserves is not supported as there is no bank statement provided to verify outside reserves).<br> Approved exception at origination for missing VOR-primary; guarantor lived rent free for 3 of past 12 months. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for loan amount < $75k. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-04-15): Approved exception at origination for FICO < 650. Comp factors: seasoned investor, and LTV.<br> REVIEWER - WAIVED COMMENT (2025-04-16): Approved exception at origination for unpaid collections/ charge off accounts aggregating > $25k. Comp factors: LTV and reserves (reserves is not supported as there is no bank statement provided to verify outside reserves).<br> REVIEWER - WAIVED COMMENT (2025-04-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, and LTV.<br> REVIEWER - WAIVED COMMENT (2025-04-15): Approved exception at origination for loan amount < $75k. Comp factors: seasoned investor, and LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Safety issues with missing railing on basement stairs. | REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-19): Client comments: "Buyer Comment (2025-11-18): Seller Commentary: 60% LTV. Per borrower LOE, cash-out proceeds would be used towards making repairs to subject property and updates were being made to the subject at origination. Generally, XXXX doesn't view missing handrails as material in terms of underwriting as it's expected that the borrower will make any necessary updates to the property. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000000 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000021 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength.<br> Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000018 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000040 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Missing VOR- primary (application reflects rental primary). | REVIEWER - WAIVED COMMENT (2025-09-12): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In house review and appraisal indicate potential mold concerns observed in basement without evidence of inspection/remediation in file. Water meter leaking at time of inspection, no evidence of repair provided. Legal non-conforming property zoning with variance required for rebuild per analyst review. No rebuild letter contained in file. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 65% LTV. The cost-to-cure for the leaking pipe was $1,000 per the appraisal which is within XXXX guideline max which is the lesser of 5% of the loan amount or 20k. The potential mold was not confirmed nor viewed as material by XXXX underwriter given the low LTV and low cost-to-cure. Appraisal made as-is and current property condition considered in value and LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000058 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000066 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Ineligible property | Approved exception at origination for Credit (<2 active major tradelines). Comp factor: seasoned investor.<br> Approved exception at origination for override of statewide exclusion for 2-4 family purchase located in NY with individual borrower (exception for UCC in NY). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-12): Approved exception at origination for Credit (<2 active major tradelines). Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-03): This is for a UCC that we VCC did not do for this loan. I am unable to remove the exception. It will have to remain.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for override of statewide exclusion for 2-4 family purchase located in NY with individual borrower (exception for UCC in NY). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000069 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000086 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000098 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for override of statewide exclusion for 1 Unit X FR located in NY (exception is for UCC, NY). Comp factor: LTV.<br> Approved exception at origination for Wind deductible of 5% is >$25k. Comp factor, LTV, | BUYER - GENERAL COMMENT (2025-10-03): This is for a UCC that we XXXX did not do for this loan. I am unable to remove the exception. It will have to remain.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for override of statewide exclusion for 1 Unit X FR located in NY (exception is for UCC, NY). Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-10-03): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for Wind deductible of 5% is >$25k. Comp factor, LTV, | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on rear exterior stairs. Hole/gap in basement wall noted. Scaffolding noted at subject front and missing exterior materials. Appraisal indicates as per the owner, the exterior walls of the subject are in the process of being repaired, but no proof of completion was provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 43.86 LTV. Given the low LTV, XXXX did not view as material in terms of underwriting. The appraiser didn't cite the handrail/scaffolding/hole and did not assign a cost-to-cure. The building is weatherproof. Appraisal made as-is and current property condition considered in value and LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000120 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO<br> Cash out on property held < 12 months using valuation exceeding original purchase price. | REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO<br> BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on property held < 12 using an appraised value. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000122 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factors; seasoned business and reserves.<br> Approved exception at origination for unpaid collections/charge offs >$25,000. Comp factors; seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for FICO < 650. Comp factors; seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for unpaid collections/charge offs >$25,000. Comp factors; seasoned business and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000132 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000137 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000141 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000142 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health and safety issue - electrical panels missing panel covers and basement stairs missing handrail. Missing tile in the bathroom and damaged vanity in Unit X , holes in drywall and trim and missing kitchen drawer. LOI in in file evidences borrower intent to remedy identified issues, but no proof of completion was provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 50% LTV. XXXX did not view as material in terms of underwriting given the low LTV. The appraisal is made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, repairs would be completed. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000164 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000185 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for incomplete VOM-subject; < 12 months pay history receipts provided to supplement lender summary form private lender (recent purchase). Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for 100% vacancy per appraisal /missing lease (subsequently executed lease provided in file). Comp factors: DSCR and seasoned investor.<br> Approved exception at origination for Cash out on property held < 6 months using valuation > purchase price. Comp factors, DCR and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for incomplete VOM-subject; < 12 months pay history receipts provided to supplement lender summary form private lender (recent purchase). Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for 100% vacancy per appraisal /missing lease (subsequently executed lease provided in file). Comp factors: DSCR and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-18): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-19): Approved exception at origination for Cash out on property held < 6 months using valuation > purchase price. Comp factors, DCR and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000196 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for EOI for property coverage (XXXX) reflects Liability coverage amount < $300k. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Approved exception at origination for EOI for property coverage (XXXX) reflects Liability coverage amount < $300k. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000222 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor; LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and DSCR. | REVIEWER - WAIVED COMMENT (2025-09-16): Approved exception at origination for FICO < 650. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-09-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000247 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for 2x 30 days late within 12 months per credit report. Comp factor: seasoned investor.<br> 1) HOA master policy for XXXX is missing subject building and unit number, <br> 2) Missing complete Unit owners EOI for 1 of 2 properties (XXXX)- only endorsement (XXXX) provided, <br> 3) EOI endorsement for unit-owner's policy for 1 of 2 properties (XXXX) is missing rent loss coverage, <br> 4) EOI for for unit-owner's policy for 1 of 2 properties (XXXX) contains 80% coinsurance, <br> 5) EOI for for unit-owner's policy for 1 of 2 properties (XXXX) contains loss of use rather than loss of rents coverage.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for rural property. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-10-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for 2x 30 days late within 12 months per credit report. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-08): 1 and 2 corrected uploaded <br> 3) rent loss coverage is not required.4) co insurance is allowable at uw discretion 5)Loss of rents/use is not required<br> REVIEWER - GENERAL COMMENT (2025-10-13): Exceptions 3-5 eligible to be cleared subject to lender affirmation that there items are compliant with guideline requirements.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exceptions 1-2 waived- due to receipt of updated loan approval reflecting approved exception for missing subject unit number on HOA master policy and missing complete EOI for walls-in coverage for the same unit . Comp factor: seasoned investor<br> BUYER - GENERAL COMMENT (2025-10-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> SELLER - GENERAL COMMENT (2025-10-13): uploaded updated approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for rural property. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000259 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 65% on SFR purchase by foreign investor with no FICO. Comp factors; seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-09-11): Approved exception at origination for LTV > 65% on SFR purchase by foreign investor with no FICO. Comp factors; seasoned investor and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000093 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | < 2 active major tradelines on credit report.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and seasoned business.<br> Approved exception at origination for 100% vacancy/missing lease for investor traditional 2 with loan > $500k. Comp factors: FICO and LTV. | BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factors, seasoned investor and seasoned business.<br> BUYER - GENERAL COMMENT (2025-09-18): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for 100% vacancy/missing lease for investor traditional 2 with loan > $500k. Comp factors: FICO and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000097 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500k. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500k. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000106 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 31% vacancy per appraisal/missing lease for 1 of 3 units (subsequently executed lease in the file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for 31% vacancy per appraisal/missing lease for 1 of 3 units (subsequently executed lease in the file). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000143 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000148 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000163 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for <2 active major tradelines. Comp factors: FICO, and seasoned investor.<br> Approved exception at origination for loan amount < $100k on traditional property type. Comp factors: FICO, and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for <2 active major tradelines. Comp factors: FICO, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for loan amount < $100k on traditional property type. Comp factors: FICO, and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000194 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750k. Comp factors: reserves and seasoned investor | REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750k. Comp factors: reserves and seasoned investor | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000209 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000233 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-13): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000255 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000263 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000015 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for waiver of post closing reserves requirement (Change Memo #1- item 3) Comp factors: Global LTV, industry experience and guarantor strength. | BUYER - GENERAL COMMENT (2025-09-22): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for waiver of post closing reserves requirement (Change Memo #1- item 3) Comp factors: Global LTV, industry experience and guarantor strength. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000016 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for waiver of post-closing reserves requirement (Change Memo #1- item 3) Comp factors: global LTV, industry experience and DSCR. | BUYER - GENERAL COMMENT (2025-09-22): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for waiver of post-closing reserves requirement (Change Memo #1- item 3) Comp factors: global LTV, industry experience and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000028 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for appraisal aged > 6 months. Comp factors; LTV and FICO.<br> The lease in the file is not executed.<br> Approved exception at origination for policy not paid in full at closing (on payment plan). Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-10-03): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for appraisal aged > 6 months. Comp factors; LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-10-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for policy not paid in full at closing (on payment plan). Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including possible mold, rotten facade and missing drywall in the family room. File contains a LOE from borrower indicating intent to address these issue, but no proof of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 49.02% LTV. XXXX did not view as material in terms of underwriting given the low LTV. The appraisal is made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, repairs would be completed. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000054 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for Both subject properties are rural. Comp factors, FICO and seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal on 1 of 2 SFR's being refinanced (valid lease provided in the file). Comp factors: seasoned investor and FICO. | BUYER - GENERAL COMMENT (2025-10-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for Both subject properties are rural. Comp factors, FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for 100% vacancy per appraisal on 1 of 2 SFR's being refinanced (valid lease provided in the file). Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000088 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000127 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exceptions at origination for 1x 60 days late and 3x 30 days late within 12 months and 4x 30 days late within 24 months on primary and 8x 30 days late within 12 months on subject. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for 50% vacancy for 1 of 3 properties- missing lease for 1 of 2 units. Comp factors: seasoned investor and LTV.<br> Approved exception at origination to incomplete VOM-subject; missing pay history receipts to supplement VOM summary forms from private lender. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exceptions at origination for 1x 60 days late and 3x 30 days late within 12 months and 4x 30 days late within 24 months on primary and 8x 30 days late within 12 months on subject. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for 50% vacancy for 1 of 3 properties- missing lease for 1 of 2 units. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination to incomplete VOM-subject; missing pay history receipts to supplement VOM summary forms from private lender. Comp factors: seasoned investor and LTV. | 3 | [3] General - Subject is not in average or better condition.<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Approved exception at origination for C5 condition on 1 of 3 properties. Comp factors: seasoned investor and LTV<br> Approved exceptions at origination for 1) > $20k deferred maintenance on 1 of 3 properties and 2) for mold around HVAC vents that need to be removed/remediated on 1 of 3 properties. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for C5 condition on 1 of 3 properties. Comp factors: seasoned investor and LTV<br> REVIEWER - GENERAL COMMENT (2025-11-24): Appraisal for XXXX has rotting wood, peeling paint, ceiling damage in living room, ceiling damage in foyer due to water leak from central air unit, missing flooring, and missing electrical outlet covers. XXXX bathroom ceiling damaged in Unit X . XXXX toilet to be installed and detector to be installed.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exceptions at origination for 1) > $20k deferred maintenance on 1 of 3 properties and 2) for mold around HVAC vents that need to be removed/remediated on 1 of 3 properties. Comp factors: seasoned investor and LTV.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comments - Appraisal for XXXX has rotting wood, peeling paint, ceiling damage in living room, ceiling damage in foyer due to water leak from central air unit, missing flooring, and missing electrical outlet covers. XXXX bathroom ceiling damaged in Unit X . XXXX toilet to be installed and detector to be installed. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000133 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000150 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal for both subject properties (active lease in file for 1 of 2). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for 100% vacancy per appraisal for both subject properties (active lease in file for 1 of 2). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000153 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Bedroom with incurable obsolescence (no interior access), storage area converted into non-permitted kitchen and dining area. And the other property includes a non-permitted 1/2 bathroom with shower stall and water/mold damage from possible ceiling leak. 442 with mold on ceiling no longer visible (does not indicate any other repairs completed or if the mold was remediated).. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 47.78% LTV. XXXX did receive a 442 showing that the mold issue had been remedied. Regarding the bedroom and storage areas - XXXX has not confirmed the status of repairs but expects the borrower to make any necessary repairs to the property. Given the low LTV, this wasn't deemed as material in terms of underwriting.<br> REVIEWER - GENERAL COMMENT (2025-11-24): A rough estimate of $1,200 cost-to-cure was provided to convert the units back and included in the appraised value. The unpermitted half-bath was not given any value. We'd expect the LTV to remain the same. We are unaware if the permits are in process at this point | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000166 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000168 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000169 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000173 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for 'credit' (< 2 active open major tradelines). Comp factors; FICO.<br> Approved exception at origination for rural property. Comp factors; FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO.<br> Approved exception at origination for 100% vacancy per appraisal (executed lease in file). Comp factors; FICO.<br> Approved exception at origination for loan amount <$75,000. Comp factors; FICO. | BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for 'credit' (< 2 active open major tradelines). Comp factors; FICO.<br> BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for rural property. Comp factors; FICO.<br> BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO.<br> BUYER - GENERAL COMMENT (2025-10-20): Corrected UPloaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for 100% vacancy per appraisal (executed lease in file). Comp factors; FICO.<br> BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for loan amount <$75,000. Comp factors; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000195 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Deferred maintenance mention by appraiser on all 6 properties without an amount to cure. Property 1: Crawl space access blocked, missing/damaged roof shingles, tree limbs touching roof, mold on vinyl siding, unstable handrail, missing deck boards, wood rot around windows/need painting. Property 2: Mold in garages and furnace closet, recommended mold inspection, damaged crawl space cover, missing/damaged roof shingles, wood rot around windows and door, and damaged exterior/interior paint. Property 3: Damaged crawl space cover, tree limbs against home, soffit & Fascia improperly installed, Damaged Vinyl-S/Fascia, mold on siding and storm windows, wood rot round windows and door, and exterior paint. Property 4: Metal cover getting hot, home inspection recommended, improperly installed soffit, wood rot around windows and crawl space cover, and exterior paint damage. Property 5: Furnace closet screwed shut, attic access blocked, crawl space access blocked, settlement-structural inspection recommended, missing/damaged roof shingles, roof inspection recommended, tree limbs resting on roof, crawl space vent not sealed, wood rot around windows and door, mold in air vents, mold inspection recommended, damaged vinyl floor, and damaged exterior paint. Property 6: Crawl space access blocked, uneven roof line, roof inspection recommended, vines/trees resting against home, mold on vinyl siding, mold on soffit, damaged vinyl siding, missing Fascia, wood rot around doors and windows, and damaged exterior paint. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. Multiple property loan and appraisals are made as-is and current property conditions are considered in the value/LTV. The seller escrowed funds for the full roof replacements on three of the properties (344 E, 1034 N, 2024 E). Borrower is a seaosned investor with a high FICO and strong reserves. It is expected that the borrower will complete the necessary repairs and renovations to the subject properties to bring them to rentable condition. XXXX has not confirmed the status or repairs. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000201 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000212 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for incomplete VOM-subject; missing 12 month pay history (balloon note). Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy/ missing lease for 1 of 2 properties being refinanced. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history (balloon note). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for 100% vacancy/ missing lease for 1 of 2 properties being refinanced. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000220 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including cracked/broken front deck foundation. cracked parking, disconnected downspout and aged roofing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 49.67% LTV. Given the low LTV, XXXX did not view as matertial in terms of underwriting. Current property condition considered in value/LTV. No cost-to-cure cited by the appraisal and these items were not cited as safety issues by the appraiser. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000249 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Rural property. | BUYER - GENERAL COMMENT (2025-10-01): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-10-02): Exception remains. Updated in house review provided with rural removed, unfortunately, no approval with exception listed provided when both the appraisal and approval indicate property is rural.<br> BUYER - GENERAL COMMENT (2025-10-08): Apoligies. Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived- due to receipt of updated loan approval reflecting approved exception for rural property. Comp factor: LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000251 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal/missing leases for both properties being refinanced (subsequently executed lease provided for 1 of 2 properties). Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for 100% vacancy per appraisal/missing leases for both properties being refinanced (subsequently executed lease provided for 1 of 2 properties). Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000256 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for missing HOA cert, budget and P&L. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOR-primary; missing 12 month pay history receipts to supplement VOR summary certificate from private landlord. Comp factor: seasoned investor.<br> Approved exception at origination for missing active lease for 1-4 refinance (lease renewal provided in file has not been executed). Comp factor: seasoned investor.<br> Approved exception at origination for rural property. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for missing HOA cert, budget and P&L. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for incomplete VOR-primary; missing 12 month pay history receipts to supplement VOR summary certificate from private landlord. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for missing active lease (lease renewal provided in file has not been executed). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for rural property. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000258 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000260 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000269 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Unit owners policy does not include any liability coverage,<br> Approved exception at origination for 100% vacancy/ missing lease on SFR condo unit refinance. Comp factors; seasoned investor and LTV. | BUYER - GENERAL COMMENT (2025-11-10): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing unit owners liability coverage. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for 100% vacancy/ missing lease on SFR condo unit refinance. Comp factors; seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000272 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Rural property.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and seasoned business. | BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000279 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for multiple late payments within 12 months on subject mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for multiple late payments within 12 months on subject mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000285 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for 50% vacancy/missing lease on 1-4 refinance. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for incomplete VOM-subject, processer cert provided in lieu of 12 months cancelled checks. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for incomplete VOM-primary, missing 1 of 12 deposit receipts. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for 50% vacancy/missing lease on 1-4 refinance. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for incomplete VOM-subject, processer cert provided in lieu of 12 months cancelled checks. Comp factors: seasoned investor and FICO. Approved exception at origination for incomplete VOM-primary, missing 1 of 12 deposit receipts. Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000298 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> Approved exceptions at origination for 1) incomplete VOM-primary; missing most recent monthly payment and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exceptions at origination for 1) incomplete VOM-primary; missing most recent monthly payment and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000062 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> Approved exception at origination for loan amount <$100k on traditional property type. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for loan amount <$100k on traditional property type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000079 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000134 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - The property is ineligible. | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000175 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue | Approved exception at origination for seller credit > 3%. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 purchase with loan > $750k. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for seller credit > 3%. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 purchase with loan > $750k. Comp factors: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000182 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Ceiling is damaged/stained on ground level. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. No cost to cure was provided in the appraisal for the staining. XXXX did not view the staining as material in terms of underwriting as it's expected that the borrower will complete any necessary repairs to the property. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000205 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | 1) Policy holder is neither borrower entity nor guarantor. {new} 2) updated policy with borrower as policyholder reflects 10% of bldg coverage amount as deductible for law & ordinance coverage which exceeds guideline max deductible of $10k. | BUYER - GENERAL COMMENT (2025-10-08): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2025-10-13): new exception noted- updated policy reflects 10% of bldg coverage amount as deductible for law & ordinance coverage which exceeds guideline max deductible of $10k. (Exception 1 is eligible to be cleared.)<br> BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000242 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Cash out on property listed with recent 6 months and 2) missing listing cancellation. | BUYER - GENERAL COMMENT (2025-10-03): Uploaded<br> BUYER - GENERAL COMMENT (2025-10-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property and missing cancelation. Comp factors, FICO and reserves. Reserves are not supported with no verification of funds in file. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000244 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Cash out on property listed with recent 6 months and 2) missing listing cancellation. | BUYER - GENERAL COMMENT (2025-10-03): Uploaded<br> BUYER - GENERAL COMMENT (2025-10-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factors, FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000245 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000006 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000014 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000023 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 30-day late on primary within 12 months. Comp factors: LTV, DSCR, and guarantor support. | REVIEWER - WAIVED COMMENT (2025-09-24): Approved exception at origination for 30-day late on primary within 12 months. Comp factors: LTV, DSCR, and guarantor support. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000288 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000239 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000236 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Approval not provided | 1) Missing evidence of 1 other investment in the US or updated approval indicating FTI = Yes and 2) If FTI LTV > 60%. | BUYER - GENERAL COMMENT (2025-10-03): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for FTI/Foreign investor with an LTV > 60%. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000126 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000104 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> 1x 30 days late on subject within past 90 days (Payoff and Pay history affirm subject was 30 days past due as closing- last verified payment XXXX paid late on XX/XX and XX/XX payment was currently unpaid).<br> Hurricane (wind) deductible > $25k.<br> Leases are incomplete and do not indicate the monthly rent.<br> Missing VOM-primary; mortgage in spouse's name. (ref: LOE XXXX) | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-10-13): Exception remains- no exception for VOM- subject was found on uploaded approval.<br> BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-10-09): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived- due to receipt of updated loan approval reflecting approved exception for wind deductible amount. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for incomplete leases. Comp factor: LTV<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for missing VOR-primary. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000041 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for >$25k in deferred maintenance. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for 50% vacancy per appraisal on 2 family refinance/ missing active lease for 1 of 2 units (subsequently executed lease in file contains no begin and end dates). Comp factors: LTV and seasoned investor.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for >$25k in deferred maintenance. Comp factors: LTV and seasoned investor.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comment - Appraisal shows boarded broken window, broken rear steps, and missing flooring. Evidence repairs completed provided.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for 50% vacancy per appraisal on 2 family refinance/ missing active lease for 1 of 2 units (subsequently executed lease in file contains no begin and end dates). Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000044 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV, and seasoned investor.<br> Approved exception at origination for override of statewide exclusion for traditional property located in IL. Comp factors: LTV, and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-20): Approved exception at origination for override of statewide exclusion for traditional property located in IL. Comp factors: LTV, and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000045 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for property under renovation/deferred maintenance with cost to cure > $25k without escrow/holdback agreement in file. Comp factors: FICO and DSCR.<br> Approved exception at origination for incomplete VOM-primary; missing most recent monthly payment. Comp factors: FICO and DSCR.<br> Approved exception at origination for 100% vacancy per appraisal (executed pre-existing valid leases provided in file for all units). Comp factors: FICO, and DSCR. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for property under renovation/deferred maintenance with cost to cure > $25k without escrow/holdback agreement in file. Comp factors: FICO and DSCR.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comment - Missing walls around main floor bathroom, women bathroom flooring damaged, main floor wall removed with hanging wires.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for incomplete VOM-primary; missing most recent monthly payment. Comp factors: FICO and DSCR.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for 100% vacancy per appraisal (executed pre-existing valid leases provided in file for all units). Comp factors: FICO, and DSCR. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000073 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000077 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Wind deductible of 5% is > $25k. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for wind deductible amount. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000107 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000121 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves.<br> EOI reflects exclusion of wind/hail coverage. ('excluded'; on XXXX - specific exclusion outweighs special form indication)<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for exclusion of wind/hail coverage. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraiser indicates water stains on exterior wall and signs of water incursion on the interior ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): No presence of an active leak and no cost-to-cure provided. XXXX did not view as material in terms of underwriting as building is weather tight and there's no presence of an active leak. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000130 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR <1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: FICO and reserves.<br> Approved exception at origination for LTV >70% on rate term refinance of investor traditional 1 property with loan > $1MM. Comp factors: reserves and seasoned investor.<br> Credit reports for both guarantors are aged > 60 days.<br> Approved exception for incomplete VOM- subject; missing pay history receipts to supplement VOM summary certifications for both subject notes held by private lenders. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for DSCR <1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for LTV >70% on rate term refinance of investor traditional 1 property with loan > $1MM. Comp factors: reserves and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for credit reports aged > 60 days. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception for incomplete VOM- subject; missing pay history receipts to supplement VOM summary certifications for both subject notes held by private lenders. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000178 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned business.<br> Approved exception at origination for Liability coverage < $1mm/occurrence and $2mm general aggregate. Comp factor, seasoned business.<br> Missing lease agreement for commercial unit.<br> Approved exception at origination for loan amount < $100,000 for traditional 1 commercial property. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2025-10-09): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned business.<br> REVIEWER - GENERAL COMMENT (2025-10-13): Updated approval with exception identified does not include a comp factor.<br> BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded aprpoval<br> REVIEWER - GENERAL COMMENT (2025-10-21): Exception remains. Uploaded approval is for another loan.<br> BUYER - GENERAL COMMENT (2025-10-29): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-30): Approved exception at origination for Liability coverage < $1mm/occurrence and $2mm general aggregate. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2025-10-09): Uploaded<br> REVIEWER - GENERAL COMMENT (2025-10-13): exception remains- commercial lease not provided [both leases provided are for apartments with specific clause for residential use only '(no business use)'].<br> BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-10-21): Exception remains. Uploaded approval is for another loan.<br> BUYER - GENERAL COMMENT (2025-10-29): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-30): Exception waived. Updated approval provided in trailing documents approving excepti9on for missing Lease. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for loan amount < $100,000 for traditional 1 commercial property. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000179 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates carpet needs to be replaced in XXXX overgrowth of trees and vines onto the building, staining along porch ceiling on the east side. Visible in the pictures XXXX Unit X are broken toilet seat, broken (large hole) bathroom door. Unit X occupied-ceiling damage in bedroom. Cost to cure provided for XXXX Unit X , no cost to cure nor noted by appraiser ceiling damage XXXX Unit X . | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. XXXX expects the borrower to complete the necessary repairs to the units of their investment property.Cost to cure is $XXXX which the borrower maintained in reserves post providing funds to close. Appraisal made as-is and current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000187 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exceptions at origination for 1) missing Law and Ordinance coverage, and 2) premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for missing Law or Ordinance coverage. Comp factor seasoned investor. Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000192 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing lease Agreement | Cash out on property held < 12 months using valuation exceeding original purchase price.<br> Approved exception at origination 55% vacancy/missing lease-subject. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for cash out on property held < 12 months using valuation exceeding original purchase price (improvement schedule provided). Comp factor: LTV<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination 55% vacancy/missing lease-subject. Comp factor: LTV | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Exterior stairs are cracked/broken. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 50%. The cost-to-replace the stairs is included in the borrower scheduel of planned improvements. XXXX has not followed up on the status of repairs but does expect the borrower to complete the LOI. Current property condition considered in value and LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000193 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception for liability coverage < $1MM/occurrence and $2MM general aggregate on traditional property. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception for liability coverage < $1MM/occurrence and $2MM general aggregate on traditional property. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000232 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000237 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for seller credit > 3%. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for first time investor with LTV >65% on investor traditional 1. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Insufficient underwritten funds to close; verified funds per approval assets section are < funds required per Final HUD. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for seller credit > 3%. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for first time investor with LTV >65% on investor traditional 1. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval for unverified assets<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for insufficient verified funds to close Comp factor: FICO | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000254 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for DSCR < 1.20 on investor traditional I refinance with loan > $500,000. Comp factors: reserves and FICO.<br> Approved exception at origination for 100% vacancy per appraisal on refinance of investor traditional 1 with loan > $500k. (subsequently executed lease provided for 1 of 5 units). Comp factors: FICO and reserves.<br> Cash-out refinance on property listed within 6 months. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for DSCR < 1.20 on investor traditional I refinance with loan > $500,000. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for 100% vacancy per appraisal on refinance of investor traditional 1 with loan > $500k. (subsequently executed lease provided for 1 of 5 units). Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for Cash-out refinance on property listed within 6 months. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000257 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception for first time investor with LTV >70% on Investor traditional 1 multifamily property. Comp factors: FICO and reserves which is not supported as reserves are < guideline requirement of 3 months P&I for FT investor.<br> First time investor with < 3 months reserves. ($XXX verified less $XXX req'd to close results in reserves of $XXX or XX months P&I) | REVIEWER - WAIVED COMMENT (2025-09-23): Approved exception for first time investor with LTV >70% on Investor traditional 1 multifamily property. Comp factors: FICO and reserves which is not supported as reserves are < guideline requirement of 3 months p&i for FT investor.<br> BUYER - GENERAL COMMENT (2025-10-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for First time investor with post closing reserves < 3 months P&I. Comp factor: FICO | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000262 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Illegal additions to the property with cost to revert back to original apartment costs estimated at $XXXX . This costs covers removing 2 kitchens, restoring 2nd floor to 2 apartments 2 bedroom/2 bath re-install rear wall on the first floor separating the original ground floor from the addition area, remove addition. | REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-20): Comment from client. 43.7%. LTV. The current appraised value and LTV reflects the current property condition and considers the cost-to-cure. Given the low LTV, XXXX did not view as material in terms of underwriting; however, it is the expectation that the borrower will complete any necessary repairs to the property.<br> REVIEWER - GENERAL COMMENT (2025-11-24): No evidence of permits in file. No holdback. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000267 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000275 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor and FICO.<br> Approved exception at origination for deferred maintenance > $20k. Comp factors; seasoned investor and FICO.<br> Approved exceptions at origination for 1)missing special/broad form coverage type and 2) missing wind/hail coverage. Comp factor; seasoned investor.<br> Approved exception for incomplete VOM- primary; < 12 months pay history provided . Comp factors; seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for deferred maintenance > $20k. Comp factors; seasoned investor and FICO.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Water damage in apartment bedroom, first floor commercial Unit X nder renovation, and unfinished bathroom. Holdback in file for XXXX.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exceptions at origination for 1)missing special/broad form coverage type and 2) missing wind/hail coverage. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception for incomplete VOM- primary; < 12 months pay history provided . Comp factors; seasoned investor and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on basement stairs. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): XXXX does not view missing handrails as material in terms of underwriting. It is expected that the borrower will make any necessary repairs to the property.Appraisal made as-is and current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000297 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-22): Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000050 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000052 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factors: seasoned investor and FICO | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for loan < $75k. Comp factors: seasoned investor and FICO | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000053 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing special form coverage type for 1 of 3 properties. Comp factor; seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal for 1 of 3 properties being refinanced (active lease provided in file). Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for missing special form coverage type for 1 of 3 properties. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for 100% vacancy per appraisal for 1 of 3 properties being refinanced (active lease provided in file). Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000096 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000101 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO below 650. Comp factor: reserves.<br> Incomplete VOR-primary; <12 month's pay history provided (check-image receipt provided for 1 lump-sum payment for 6 months rent plus security deposit). | BUYER - GENERAL COMMENT (2025-10-23): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-28): Approved exception at origination for FICO below 650. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-10-23): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000123 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000170 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for basic for policy coverage type. Comp factor: seasoned investor.<br> Approved exception at origination for credit report aged >60 days. Comp factor; seasoned investor<br> Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-10-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for basic for policy coverage type. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for credit report aged >60 days. Comp factor; seasoned investor<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects missing electrical panel cover. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): XXXX does not view missing electrical panels as material in terms of underwriting. It is expected that the borrower will make any necessary repairs to the property. Appraisal made as-is and current property condition considered in value/LTV | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC-1000231 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000266 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing HOA budget and P&L . Comp factor: LTV.<br> Approved exception at origination for 100% vacancy per appraisal on SFR condo refinance (active lease provided in file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for missing HOA budget and P&L . Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for 100% vacancy per appraisal on SFR condo refinance (active lease provided in file). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000273 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO <650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for FICO <650. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000276 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000281 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal on SFR refinance (subsequently executed pro-forma lease provided in file). Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for 100% vacancy per appraisal on SFR refinance (subsequently executed pro-forma lease provided in file). Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000299 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO <650. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for unpaid collections/chargeoffs >$25k. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for FICO <650. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for unpaid collections/chargeoffs >$25k. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000326 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for 5% all perils deductible per EOI exceeds $25k. Comp factor reserves. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-10-14): Exception remains. No comp factor provided with waiver.<br> BUYER - GENERAL COMMENT (2025-10-23): Corrected UPloaded<br> REVIEWER - WAIVED COMMENT (2025-10-28): Approved exception at origination for 5% all perils deductible per EOI exceeds $25k. Comp factor reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000332 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for coinsurance on 1-4 property type. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for coinsurance on 1-4 property type. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000340 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factors; LTV and DSCR. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for loan < $75k. Comp factors; LTV and DSCR. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000348 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000352 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for > 1x30 days late within 12 months. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for > 1x30 days late within 12 months. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000354 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for multiple 30 day late payments within 12 months on 2x VCC loans. Comp factor: seasoned investor.<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception for multiple 30 day late payments within 12 months on 2x VCC loans. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000358 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for Appraisal/analyst review reflecting deferred maintenance > $25k. Comp factor, LTV.<br> Approved exception at origination for missing lease on SFR refinance. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-29): Exception noted on uploaded approval for deferred maintenance<br> REVIEWER - WAIVED COMMENT (2025-10-30): Approved exception at origination for Appraisal/analyst review reflecting deferred maintenance > $25k. Comp factor, LTV.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Facia/eaves damaged, window sill damaged, and roof needs replacing. No holdback in file. Deferred maintenance was not considered a health and safety issue-dollar amount exceeded guidelines and exception waived.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for missing lease on SFR refinance. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Safety issue of missing smoke/CO alarm (file contains LOI indicating borrower intent to remedy condition but no evidence of completion). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. XXXX received an LOE from the borrower stating they would replace the missing smoke/CO alarm. XXXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000291 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000304 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for 61.8% vacancy/ missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for override of statewide exclusion (exception is for a UCC in NY).. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for 61.8% vacancy/ missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for override of statewide exclusion (exception is for a UCC in NY).. Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000031 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Deductible (both all perils and windstorm) of $5k per property exceeds 5% of coverage amount of $80k per property. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for Deductible (both all perils and windstorm) of $5k per property exceeds 5% of coverage amount of $80k per property. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000036 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Credit report in file for guarantor is aged > 60 days. Missing updated credit report supporting tape indicated mid score. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for credit report older than 60 days. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000037 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | for 1 of 2 properties for which EOI is provided in file; $5k deductible exceeds 5% of $XXXX coverage amount. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Safety issue of missing railing on back porch- file contains a LOE conveying borrower intent to remedy post closing but no evidence of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. XXXX received an LOE from the borrower stating they would replace the missing railing. XXXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000032 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k, Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for loan < $75k, Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000033 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000034 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trialing documents approving exception for deductible. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000035 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Deductible of $5k (both wind and all peril) per location exceeds 5% of covered amount of $80k/location. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000038 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount.<br> Approved exception at origination for loan < $75k, Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for loan < $75k, Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000049 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000235 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000241 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for seller 2nd lien term < subject note prepay term of 5 yrs years. Comp factors: LTV and reserves.<br> Approved exception at origination for missing HOA budget and P&L. Comp factors: LTV and reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves.<br> Approved exception at origination for loan >$2mm on SFR condo. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for seller 2nd lien term < subject note prepay term of 5 yrs years. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for missing HOA budget and P&L. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for loan >$2mm on SFR condo. Comp factors: LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000301 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000307 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for co-insurance on 1-4 property type. Comp factor: reserves.<br> Missing VOM/pay history for investment properties listed on application. | REVIEWER - WAIVED COMMENT (2025-10-04): Approved exception at origination for co-insurance on 1-4 property type. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factors, FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000309 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000317 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000335 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV.<br> Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000055 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law and ordinance coverage. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for missing law and ordinance coverage. Comp factors: FICO and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000060 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Ineligible property | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves.<br> Approved exception at origination for override of statewide exclusion for Traditional property located in IL. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-10-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for override of statewide exclusion for Traditional property located in IL. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000085 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner user traditional 1 refinance with loan > $500k. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 refinance with loan > $500k. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000230 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing leases for investor traditional 1 refinance with loan > $500k. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for missing leases. Comp factor: LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000322 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 34% vacancy/missing lease. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for 34% vacancy/missing lease. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for commercial Unit X nder renovation. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for commercial Unit X nder renovation. Comp factor: LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000323 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing law or ordinance coverage. Comp factor: Comp factor: FICO.<br> Approved exception for missing VOR - primary. Guarantor lives rent free. Comp factors: LTV and property condition which is a non-qualitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for missing law or ordinance coverage. Comp factor: Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-10-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception for missing VOR - primary. Guarantor lives rent free. Comp factors: LTV and property condition which is a non-qualitative subjective trait. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates the subject is towards the end stage of an extensive renovation and there are various items that have not been completed/finished, for which the analyst estimated a cost to cure of $XXXX . There is no heat in the commercial portion of the finished basement area. Other items include incomplete trim work, incomplete drywall and paint, windows requiring replacement/repair expose/loose wiring, broken fire alarm, missing drywall in ceiling and openings in dry wall. No contractor estimate was provided of proof on completion of repairs.<br> Appraisal indicated the rear shed was expanded without permits and was turned into more of a traditional addition than a shed. Post construction approvals could not be obtained. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): The Unit X ndergoing renovation is vacant and the $XXXX cost-to-cure is within XXXX deferred maintenance allowance (the lesser 5% of the loan amount or 20k). The borrower has been actively renovating the subject so it's expected they will complete the repairs to bring the vacant Unit X o rentable condition. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000289 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing $2mm gen aggregate liability coverage. | BUYER - GENERAL COMMENT (2025-10-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000328 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR-primary. | BUYER - GENERAL COMMENT (2025-10-10): UPloaded<br> BUYER - GENERAL COMMENT (2025-10-10): Exception noted for 1x30 on primary (August payment made in September)<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for 1x30 on VOR-primary. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000274 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000162 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000056 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k Comp factors, FICO and LTV.<br> Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors, LTV and FICO. | BUYER - GENERAL COMMENT (2025-10-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k Comp factors, FICO and LTV.<br> BUYER - GENERAL COMMENT (2025-10-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors, LTV and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects water stains and damage to ceiling tiles in bathroom. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 42.19% LTV. No evidence of an active leak and XXXX viewed as immaterial in terms of underwriting given the low LTV; although, it's expected that the borrower will complete any necessary repairs to the property. The damages weren't cited as deferred maintenance and no cost-to-cure was provided by the appraiser. Current property condition is considered in teh value/LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000238 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000356 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for basic policy form. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy/missing lease- subject. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for basic policy form. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for 100% vacancy/missing lease- subject. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000043 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for mortgage rolling late payments in the last 24 months and defaulted in the most recent 8 months-subject. Comp factors: LTV and FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and DSCR.<br> Approved exception at origination for subject property currently listed for sale. Comp factors: FICO and DSCR. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for mortgage rolling late payments in the last 24 months and defaulted in the most recent 8 months-subject. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and DSCR.<br> REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for subject property currently listed for sale. Comp factors: FICO and DSCR. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Subject property in fair condition. Comp factors, FICO and DSCR.<br> The subject contains deferred maintenance throughout the building. The former locker rooms and supporting office areas have been largely gutted or lack finishes. including missing sections of drywall and ceiling tiles. The rear warehouse contains sections of insulation that have sagged and require replacement. | BUYER - GENERAL COMMENT (2025-10-13): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-10-14): Exception remains. Nothing was uploaded.<br> BUYER - GENERAL COMMENT (2025-10-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for Subject property in fair condition. Comp factors, FICO and DSCR.<br> REVIEWER - GENERAL COMMENT (2025-11-24): The former locker rooms and supporting office area have been largely gutted or lack finishes, including missing sections of insulation that have sagged and require replacement.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 43.11% LTV. Appraisal made as-is and current property condition is considered in the value/LTV.No cost-to-cure was cited by the appraiser and given the low LTV XXXX did not view the cited deferred maintenance as material in terms of underwriting. It is XXXX expectation that the borrower will complete any necessary repairs to the property, especially given that the borrower operates their business out of the subject. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000070 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 refinance with loan > $750,000. Comp factor: reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 refinance with loan > $750,000. Comp factor: reserves and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000165 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for missing law & ordinance coverage. Comp factor: LTV.<br> Approved exception at origination for cash out on property listed within 6 months. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for missing law & ordinance coverage. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for cash out on property listed within 6 months. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000202 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner user Traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for DSCR < 1.0x on owner user Traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000311 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500,000. Comp factors: LTV and FICO.<br> Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: LTV and FICO.<br> Approved exception at origination for incomplete VOM-subject: missing 5 of 12 most recent monthly payments. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500,000. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for incomplete VOM-subject: missing 5 of 12 most recent monthly payments. Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000065 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided | HOA master policy is missing subject unit number.<br> Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master policy. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000075 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing HOA questionnaire, P&L and budget. Comp factors: seasoned investors and reserves. | REVIEWER - WAIVED COMMENT (2025-10-03): Approved exception at origination for missing HOA questionnaire, P&L and budget. Comp factors: seasoned investors and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000216 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000157 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-10-06): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000210 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing VOM - primary; 1) cash receipts provided for 3 of 12 months 2) missing 1 of 12 months deposit receipts. Comp factors: reserves and FICO.<br> Missing evidence of Liability coverage; quote provided.<br> Approved exception at origination for 35.4% vacancy/missing Lease. Comp factor reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for missing VOM - primary; 1) cash receipts provided for 3 of 12 months 2) missing 1 of 12 months deposit receipts. Comp factors: reserves and FICO.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-10-13): Loan amount is >500,000. Exception is valid<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for 35.4% vacancy/missing Lease. Comp factor reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000218 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: reserves and FICO. Unable to confirm comp factor of reserves due to missing 1 of 2 bank statements. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: reserves and FICO. Unable to confirm comp factor of reserves due to missing 1 of 2 bank statements. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates cracked window and rotting window frame. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. Property vacant at origination and weather-tight. XXXX has not confirmed the status of repairs, but expects the borrower to make any necessary repairs to the property. Appraisal made as-is and current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000061 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for seller credit > 3%. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for missing 1) Law or Ordinance coverage and 2) Loss of Rent < 6 months. Comp factor FICO. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for seller credit > 3%. Comp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for missing 1) Law or Ordinance coverage and 2) Loss of Rent < 6 months. Comp factor FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Heath and safety issues - Tennant in Unit X reported that ceiling in Unit X(not viewed) has fallen in, standing water in basement(reportedly repaired), extensive tuckpointing repairs are required throughout the exterior, overgrown landscaping, several of the concrete stoops require repair, five garden windows require replacement and the security bars require repair/replacement, exterior door in the XXX tier does not have a door knob/locking mechanism; entry level buzzer system in this tier is not operating correctly, units Xand Xrequires complete refurbishment, no electricity in the bedroom and hallway of Unit X- tenant reported some inoperable windows (rotted paster near bedroom window), common area windows in the hallways require replacement and hallway walls require significant plaster repairs and painting. Estimated cost to cure the deferred maintenance is $XXXX Appraiser advised undated contractor's estimate was provided but no proof of completion provided. Hold back of $XXXX (brings unis back to rent ready condition). | BUYER - GENERAL COMMENT (2025-11-12): XXXX completed a XXX holdback and per the work estimate that should more than cover the work required to cure the health and safety issues and bring the units to rentable condition. Shouldn't that downgrade this to B?<br> BUYER - GENERAL COMMENT (2025-11-12): HUD showing proof of holdback funds held at origination<br> REVIEWER - WAIVED COMMENT (2025-11-13): Exception waived. Signed copy of Holdback Agreement in file and on approval.<br> REVIEWER - GENERAL COMMENT (2025-11-24): The appraiser states the neighboring tenant reported the ceiling had collapsed. No sketch of floor plan provided. Property address is XXX XXX and XXX (3 story apartment building). | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | B |
| XXXX | XXXX | VCC-1000283 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Purchase Agreement / Sales Contract not provided | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing Law and Ordinance coverage. Comp factor; reserves.<br> Missing Executed contract addendum (XXXX) updating buyer name | REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-01): Approved exception at origination for missing Law and Ordinance coverage. Comp factor; reserves.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing signed contract. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000115 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR > 1.0x on an owner user traditional 2 purchase with loan > $750,000. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for incomplete VOR-primary. 3 of 12 most recent rent payments provided. Comp factor: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for DSCR > 1.0x on an owner user traditional 2 purchase with loan > $750,000. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-07): Approved exception at origination for incomplete VOR-primary. 3 of 12 most recent rent payments provided. Comp factor: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000310 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000095 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned business.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: FICO and DSCR. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned business<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000204 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.0x for owner user Traditional 2 purchase with loan > $750,000. Comp factor; FICO.<br> Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factor; FICO.<br> Approved exception at origination for missing VOR-primary; mortgage in spouse's name. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for DSCR < 1.0x for owner user Traditional 2 purchase with loan > $750,000. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for missing VOR-primary; mortgage in spouse's name. Comp factor FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000100 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for subject listed for sale within the last 6 months. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for subject listed for sale within the last 6 months. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000172 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for DSCR < 1.25 investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and reserves.<br> Credit report is aged > 60 days. | REVIEWER - WAIVED COMMENT (2025-10-02): Approved exception at origination for DSCR < 1.25 investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2025-10-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for expired credit report. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000020 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for waiver of SNDA requirements (XXX change memo #1). Comp factors, LTV and FICO. | BUYER - GENERAL COMMENT (2025-10-09): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for waiver of SNDA requirements (XXX change memo #1). Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000008 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for waiver of seasoning of funds requirement. (XXX change #3) Comp factor, principal with over 25 years experience in the industry. | BUYER - GENERAL COMMENT (2025-10-09): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for waiver of seasoning of funds requirement. (XXX change #3) Comp factor, principal with over 25 years experience in the industry. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000331 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000415 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000426 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000416 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for LTV > 70% for first time investor on a 2 family property. Comp factor: reserves.<br> Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: reserves.<br> Approved exception at origination for loan amount < $75,000. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for LTV > 70% for first time investor on a 2 family property. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for loan amount < $75,000. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000051 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 33.3% vacancy-subject (active lease provided in file). Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for 33.3% vacancy-subject (active lease provided in file). Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000081 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000099 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for missing lease on a refinance. Comp factor: Comp factor, LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2025-10-23): Exception remains. No comp factor listed on approval provided.<br> BUYER - GENERAL COMMENT (2025-10-29): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-30): Approved exception at origination for missing lease on a refinance. Comp factor: Comp factor, LTV.<br> REVIEWER - RE-GRADED COMMENT (2025-10-13): Approved exception at origination for loan amount < $75,000. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-10-22): Exception has been written and approved. Back to AMC<br> REVIEWER - WAIVED COMMENT (2025-10-23): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000105 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> Missing VOR-primary;12 months deposit receipts not provided.<br> Missing lease agreement. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, DSCR.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, DSCR. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000118 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000119 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 1x30 and 1x60 lates on VOM for the subject. Comp. factors, LTV and FICO. | BUYER - GENERAL COMMENT (2025-10-22): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-23): Approved exception at origination for 1x30 and 1x60 lates on VOM for the subject. Comp. factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000135 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - The property is ineligible. | Approved exception at origination for missing evidence of lease agreement on 1-4 unit refinance. Comp factors, LTV and seasoned investor.<br> Approved exception at origination for title seasoning < 12 months. Comp factors: LTV, seasoned investor. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-23): Approved exception at origination for missing evidence of lease agreement on 1-4 unit refinance. Comp factors, LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-22): While the property has been in the family, it has never been in Borrowing entity or guarantor's name. The exception is valid<br> REVIEWER - WAIVED COMMENT (2025-10-23): Approved exception at origination for title seasoning < 12 months. Comp factors: LTV, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000139 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for Loan amount < $75,000. Comp. factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for Loan amount < $75,000. Comp. factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000140 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000159 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000174 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates health & safety issues including a missing balcony with rails at the sliding door. A letter of explanation was included in the file with plans to update after closing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 49.75% LTV. Borrower provided LOE stating they would repair the missing balcony rails. XXXX hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000176 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000177 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000186 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-22): Exception was written and approved by XXXX management at origination. Back to AMC<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates healthy and/or safety issues including signs of water intrusion in the basement with a letter of explanation in the file indicating the property will be updated after closing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 65% LTV. Per borrower LOE the cited issues would be updated post-close. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000189 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factors, LTV and market trends which is not an acceptable comp factor.<br> Approved exception at origination for loan amount <$75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for FICO < 650. Comp factors, LTV and market trends which is not an acceptable comp factor.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for loan amount <$75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000200 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000223 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out refinance on property listed within 6 months. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for cash out refinance on property listed within 6 months. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000234 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factors: reserves, FICO.<br> Approved exception at origination for cash out on property listed for sale within six months. Comp factors: FICO, reserves. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factors: reserves, FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for cash out on property listed for sale within six months. Comp factors: FICO, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000264 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO below 650. Comp factors: Seasoned business, LTV.<br> Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: LTV, seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for FICO below 650. Comp factors: Seasoned business, LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: LTV, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000265 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000277 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO <650. Comp factor: seasoned investor.<br> Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for FICO <650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for premium not paid in full; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000280 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000290 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing leases for 2 of 3 units being refinanced. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-24): Exception waived. Updated approval provided in trialing documents approving exception for missing Lease. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000293 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for appraisal aged > 6 months. Comp factor, seasoned investor.<br> Approved exception at origination for credit report > 60 days. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for override of statewide exclusion for SFR refinance located in NY without UCC-1. Comp factors: seasoned investor, FICO. | BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for appraisal aged > 6 months. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for credit report > 60 days. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO.<br> BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for override of statewide exclusion for SFR refinance located in NY without UCC-1. Comp factors: seasoned investor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000320 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000321 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Comparable Rent Schedule not provided<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for missing comparable rent schedule. Comp factor, LTV.<br> Approved exception at origination for 100% vacancy/missing lease (subject is listed as a ST rental). Comp factor: LTV.<br> Approved exception at origination for policy not paid in full at closing; on payment plan. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-10-22): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for missing comparable rent schedule. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for 100% vacancy/missing lease (subject is listed as a ST rental). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for policy not paid in full at closing; on payment plan. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000339 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000351 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Miscellaneous - Reverification of rent is inconsistent with original VOR<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for Incomplete VOM- subject, < 12 month spay history provided (missing 4 month's payments). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for rural property. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for Incomplete VOM- subject, < 12 month spay history provided (missing 4 month's payments). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for rural property. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000363 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000372 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000374 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing lease on SFR refinance. | BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000380 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved at exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved at exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000381 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000383 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for < 2 active major tradelines. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000403 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000418 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000421 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> All perils deductible > $10k. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-11-10): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000438 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000446 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for Loan amount is < $75,000. Comp factors, LTV and seasoned business. | BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Approved exception at origination for Loan amount is < $75,000. Comp factors, LTV and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000146 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000347 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] General - The property is ineligible. | Approved exception at origination for credit report that's expired. Comp factor: LTV.<br> Approved exception at origination for missing 2 of 4 leases on a refinance. Comp factor, LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-31): Approved exception at origination for credit report that's expired. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Approved exception at origination for missing 2 of 4 leases on a refinance. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-31): Approved exception at origination for rural property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000370 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for liability coverage < $300k. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000371 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000410 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000149 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination to allow co-insurance on 1-4 unit refinance. Comp factor: seasoned investor.<br> Approved exception at origination for 50% vacancy/missing lease of 1 of 2 properties on a refinance. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination to allow co-insurance on 1-4 unit refinance. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for 50% vacancy/missing lease of 1 of 2 properties on a refinance. Comp factors: LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000367 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: FICO and reserves.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance > $20k. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for deferred maintenance > $20k. Comp factors: FICO and reserves.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Property converted to office space previously. Missing full bathroom, 2 bedrooms, and needs kitchen installed. Not livable as a SFR. Cost to convert back is $XXXX. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000431 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000147 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.00x for owner/user traditional 2 purchase with loan amount > $750k. Comp factors: FICO and LTV. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for DSCR < 1.00x for owner/user traditional 2 purchase with loan amount > $750k. Comp factors: FICO and LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000094 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for first time investor with LTV >70% on investor traditional 1 purchase. Comp factors; reserves and FICO.<br> Approved exception at origination for credit report pulled using incorrect DOB. Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for first time investor with LTV >70% on investor traditional 1 purchase. Comp factors; reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for credit report pulled using incorrect DOB. Comp factor; reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000240 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-10-10): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000184 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for first time investor on owner user traditional 1 mixed use with LTV > 70%. Comp factor: FICO<br> Approved exception at origination for credit report aged > 60 days. Comp factor; FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for first time investor on owner user traditional 1 mixed use with LTV > 70%. Comp factor: FICO<br> REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for credit report aged > 60 days. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000373 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business.<br> Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-10-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-10): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Common area hallway stairs are missing handrail, open wire connections at the basement water heater, ceiling damage in a bedroom of apt XX and exterior side soffit area is damaged. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. Appraisal made as-is and current property condition considered in value/LTV. Property is cited to be in overall average condition with some deferred maintenance.The cost-to-cure provided in the appraisal is XXXX which is within XXXX guideline allowance (the lesser of 5% of the loan amount or 20k). XXXX does not view missing handrails as material n terms of underwriting.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comment - Borrower is able to make improvement (mixed use property). Borrower purchased building. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC-1000400 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided to supplement VOR summary from private landlord. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. | REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided to supplement VOR summary from private landlord. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Flex Unit X as some damaged beams due to a leak in the roof, shower in flex building is not completed, demising walls at the rear of Unit X uilt out for office rooms, a small area of Unit X is missing drywall. No proof of repair/completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. Appraisal made as-is and current condition considered in value/LTV. No presence of a active leak and property undergoing updates.Borrower is a seasoned investor with multiple investment properties and while XXXX hasn't confirmed the status of repairs, it's expected that the borrower will complete any necessary repairs to the property. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000412 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO.<br> Approved exception at origination for first time investor with LTV > 70% on a Trad I. Comp factors, reserves and FICO | REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for first time investor with LTV > 70% on a Trad I. Comp factors, reserves and FICO | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000160 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Incomplete Document: Note - Subordinate Lien is incomplete<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for seller 2nd mortgage term < 3 yrs mos. Comp factors: reserves and FICO.<br> Approved exception at origination for first time investor with LTV > 65% on investor traditional 1 multifamily . Comp factor: reserves.<br> Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: reserves.<br> Missing executed Seller Note (document in file (XXXX) is a term summary questionnaire intended to be used for attorney drafting of note).<br> Missing EOI for liability- EOI in file for liability (XXXX) appears to be a quotation. | REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for seller 2nd mortgage term < 3 yrs mos. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for first time investor with LTV > 65% on investor traditional 1 multifamily . Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-10-22): Uploaded executed 2nd TD Note and Mortgage along with uploaded approval showing an exception for 2nd TD term.<br> REVIEWER - WAIVED COMMENT (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for 2nd Mortgage loan term < 5 years. Comp factors, FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates large crack in wall/drywall, patches needed in the ceilings and floor. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval. The appraiser calls the items deferred maintenance but gave no dollar amount.<br> REVIEWER - WAIVED COMMENT (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for property condition, appraiser called deferred maintenance with no dollar amount. Comp factors, FICO and reserves.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comment - Deferred maintenance per appraiser was: some damage to the walls and flooring, but no cost to cure was provided. XXXX did not view the deferred maintenance as material in terms of underwriting; however, it is expected that the borrower will complete any necessary repairs to the property. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000366 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily purchase with loan > $750,000. Comp factor: seasoned business.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily purchase with loan > $750,000. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000064 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for seller 2nd mortgage note term < 3 yrs and balloon note structure without regular monthly payment terms. Comp factor: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for seller 2nd mortgage note term < 3 yrs and balloon note structure without regular monthly payment terms. Comp factor: FICO and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000440 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000188 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Closing / Title - Missing Document: UCC-1 not provided | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors, LTV and FICO.<br> Approved exception at origination for missing UCC-1 on NY property. Comp factor; FICO. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-24): Approved exception at origination for missing UCC-1 on NY property. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000437 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Application / Processing - Missing Document: Business License not provided | Approved exception at origination for LTV > 65% for first time investor on a Trad II. Comp factor: reserves.<br> Approved exception at origination for business license. Comp factor reserves. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for LTV > 65% for first time investor on a Trad II. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for business license. Comp factor reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000336 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000378 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR below 1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for wind deductible > $25k. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for DSCR below 1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: seasoned investor and FICO.<br> BUYER - GENERAL COMMENT (2025-10-22): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-27): Approved exception at origination for wind deductible > $25k. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000342 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | 5% wind deductible exceeds $25k. | BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The property inspection indicates unboxed wires, damaged ceiling, torn ceiling and damaged ceiling padding. Appraisal does not provide pictures showing items repaired and confirms the ceiling issues. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Purchase transaction. Appraisal made as-is and current property condition considered in value/LTV. Cited issues are in warehouse portion of the building and do not appear to pose a safety issue and the building is weather-tight. Per the appraisal, no significant deferred maintenance present. XXXX expects the borrower to make any necessary repairs to the property. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000250 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000136 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000145 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing 1) HOA master policy subject unit number and borrower's name and 2) evidence of insurance for the borrower. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number and borrower name on HOA master policy and owners policy. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000063 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 57.8% vacancy/missing lease for 1 of 2 units in traditional 1 mixed use refinance. Comp factors: LTV and seasoned investor. | BUYER - GENERAL COMMENT (2025-10-22): Exception is valid, vacancy is >30%<br> REVIEWER - WAIVED COMMENT (2025-10-27): Approved exception at origination for 57.8% vacancy/missing lease for 1 of 2 units in traditional 1 mixed use refinance. Comp factors: LTV and seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The 2nd floor rear deck and exterior stairs (for apartment egress) are missing with cure estimated at XXXX, there is an issue with the window openings at the front second and third floors, basement stairwell is missing railings and missing smoke detector in the commercial unit. Repair Holdback of XXXX provided for rear deck and stairs only. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Appraisal made as-is and the current property condition is considered in the value/LTV. XXXX completed a holdback to cover the second floor rear deck and exterior stairs (for apartment egress). The remaining repairs are expected to be completed by the borrower, the status has not been confirmed. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000190 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 1 of 3 credit bureaus reporting incorrect DOB. Comp factor: FICO.<br> Missing lease for upstairs apartment. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for 1 of 3 credit bureaus reporting incorrect DOB. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000296 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000300 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Missing wind/hail coverage.<br> Approved exception at origination for override of statewide exclusion for Traditional I owner-user property type located in IL. Comp factor LTV. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-27): Approved exception at origination for override of statewide exclusion for Traditional I owner-user property type located in IL. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000312 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000217 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for 1 of 3 bureaus reporting incorrect DOB. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for 1 of 3 bureaus reporting incorrect DOB. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000376 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000078 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x for investor mixed use traditional 1 refinance with loan > $500,000. Comp factor: reserves.<br> Approved exception at origination for FICO <650. Comp factor: reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for DSCR < 1.20x for investor mixed use traditional 1 refinance with loan > $500,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for FICO <650. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Triplex Unit X bathroom ceiling is damaged, wall is cracked in bedroom and stain/damage in living room. Triplex Unit X ceiling is damaged/ceiling patchwork. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Cash-out refi. Appraisal made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, the cash-out proceeds would be used towards renovating the subject property .No active leaks present, and subject has undergone extensive remodeling in recent years. XXXX has not confirmed the status of repairs, but expects the borrower to fulfill their commitment and complete renovations. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000292 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000089 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000268 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650 | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-10): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-10): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000397 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Missing wind/hail coverage on property coverage (XXXX)<br> Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement lender rating summary provided for both 1st and 2nd mortgage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement lender rating summary provided for both 1st and 2nd mortgage. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000435 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal. (subsequently executed leases provided in file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for 100% vacancy per appraisal. (subsequently executed leases provided in file). Comp factor: LTV.<br> REVIEWER - RE-GRADED COMMENT (2025-10-13): Approved exception at origination for 100% vacancy per appraisal. (subsequently executed leases provided in file). Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property inspection photos reflect security bars on windows (no evidence of quick release latches), wooden fencing is caving in from the neighboring property and there's overgrowth on the exterior wall. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): 23.64% LTV, cash-out refi. Appraisal made as-is and current condition consideredin value/LTV. Property currently under renovations and while XXXX has not confirmed the status of repairs, it is expected that the borrower will complete repairs. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000248 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor multifamily traditional I refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. | REVIEWER - RE-GRADED COMMENT (2025-10-20): Approved exception at origination for DSCR < 1.20x for investor multifamily traditional I refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000076 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan> $500k. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan> $500k. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000155 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned investor and reserves.<br> 10% wind deductible exceeds $25k/5%.<br> Approved exception at origination for LTV > 70% on investor traditional 2 cashout refinance. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for LTV > 70% on investor traditional 2 cashout refinance. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000197 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000219 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000375 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000399 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Cash out on property currently listed for sale; no proof of listing cancellation provided. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000102 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000407 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Wind deductible is > $25,000 and flood deductible > 2%/$10,000. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000408 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Wind deductible of 5% is > $25,000.<br> Flood deductible of $50,000 is > 2%/$10,000. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trialing documents approving exception for deductible. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000319 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history receipts provided to supplement VOM summary from private lender. Comp factor: LTV.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned business.<br> Approved exception at origination for 33.3% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-11-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-11-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for 33.3% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000396 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Business License not provided | Approved exception at origination for missing business license for owner user borrower. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-10-12): Approved exception at origination for missing business license for owner user borrower. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000444 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000369 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for HOI basic form. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-28): Approved exception at origination for HOI basic form. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000030 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000151 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report pulled using the incorrect DOB and credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. | REVIEWER - RE-GRADED COMMENT (2025-10-13): Approved exception at origination for credit report pulled using the incorrect DOB and credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The Property Inspection and/or appraisal indicates discolored walls, littered surroundings on the exterior and water stains on the ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-13): Appraisal made as-is and the current property condition is considered in the value/LTV. The appraisal did not cite these to be issues or as deferred maintenance so XXXX did not view as material in terms of underwriting. XXXX expects the borrower to complete any necessary repairs/updates to the property. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC-1000124 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: seasoned investor and LTV.<br> Missing credit report for 1 of 2 guarantors. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2025-10-30): UPloaded<br> REVIEWER - GENERAL COMMENT (2025-10-30): Exception remains. Credit report provided is dated a month after the Note date.<br> BUYER - GENERAL COMMENT (2025-11-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing credit report. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000046 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exceptions at origination for 1) basic form policy/coverage type and 2) missing law & ordinance coverage. Comp factor: LTV.<br> Approved exception at origination for missing leases for investor traditional 2 refinance with loan > $500k (tenants are mtm on verbal agreements). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exceptions at origination for 1) basic form policy/coverage type and 2) missing law & ordinance coverage. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for missing leases for investor traditional 2 refinance with loan > $500k (tenants are mtm on verbal agreements). Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property Inspection photo reflects metal roof damage to one of the buildings in the complex. | BUYER - GENERAL COMMENT (2025-10-22): Exception noted for deferred maintenance for the roof. None of the valuation products provided require repair. The photo provided in the AMS shows a smallsection of the roof that may need repair. This could be considered deferred maintenance and not a H&S issue.<br> REVIEWER - WAIVED COMMENT (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, LTV.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Damaged roll up door and damaged metal roof. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000048 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for 33.3% vacancy/missing leases. Comp factor: reserves<br> Approved exception at origination for override of statewide exclusion for traditional property type located in Michigan. Comp factor, FICO. | REVIEWER - WAIVED COMMENT (2025-10-08): Approved exception at origination for 33.3% vacancy/missing leases. Comp factor: reserves<br> BUYER - GENERAL COMMENT (2025-10-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-10-28): Approved exception at origination for override of statewide exclusion for traditional property type located in Michigan. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000129 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-10-09): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000116 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and reserves.<br> Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors: LTV and reserves.<br> Approved exception at origination for FICO < 650. Comp factors: LTV and reserves.<br> Approved exception at origination for 1) incomplete VOM-primary; missing 6 of 12 months payment receipts and 2) missing 12 months payment history receipts-subject (privately held); VOR form and processor certification provided. Comp factors LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for incomplete VOM-primary; missing 6 of 12 months payment receipts. Comp factors: LTV and reserves.<br> REVIEWER - RE-OPEN COMMENT (2025-10-13): Update comment<br> REVIEWER - WAIVED COMMENT (2025-10-13): Approved exception at origination for 1) incomplete VOM-primary; missing 6 of 12 months payment receipts and 2) missing 12 months payment history receipts-subject (privately held); VOR form and processor certification provided. Comp factors LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000357 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for cash out refinance on a property held < 12 months using the appraised value versus the original purchase price. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2025-10-23): Exception is valid. There is no proof of ownership of XXX by either guarantor. The borrowing entity was added to titleXX/XX/XXXX.<br> REVIEWER - WAIVED COMMENT (2025-10-28): Approved exception at origination for cash out refinance on a property held < 12 months using the appraised value versus the original purchase price. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000010 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000003 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000009 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000243 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000325 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000428 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-10-15): Approved exception at origination for loan < $75,000. Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000457 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000144 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception for purchase of owner user traditional 1 mixed use property with LTV > 75%. Comp factors: FICO and reserves.<br> Approved exception at origination credit report aged > 60 days. Comp factors: FICO and reserves.<br> Approved exception at origination for missing VOR-primary; Missing 12 months deposit receipts. Comp factors: FICO and reserves.<br> Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception for purchase of owner user traditional 1 mixed use property with LTV > 75%. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination credit report aged > 60 days. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for missing VOR-primary; Missing 12 months deposit receipts. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000448 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-10-20): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000405 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000111 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000090 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factor: seasoned business.<br> First time investor with reserves < 3 months P&I. | REVIEWER - WAIVED COMMENT (2025-10-16): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2025-10-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-10-31): Exception waived. Updated approval provided in trailing documents approving exception for FTI with < 3 months reserves. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000271 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000226 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000388 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000108 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.2x on a Traditional 1 investment refi with balance > $500,000. Comp factors: LTV and FICO.<br> Approved exception at origination for expired credit report; Incorrect DOB disclosed. Comp factor: LTV.<br> Approved exception at origination incomplete VOM-primary (< 12 months of payments). Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for DSCR < 1.2x on a Traditional 1 investment refi with balance > $500,000. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination for expired credit report; Incorrect DOB disclosed. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-10-17): Approved exception at origination incomplete VOM-primary (< 12 months of payments). Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000084 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - The property is ineligible. | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves and FICO.<br> Approved exception at origination for override of statewide exclusion for Trad 2 investment located in NY (exception for missing UCC). Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-10-14): Approved exception at origination for override of statewide exclusion for Trad 2 investment located in NY (exception for missing UCC). Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000025 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000004 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000024 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property | Approved exception at origination for no credit report/FICO scores available for guarantor. Comp factors: LTV and DSCR.<br> Approved exception at origination for remaining economic life of subject < loan term. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for no credit report/FICO scores available for guarantor. Comp factors: LTV and DSCR.<br> REVIEWER - WAIVED COMMENT (2025-10-21): Approved exception at origination for remaining economic life of subject < loan term. Comp factors: LTV and DSCR.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Appraiser states the remaining economic life is 15 years. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | The subject is designated in Fair condition per the appraisal. | BUYER - WAIVED COMMENT (2025-11-06): Our credit policy allows for buildings in fair condition so we are unable to waive this.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Appraiser states property is in fair condition but does not state why. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | C |
| XXXX | XXXX | VCC-1000027 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000005 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Missing Personal financial certification for 1 of 2 spousal guarantors (version in file is signed by only husband)<br> Approved exception at origination for guarantor aggregate ownership of operating company < 51%/ waiver of guaranty from owner with >51%. Comp factor: LTV and FICO.<br> DSCR is < 1.15x for SBC term loans rate-term refinance.<br> EOI expires within 60 days.<br> Approved exception at origination for waiver of EPC-OC lease requirement (per Change memo #4). Comp factor: LTV | BUYER - GENERAL COMMENT (2025-11-13): TheXXXXonly conditioned for William Wiggins, not his spouse.<br> REVIEWER - GENERAL COMMENT (2025-11-14): Exception remains. Husband and wife both provided financial information and are guarantors of the loan. Both need to sign the financial certification. If unable to get the spouse to sign, this exception can be waived with comp factors.<br> BUYER - GENERAL COMMENT (2025-11-14):XXXXwith change memo attached.<br> REVIEWER - WAIVED COMMENT (2025-11-17): Exception waived. Updated approval provided in trailing documents approving exception for missing financial certification. Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-06): Approved exception at origination for guarantor aggregate ownership of operating company < 51%/ waiver of guaranty from owner with >51%. Comp factor: LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-11-14): Per theXXXXthe cash flow with updated interims was 1.14 as ofXX/XX/XXXX and projected at 1.33 as of XX/XX/XXXX. At approval the cash flow was pojrected at 1.35 as of XX/XX/XXXX.<br> REVIEWER - WAIVED COMMENT (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factors, FICO, LTV, length of ownership.<br> BUYER - GENERAL COMMENT (2025-11-17):XXXXwith change memo addressing insurance attached.<br> REVIEWER - WAIVED COMMENT (2025-11-18): Exception waived. Updated approval provided in trailing documents approving exception for insurance policy expiring in < 2 months. Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-06): Approved exception at origination for waiver of EPC-OC lease requirement (per Change memo #4). Comp factor: LTV | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Per appraisal qualitative analysis, the building improvements are of average quality but in below average condition. | BUYER - WAIVED COMMENT (2025-11-10): Our credit policy allows for this, so no change memo can be made on our side.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Deferred maintenance includes several broken windows. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000007 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000002 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000011 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects standing water on floor in basement. | REVIEWER - GENERAL COMMENT (2025-11-13): Client comment: 51.63% LTV. Purchase transaction. Current property condition considered in value/LTV. New Day did not view as material in terms of underwriting given the low LTV.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-14): Unable to clear from client. 51.63% LTV. Purchase transaction. Current property condition considered in value/LTV. New Day did not view as material in terms of underwriting given the low LTV.<br> REVIEWER - GENERAL COMMENT (2025-11-24): Client comment - Per the appraiser: The standing water was not listed as a safety issue by appraiser; however, it is expected that the borrower will complete any necessary repairs to the subject. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC-1000013 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000017 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000019 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000022 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Missing Tenant estoppels/subordination of leases/SNDA's (required per approval condition 4- not referenced in Change Memo #1). | BUYER - GENERAL COMMENT (2025-11-14): updaged cam attached.<br> REVIEWER - WAIVED COMMENT (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for missing tenant estoppels/subordination of leases. Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000026 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Credit report reflects >1x30 mortgage late payment in the last 12 months. | BUYER - GENERAL COMMENT (2025-11-14): see updated CAM that addresses this.<br> REVIEWER - WAIVED COMMENT (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for derogatory payments. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000074 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for override of statewide exclusion for SFR located in NY without UCC filing. Comp factor: LTV.<br> Approved exception at origination for Carrier rating not provided (carrier is not disclosed in LOE from broker{XXXX}). Comp factor, LTV.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing(on payment plan). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-11-14): Corrected on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for override of statewide exclusion for SFR located in NY without UCC filing. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-11-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for Carrier rating not provided (carrier is not disclosed in LOE from broker{XXXX}). Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for premium not paid in full at closing(on payment plan). Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal pictures show a Utility/water leak, exposed wire in basement, exposed wires from missing smoke detector, and hole in the ceiling with exposed pipes. | BUYER - GENERAL COMMENT (2025-11-14): please re-review the comment on the oil tank - the wire appears to be completely separate from the oil tank , and the hole in the ceiling with exposed wires appears to me just a missing Co detector rather than a hole in the ceiling<br> REVIEWER - GENERAL COMMENT (2025-11-14): Exception remains. Updated exception to read "Appraisal pictures show a Utility/water leak, exposed wire in basement, exposed wires from missing smoke detector, and hole in the ceiling with exposed pipes."<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-17): Seller commentary - 61.13% LTV. Exposed wire in basement appears to be a cable wire so XXXX viewed as immaterial. The total cost to cure of $1,750 for the exposed pipes/wires/drywall is within XXXX guideline threshold (the lesser of 5% of the loan amount or $20k) and was factored into the final appraised value/LTV. The property is otherwise in average condition. While XXXX has not confirmed the status of repairs, it is expected that the borrower will complete any necessary repairs/updates to the property. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC-1000270 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for Vacant property. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for Vacant property. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000161 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO,<br> Approved exception at origination for no VOR; cash payments made. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-11-14): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO,<br> BUYER - GENERAL COMMENT (2025-11-14): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for no VOR; cash payments made. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000346 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor LTV.<br> Approved exception at origination for VOM-subject. Comp factor LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV.<br> Approved exception at origination for missing lease/vacant property on a refi. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for FICO < 650. Comp factor LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for VOM-subject. Comp factor LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for missing lease/vacant property on a refi. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000039 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for VOM on primary residence. Comp factor reserves. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for VOM on primary residence. Comp factor reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000253 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV over 75% | Approved exception at origination for Dwelling coverage less than loan amount and/or estimated cost to rebuild. Comp factor, FICO.<br> Approved exception at origination for LTV >75% . Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-11-14): Policy is written on replacement cost as evidenced on the coverage/perils/forms section of the policy.<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for Dwelling coverage less than loan amount and/or estimated cost to rebuild. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for LTV >75% . Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000386 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000156 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Loan Amount below $250,000<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and LTV.<br> Approved exception at origination for expired credit report; extension provided. Comp factor LTV | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for expired credit report; extension provided. Comp factor LTV | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000286 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for vacant/missing lease on a refinance. Comp factor reserves.<br> Approved exception at origination for value seasoning using the appraised value versus original purchase price. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for vacant/missing lease on a refinance. Comp factor reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for value seasoning using the appraised value versus original purchase price. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000284 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for vacant/missing lease on a refi. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for vacant/missing lease on a refi. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000315 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - LTV over 75%<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for title seasoning/being added to title. Comp factors, seasoned investor and reserves.<br> Approved exception at origination for LTV >75%. Comp factor, reserves and seasoned investor.<br> Approved exception at origination for VOM. Comp factor reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for title seasoning/being added to title. Comp factors, seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for LTV >75%. Comp factor, reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for VOM. Comp factor reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000425 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Ineligible property | Approved exception at origination for 1 of 3 properties being Rural. Comp factors, seasoned investor and FICO.<br> Approved exception at origination for 1 property with square footage < 500 and rural. Comp factors, seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for 1 of 3 properties being Rural. Comp factors, seasoned investor and FICO.<br> BUYER - GENERAL COMMENT (2025-11-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for 1 property with square footage < 500 and rural. Comp factors, seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000306 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp factor, LTV.<br> Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor.<br> Approved exception at origination for 50% vacancy-subject. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for rural property. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for 50% vacancy-subject. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000072 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000385 |  | XXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000350 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Mortgage / Program Eligibility - Missing Document: Note - Subordinate Lien not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> Approved exception at origination for Seller held 2nd is not signed/blank fields. Comp factor, seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-11-14): Note uploaded. Exception written form missing mortgage<br> BUYER - GENERAL COMMENT (2025-11-14): Exception noted on uploaded approval for missing 2nd TD mortgage<br> REVIEWER - WAIVED COMMENT (2025-11-14): Approved exception at origination for Seller held 2nd is not signed/blank fields. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factor; reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000364 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Liability coverage less than $300,000. | BUYER - GENERAL COMMENT (2025-11-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000510 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for expired credit report. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for expired credit report. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000353 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC-1000401 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXX is less than guideline minimum loan amount of $75,000.<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Loan amount < $75,000. Comp factors: LTV and DSCR.<br> Subject Property listed for sale in the past 6 months with a prepayment penalty term of 3 years is ineligible for cash out refinance. | REVIEWER - WAIVED COMMENT (2025-11-13): Approved exception at origination for Loan amount < $75,000. Comp factors: LTV and DSCR.<br> BUYER - GENERAL COMMENT (2025-11-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC-1000012 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Evidence of Taxpayer Consent is Missing, and Taxpayer documentation is present.<br> [2] Appraisal Documentation - Missing Document: Appraisal not provided<br> [2] General - Missing Environmental Report | Missing updated Business and Personal financial certifications capturing the newly received 2024 Business and Personal tax returns which were obtained prior to closing per Change memo #1.<br> Missing taxpayer consent for 1 of 2 entities for which transcripts are in file- related entity listed on approval (missing for XXXX).<br> Approved exception at origination for appraisal aged > 6 mos (XXX Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO.<br> Approved exception at origination for environmental report aged > 6 mos (XXX Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | BUYER - GENERAL COMMENT (2025-11-14): Updated cam that addresses certifications.<br> REVIEWER - WAIVED COMMENT (2025-11-17): Exception waived. Updated approval provided in trailing documents approving exception for missing returns. Comp factors, FICO and LTV.<br> BUYER - GENERAL COMMENT (2025-11-14): change memo addresses this and is attched.<br> REVIEWER - GENERAL COMMENT (2025-11-17): Exception remains. Missing evidence of taxpayer consent for XXXX which transcripts have been provided is a grade 2 and cannot be waived. If consent was not provided, we can mark this exception as unable to clear.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2025-11-17): unable to clear<br> REVIEWER - WAIVED COMMENT (2025-11-10): Approved exception at origination for appraisal aged > 6 mos (XXX Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-10): Approved exception at origination for environmental report aged > 6 mos (XXX Change memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |

---

## Exhibit 99.10

**Exhibit 99.10**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex99-001.jpg)

**Exception Grades**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Loan Exception ID** | **Exception ID** | **Exception Date** | **Exception Type** | **Exception Category** | **Exception Subcategory** | **15E Category** | **Exception** | **Exception Detail** | **Exception Information** | **Compensating Factors** | **Compensating Factor Information** | **Applying Party** | **Follow-up Comments** | **Cleared Date** | **Cured Date** | **Waived Date** | **Exception Level Grade** | **Note Date** | **Property State** | **Purpose** | **Exception Remediation** | **Compliance<br> Final Loan Grade** | **Originator QM ATR Status** | **TPR QM ATR Status** | **Is Curable** |
| XXXX | XXXX | VCC-1000001 |  | 33245461 | XXXX | XX/XX/XXXX 5:12:53 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-04-15): Approved exception at origination for FICO < 650. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX 5:05:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000001 |  | 33245462 | XXXX | XX/XX/XXXX 5:12:53 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $75k. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-04-15): Approved exception at origination for loan amount < $75k. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX 5:06:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000001 |  | 33245463 | XXXX | XX/XX/XXXX 5:12:53 PM | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/ charge off accounts aggregating > $25k. Comp factors: LTV and reserves (reserves is not supported as there is no bank statement provided to verify outside reserves). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-04-16): Approved exception at origination for unpaid collections/ charge off accounts aggregating > $25k. Comp factors: LTV and reserves (reserves is not supported as there is no bank statement provided to verify outside reserves). |  |  | XX/XX/XXXX 1:52:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000001 |  | 33245464 | XXXX | XX/XX/XXXX 5:12:53 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lived rent free for 3 of past 12 months. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-04-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX 5:06:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000001 |  | 35015581 | XXXX | XX/XX/XXXX 8:57:07 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Safety issues with missing railing on basement stairs. |  |  |  | Reviewer Comment (2025-11-19): Client comments: "Buyer Comment (2025-11-18): Seller Commentary: 60% LTV. Per borrower LOE, cash-out proceeds would be used towards making repairs to subject property and updates were being made to the subject at origination. Generally, XXXX doesn't view missing handrails as material in terms of underwriting as it's expected that the borrower will make any necessary updates to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000021 |  | 34275442 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XXXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-28): Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:48:58 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000021 |  | 34275443 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-28): Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:49:17 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000040 |  | 34428614 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-12): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:26:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000040 |  | 34430865 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR- primary (application reflects rental primary). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, LTV.<br>Buyer Comment (2025-10-03): Exception noted on uploaded approval |  |  | XX/XX/XXXX 8:21:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000040 |  | 34531009 | XXXX | XX/XX/XXXX 11:14:44 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In house review and appraisal indicate potential mold concerns observed in basement without evidence of inspection/remediation in file. Water meter leaking at time of inspection, no evidence of repair provided. Legal non-conforming property zoning with variance required for rebuild per analyst review. No rebuild letter contained in file. |  |  |  | Buyer Comment (2025-11-13): 65% LTV. The cost-to-cure for the leaking pipe was $1,000 per the appraisal which is within XXXX guideline max which is the lesser of 5% of the loan amount or 20k. The potential mold was not confirmed nor viewed as material by XXXX underwriter given the low LTV and low cost-to-cure. Appraisal made as-is and current property condition considered in value and LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000058 |  | 34431757 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO<br>CF_ Reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO and reserves. |  |  | XX/XX/XXXX 8:53:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000066 |  | 34428972 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for 2-4 family purchase located in NY with individual borrower (exception for UCC in NY). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for override of statewide exclusion for 2-4 family purchase located in NY with individual borrower (exception for UCC in NY). Comp factor: seasoned investor.<br>Buyer Comment (2025-10-03): This is for a UCC that we XXXX did not do for this loan. I am unable to remove the exception. It will have to remain. |  |  | XX/XX/XXXX 8:25:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000066 |  | 34429004 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for Credit (<2 active major tradelines). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-12): Approved exception at origination for Credit (<2 active major tradelines). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:04:45 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000098 |  | 34450711 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for override of statewide exclusion for 1 Unit X FR located in NY (exception is for UCC, NY). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for override of statewide exclusion for 1 Unit X FR located in NY (exception is for UCC, NY). Comp factor: LTV.<br>Buyer Comment (2025-10-03): This is for a UCC that we XXXX did not do for this loan. I am unable to remove the exception. It will have to remain. |  |  | XX/XX/XXXX 8:33:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000098 |  | 34451564 | XXXX | XX/XX/XXXX 1:37:36 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on rear exterior stairs. Hole/gap in basement wall noted. Scaffolding noted at subject front and missing exterior materials. Appraisal indicates as per the owner, the exterior walls of the subject are in the process of being repaired, but no proof of completion was provided. |  |  |  | Buyer Comment (2025-11-13): 43.86 LTV. Given the low LTV, XXXX did not view as material in terms of underwriting. The appraiser didn't cite the handrail/scaffolding/hole and did not assign a cost-to-cure. The building is weatherproof. Appraisal made as-is and current property condition considered in value and LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000098 |  | 34456419 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind deductible of 5% is >$25k. Comp factor, LTV, | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for Wind deductible of 5% is >$25k. Comp factor, LTV,<br>Buyer Comment (2025-10-03): Uploaded |  |  | XX/XX/XXXX 8:35:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000120 |  | 34449129 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO |  |  | XX/XX/XXXX 2:38:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000120 |  | 34451629 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held < 12 months using valuation exceeding original purchase price. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on property held < 12 using an appraised value. Comp factor, FICO.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:51:23 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000122 |  | 34435797 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned business<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for FICO < 650. Comp factors; seasoned business and reserves. |  |  | XX/XX/XXXX 9:10:48 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000122 |  | 34436029 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/charge offs >$25,000. Comp factors; seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned business<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for unpaid collections/charge offs >$25,000. Comp factors; seasoned business and reserves. |  |  | XX/XX/XXXX 9:11:42 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000141 |  | 34448971 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for loan amount < $XXXX . Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:38:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000142 |  | 34448439 | XXXX | XX/XX/XXXX 5:11:55 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health and safety issue - electrical panels missing panel covers and basement stairs missing handrail. Missing tile in the bathroom and damaged vanity in Unit X , holes in drywall and trim and missing kitchen drawer. LOI in in file evidences borrower intent to remedy identified issues, but no proof of completion was provided. |  |  |  | Buyer Comment (2025-11-13): 50% LTV. XXXX did not view as material in terms of underwriting given the low LTV. The appraisal is made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, repairs would be completed. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000185 |  | 34447488 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:36:59 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000185 |  | 34447515 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal /missing lease (subsequently executed lease provided in file). Comp factors: DSCR and seasoned investor. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- seasoned investor<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for 100% vacancy per appraisal /missing lease (subsequently executed lease provided in file). Comp factors: DSCR and seasoned investor. |  |  | XX/XX/XXXX 11:37:25 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000185 |  | 34447604 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; < 12 months pay history receipts provided to supplement lender summary form private lender (recent purchase). Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for incomplete VOM-subject; < 12 months pay history receipts provided to supplement lender summary form private lender (recent purchase). Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:41:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000185 |  | 34447806 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash out on property held < 6 months using valuation > purchase price. Comp factors, DCR and seasoned investor. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- seasoned investor<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-19): Approved exception at origination for Cash out on property held < 6 months using valuation > purchase price. Comp factors, DCR and seasoned investor.<br>Buyer Comment (2025-09-18): Uploaded |  |  | XX/XX/XXXX 9:55:51 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000196 |  | 34450540 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for EOI for property coverage (XXXX) reflects Liability coverage amount < $300k. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Approved exception at origination for EOI for property coverage (XXXX) reflects Liability coverage amount < $300k. Comp factor, LTV.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:58:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000222 |  | 34458262 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- seasoned investor<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and DSCR. |  |  | XX/XX/XXXX 10:59:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000222 |  | 34458314 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-16): Approved exception at origination for FICO < 650. Comp factor; LTV. |  |  | XX/XX/XXXX 10:56:53 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000247 |  | 34472378 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br>Buyer Comment (2025-10-08): Corrected Uploaded |  |  | XX/XX/XXXX 3:09:03 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000247 |  | 34472415 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x 30 days late within 12 months per credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for 2x 30 days late within 12 months per credit report. Comp factor: seasoned investor.<br>Buyer Comment (2025-10-08): Corrected Uploaded |  |  | XX/XX/XXXX 3:07:59 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000247 |  | 34473060 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) HOA master policy for XXXX is missing subject building and Unit X umber, <br> 2) Missing complete Unit X wners EOI for 1 of 2 properties (XXXX)- only endorsement (XXXX) provided, <br> 3) EOI endorsement for unit-owner's policy for 1 of 2 properties (XXXX) is missing rent loss coverage, <br> 4) EOI for for unit-owner's policy for 1 of 2 properties (XXXX) contains 80% coinsurance, <br> 5) EOI for for unit-owner's policy for 1 of 2 properties (XXXX) contains loss of use rather than loss of rents coverage. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exceptions 1-2 waived- due to receipt of updated loan approval reflecting approved exception for missing subject Unit X umber on HOA master policy and missing complete EOI for walls-in coverage for the same Unit X Comp factor: seasoned investor<br>Reviewer Comment (2025-10-13): Exceptions 3-5 eligible to be cleared subject to lender affirmation that there items are compliant with guideline requirements.<br>Buyer Comment (2025-10-08): 1 and 2 corrected uploaded <br> 3) rent loss coverage is not required.4) co insurance is allowable at uw discretion 5)Loss of rents/use is not required |  |  | XX/XX/XXXX 3:04:46 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000247 |  | 34474387 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for rural property. Comp factor: seasoned investor.<br>Seller Comment (2025-10-13): uploaded updated approval |  |  | XX/XX/XXXX 3:07:06 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000259 |  | 34416742 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 65% on SFR purchase by foreign investor with no FICO. Comp factors; seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-11): Approved exception at origination for LTV > 65% on SFR purchase by foreign investor with no FICO. Comp factors; seasoned investor and reserves. |  |  | XX/XX/XXXX 6:34:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000093 |  | 34430953 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and seasoned business.<br>Buyer Comment (2025-09-18): Corrected Uploaded |  |  | XX/XX/XXXX 10:04:23 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000093 |  | 34430970 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease for investor traditional 2 with loan > $500k. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF-FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for 100% vacancy/missing lease for investor traditional 2 with loan > $500k. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX 8:39:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000093 |  | 34431321 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines on credit report. | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Exception waived Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factors, seasoned investor and seasoned business.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:05:27 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000097 |  | 34487488 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 1:45:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000106 |  | 34446944 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 31% vacancy per appraisal/missing lease for 1 of 3 units (subsequently executed lease in the file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for 31% vacancy per appraisal/missing lease for 1 of 3 units (subsequently executed lease in the file). Comp factor: LTV. |  |  | XX/XX/XXXX 10:02:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000163 |  | 34492037 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines. Comp factors: FICO, and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF_ seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for <2 active major tradelines. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX 2:34:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000163 |  | 34492066 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $100k on traditional property type. Comp factors: FICO, and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF_ seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for loan amount < $100k on traditional property type. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX 2:34:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000194 |  | 34431223 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750k. Comp factors: reserves and seasoned investor | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750k. Comp factors: reserves and seasoned investor |  |  | XX/XX/XXXX 12:43:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000233 |  | 34431354 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-13): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:56:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000015 |  | 34425754 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for waiver of post closing reserves requirement (Change Memo #1- item 3) Comp factors: Global LTV, industry experience and guarantor strength. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-22): Approved exception at origination for waiver of post closing reserves requirement (Change Memo #1- item 3) Comp factors: Global LTV, industry experience and guarantor strength.<br>Buyer Comment (2025-09-22): Correct, approved exception. |  |  | XX/XX/XXXX 11:26:41 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000016 |  | 34425755 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for waiver of post-closing reserves requirement (Change Memo #1- item 3) Comp factors: global LTV, industry experience and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-22): Approved exception at origination for waiver of post-closing reserves requirement (Change Memo #1- item 3) Comp factors: global LTV, industry experience and DSCR.<br>Buyer Comment (2025-09-22): Correct, approved exception. |  |  | XX/XX/XXXX 11:25:08 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000028 |  | 34499073 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including possible mold, rotten facade and missing drywall in the family room. File contains a LOE from borrower indicating intent to address these issue, but no proof of completion. |  |  |  | Buyer Comment (2025-11-13): 49.02% LTV. XXXX did not view as material in terms of underwriting given the low LTV. The appraisal is made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, repairs would be completed. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000028 |  | 34499136 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | The lease in the file is not executed. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factors, LTV and FICO.<br>Buyer Comment (2025-10-03): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:00:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000028 |  | 34499188 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for appraisal aged > 6 months. Comp factors; LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for appraisal aged > 6 months. Comp factors; LTV and FICO.<br>Buyer Comment (2025-10-03): Corrected uploaded |  |  | XX/XX/XXXX 9:02:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000028 |  | 34499210 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for policy not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for policy not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:17:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000054 |  | 34515819 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal on 1 of 2 SFR's being refinanced (valid lease provided in the file). Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for 100% vacancy per appraisal on 1 of 2 SFR's being refinanced (valid lease provided in the file). Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 1:21:29 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000054 |  | 34532227 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Both subject properties are rural. Comp factors, FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for Both subject properties are rural. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-10-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 6:23:05 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000088 |  | 34499811 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. |  |  | XX/XX/XXXX 8:46:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34503144 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy for 1 of 3 properties- missing lease for 1 of 2 units. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for 50% vacancy for 1 of 3 properties- missing lease for 1 of 2 units. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 9:26:00 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34503155 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination to incomplete VOM-subject; missing pay history receipts to supplement VOM summary forms from private lender. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination to incomplete VOM-subject; missing pay history receipts to supplement VOM summary forms from private lender. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 9:26:27 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34503156 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 9:26:40 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34524430 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exceptions at origination for 1x 60 days late and 3x 30 days late within 12 months and 4x 30 days late within 24 months on primary and 8x 30 days late within 12 months on subject. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exceptions at origination for 1x 60 days late and 3x 30 days late within 12 months and 4x 30 days late within 24 months on primary and 8x 30 days late within 12 months on subject. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 9:28:19 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34524431 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. |  | Approved exception at origination for C5 condition on 1 of 3 properties. Comp factors: seasoned investor and LTV | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Appraisal for XXXX has rotting wood, peeling paint, ceiling damage in living room, ceiling damage in foyer due to water leak from central air unit, missing flooring, and missing electrical outlet covers. XXXX bathroom ceiling damaged in Unit X . XXXX toilet to be installed and detector to be installed.<br>Reviewer Comment (2025-09-22): Approved exception at origination for C5 condition on 1 of 3 properties. Comp factors: seasoned investor and LTV |  |  | XX/XX/XXXX 9:28:49 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000127 |  | 34530841 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Approved exceptions at origination for 1) > $20k deferred maintenance on 1 of 3 properties and 2) for mold around HVAC vents that need to be removed/remediated on 1 of 3 properties. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Client comments - Appraisal for XXXX has rotting wood, peeling paint, ceiling damage in living room, ceiling damage in foyer due to water leak from central air unit, missing flooring, and missing electrical outlet covers. XXXX bathroom ceiling damaged in Unit X . XXXX toilet to be installed and detector to be installed.<br>Reviewer Comment (2025-09-23): Approved exceptions at origination for 1) > $20k deferred maintenance on 1 of 3 properties and 2) for mold around HVAC vents that need to be removed/remediated on 1 of 3 properties. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 11:18:15 AM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000150 |  | 34664677 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal for both subject properties (active lease in file for 1 of 2). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for 100% vacancy per appraisal for both subject properties (active lease in file for 1 of 2). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:41:32 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000150 |  | 34664694 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:42:26 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000153 |  | 34730997 | XXXX | XX/XX/XXXX 12:27:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Bedroom with incurable obsolescence (no interior access), storage area converted into non-permitted kitchen and dining area. And the other property includes a non-permitted 1/2 bathroom with shower stall and water/mold damage from possible ceiling leak. 442 with mold on ceiling no longer visible (does not indicate any other repairs completed or if the mold was remediated).. |  |  |  | Reviewer Comment (2025-11-24): A rough estimate of $1,200 cost-to-cure was provided to convert the units back and included in the appraised value. The unpermitted half-bath was not given any value. We'd expect the LTV to remain the same. We are unaware if the permits are in process at this point<br>Buyer Comment (2025-11-13): 47.78% LTV. XXXX did receive a 442 showing that the mold issue had been remedied. Regarding the bedroom and storage areas - XXXX has not confirmed the status of repairs but expects the borrower to make any necessary repairs to the property. Given the low LTV, this wasn't deemed as material in terms of underwriting. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000173 |  | 34664720 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; FICO.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 6:50:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000173 |  | 34665033 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'credit' (< 2 active open major tradelines). Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Approved exception at origination for 'credit' (< 2 active open major tradelines). Comp factors; FICO.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 6:50:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000173 |  | 34665049 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Approved exception at origination for rural property. Comp factors; FICO.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 6:49:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000173 |  | 34668206 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (executed lease in file). Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Approved exception at origination for 100% vacancy per appraisal (executed lease in file). Comp factors; FICO.<br>Buyer Comment (2025-10-20): Corrected UPloaded |  |  | XX/XX/XXXX 6:49:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000173 |  | 34668293 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount <$75,000. Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Approved exception at origination for loan amount <$75,000. Comp factors; FICO.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 6:49:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000195 |  | 34539999 | XXXX | XX/XX/XXXX 11:18:26 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Deferred maintenance mention by appraiser on all 6 properties without an amount to cure. Property 1: Crawl space access blocked, missing/damaged roof shingles, tree limbs touching roof, mold on vinyl siding, unstable handrail, missing deck boards, wood rot around windows/need painting. Property 2: Mold in garages and furnace closet, recommended mold inspection, damaged crawl space cover, missing/damaged roof shingles, wood rot around windows and door, and damaged exterior/interior paint. Property 3: Damaged crawl space cover, tree limbs against home, soffit & Fascia improperly installed, Damaged Vinyl-S/Fascia, mold on siding and storm windows, wood rot round windows and door, and exterior paint. Property 4: Metal cover getting hot, home inspection recommended, improperly installed soffit, wood rot around windows and crawl space cover, and exterior paint damage. Property 5: Furnace closet screwed shut, attic access blocked, crawl space access blocked, settlement-structural inspection recommended, missing/damaged roof shingles, roof inspection recommended, tree limbs resting on roof, crawl space vent not sealed, wood rot around windows and door, mold in air vents, mold inspection recommended, damaged vinyl floor, and damaged exterior paint. Property 6: Crawl space access blocked, uneven roof line, roof inspection recommended, vines/trees resting against home, mold on vinyl siding, mold on soffit, damaged vinyl siding, missing Fascia, wood rot around doors and windows, and damaged exterior paint. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. Multiple property loan and appraisals are made as-is and current property conditions are considered in the value/LTV. The seller escrowed funds for the full roof replacements on three of the properties (344 E, 1034 N, 2024 E). Borrower is a seaosned investor with a high FICO and strong reserves. It is expected that the borrower will complete the necessary repairs and renovations to the subject properties to bring them to rentable condition. XXXX has not confirmed the status or repairs. |  |  |  | 3 C | XX/XX/XXXX |  | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000212 |  | 34673603 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease for 1 of 2 properties being refinanced. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for 100% vacancy/ missing lease for 1 of 2 properties being refinanced. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:02:05 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000212 |  | 34675398 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing 12 month pay history (balloon note). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-21): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history (balloon note). Comp factor: seasoned investor.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 6:58:34 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000220 |  | 34499426 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including cracked/broken front deck foundation. cracked parking, disconnected downspout and aged roofing. |  |  |  | Buyer Comment (2025-11-13): 49.67% LTV. Given the low LTV, XXXX did not view as matertial in terms of underwriting. Current property condition considered in value/LTV. No cost-to-cure cited by the appraisal and these items were not cited as safety issues by the appraiser. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000249 |  | 34512562 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Rural property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived- due to receipt of updated loan approval reflecting approved exception for rural property. Comp factor: LTV<br>Buyer Comment (2025-10-08): Apoligies. Corrected uploaded<br>Reviewer Comment (2025-10-02): Exception remains. Updated in house review provided with rural removed, unfortunately, no approval with exception listed provided when both the appraisal and approval indicate property is rural.<br>Buyer Comment (2025-10-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:18:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000251 |  | 34514266 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal/missing leases for both properties being refinanced (subsequently executed lease provided for 1 of 2 properties). Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for 100% vacancy per appraisal/missing leases for both properties being refinanced (subsequently executed lease provided for 1 of 2 properties). Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 12:02:55 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000256 |  | 34513270 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing 12 month pay history receipts to supplement VOR summary certificate from private landlord. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for incomplete VOR-primary; missing 12 month pay history receipts to supplement VOR summary certificate from private landlord. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:47:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000256 |  | 34513287 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for rural property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:47:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000256 |  | 34531277 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA cert, budget and P&L. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for missing HOA cert, budget and P&L. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:47:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000256 |  | 34531317 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing active lease for 1-4 refinance (lease renewal provided in file has not been executed). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for missing active lease (lease renewal provided in file has not been executed). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:45:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000269 |  | 34668420 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR condo Unit X efinance. Comp factors; seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for 100% vacancy/ missing lease on SFR condo Unit X efinance. Comp factors; seasoned investor and LTV. |  |  | XX/XX/XXXX 4:22:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000269 |  | 34668628 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy does not include any liability coverage, | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing Unit X wners liability coverage. Comp factor, LTV.<br>Buyer Comment (2025-11-10): Exception noted om uploaded approval |  |  | XX/XX/XXXX 2:56:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000272 |  | 34667983 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor and seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and seasoned business. |  |  | XX/XX/XXXX 4:54:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000272 |  | 34668889 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | Borrower's Experience/Track Record | CF- seasoned investor and seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, seasoned business.<br>Buyer Comment (2025-10-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 7:00:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000279 |  | 34668418 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:13:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000279 |  | 34668428 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:07:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000279 |  | 34676293 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for multiple late payments within 12 months on subject mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for multiple late payments within 12 months on subject mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:12:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000285 |  | 34668707 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy/missing lease on 1-4 refinance. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-08): Approved exception at origination for 50% vacancy/missing lease on 1-4 refinance. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 7:20:50 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000285 |  | 34668717 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject, processer cert provided in lieu of 12 months cancelled checks. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for incomplete VOM-primary, missing 1 of 12 deposit receipts. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-08): Approved exception at origination for incomplete VOM-subject, processer cert provided in lieu of 12 months cancelled checks. Comp factors: seasoned investor and FICO. Approved exception at origination for incomplete VOM-primary, missing 1 of 12 deposit receipts. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 7:26:45 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000298 |  | 34671763 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:36:25 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000298 |  | 34671765 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM-primary; missing most recent monthly payment and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exceptions at origination for 1) incomplete VOM-primary; missing most recent monthly payment and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:40:19 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000062 |  | 34498836 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:52:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000062 |  | 34498842 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount <$100k on traditional property type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV. | SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for loan amount <$100k on traditional property type. Comp factor: LTV. |  |  | XX/XX/XXXX 3:53:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000079 |  | 34499148 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:10:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000134 |  | 34527320 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 10:01:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000134 |  | 34529749 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 10:01:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000175 |  | 34656066 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for seller credit > 3%. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 1:00:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000175 |  | 34656070 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 purchase with loan > $750k. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 purchase with loan > $750k. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 1:03:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000182 |  | 34665751 | XXXX | XX/XX/XXXX 12:27:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Ceiling is damaged/stained on ground level. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. No cost to cure was provided in the appraisal for the staining. XXXX did not view the staining as material in terms of underwriting as it's expected that the borrower will complete any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000205 |  | 34515717 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Policy holder is neither borrower entity nor guarantor. {new} 2) updated policy with borrower as policyholder reflects 10% of bldg coverage amount as deductible for law & ordinance coverage which exceeds guideline max deductible of $10k. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-20): Exception noted on uploaded approval<br>Reviewer Comment (2025-10-13): new exception noted- updated policy reflects 10% of bldg coverage amount as deductible for law & ordinance coverage which exceeds guideline max deductible of $10k. (Exception 1 is eligible to be cleared.)<br>Buyer Comment (2025-10-08): Corrected Uploaded |  |  | XX/XX/XXXX 7:03:33 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000242 |  | 34520869 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Cash out on property listed with recent 6 months and 2) missing listing cancellation. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property and missing cancelation. Comp factors, FICO and reserves. Reserves are not supported with no verification of funds in file.<br>Buyer Comment (2025-10-03): Exception noted on uploaded approval<br>Buyer Comment (2025-10-03): Uploaded |  |  | XX/XX/XXXX 9:15:08 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000244 |  | 34520799 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Cash out on property listed with recent 6 months and 2) missing listing cancellation. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-10-03): Exception noted on uploaded approval<br>Buyer Comment (2025-10-03): Uploaded |  |  | XX/XX/XXXX 9:23:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000023 |  | 34496860 | XXXX | XX/XX/XXXX 11:18:26 AM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 30-day late on primary within 12 months. Comp factors: LTV, DSCR, and guarantor support. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Low Collateral LTV.<br>Strong DSCR. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-24): Approved exception at origination for 30-day late on primary within 12 months. Comp factors: LTV, DSCR, and guarantor support. |  |  | XX/XX/XXXX 10:29:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000239 |  | 34515826 | XXXX | XX/XX/XXXX 11:18:26 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:20:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000236 |  | 34535212 | XXXX | XX/XX/XXXX 11:18:26 AM | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided |  | 1) Missing evidence of 1 other investment in the US or updated approval indicating FTI = Yes and 2) If FTI LTV > 60%. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Exception waived. Updated approval provided in trailing documents approving exception for FTI/Foreign investor with an LTV > 60%. Comp factor, reserves.<br>Buyer Comment (2025-10-03): Corrected uploaded |  |  | XX/XX/XXXX 9:29:26 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000126 |  | 34515535 | XXXX | XX/XX/XXXX 11:18:26 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:26:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000104 |  | 34515513 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:48:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000104 |  | 34515514 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Leases are incomplete and do not indicate the monthly rent. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for incomplete leases. Comp factor: LTV<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:38:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000104 |  | 34533620 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | 1x 30 days late on subject within past 90 days (Payoff and Pay history affirm subject was 30 days past due as closing- last verified payment XXXX paid late on XX/XX and XX/XX payment was currently unpaid). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-21): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor, LTV.<br>Buyer Comment (2025-10-20): Exception noted on uploaded approval<br>Reviewer Comment (2025-10-13): Exception remains- no exception for VOM- subject was found on uploaded approval.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 7:05:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000104 |  | 34533707 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM-primary; mortgage in spouse's name. (ref: LOE XXXX) | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for missing VOR-primary. Comp factor: FICO and marketing trends which is unable to be validated as a non-quantitative subjective trait.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:36:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000104 |  | 34533779 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Hurricane (wind) deductible > $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived- due to receipt of updated loan approval reflecting approved exception for wind deductible amount. Comp factor: LTV.<br>Buyer Comment (2025-10-09): exception noted on uploaded approval |  |  | XX/XX/XXXX 3:40:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000041 |  | 34515522 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 4:18:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000041 |  | 34515523 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy per appraisal on 2 family refinance/ missing active lease for 1 of 2 units (subsequently executed lease in file contains no begin and end dates). Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for 50% vacancy per appraisal on 2 family refinance/ missing active lease for 1 of 2 units (subsequently executed lease in file contains no begin and end dates). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:55:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000041 |  | 34515524 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception at origination for loan amount < $XXXX . Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:55:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000041 |  | 34533923 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for >$25k in deferred maintenance. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Client comment - Appraisal shows boarded broken window, broken rear steps, and missing flooring. Evidence repairs completed provided.<br>Reviewer Comment (2025-09-23): Approved exception at origination for >$25k in deferred maintenance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:56:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000044 |  | 34512492 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property located in IL. Comp factors: LTV, and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for override of statewide exclusion for traditional property located in IL. Comp factors: LTV, and seasoned investor. |  |  | XX/XX/XXXX 9:18:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000044 |  | 34512519 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV, and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-20): Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV, and seasoned investor. |  |  | XX/XX/XXXX 9:18:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000045 |  | 34520579 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (executed pre-existing valid leases provided in file for all units). Comp factors: FICO, and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- DSCR<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for 100% vacancy per appraisal (executed pre-existing valid leases provided in file for all units). Comp factors: FICO, and DSCR. |  |  | XX/XX/XXXX 12:11:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000045 |  | 34520592 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary; missing most recent monthly payment. Comp factors: FICO and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- DSCR<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for incomplete VOM-primary; missing most recent monthly payment. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 12:12:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000045 |  | 34520716 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for property under renovation/deferred maintenance with cost to cure > $25k without escrow/holdback agreement in file. Comp factors: FICO and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- DSCR<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Client comment - Missing walls around main floor bathroom, women bathroom flooring damaged, main floor wall removed with hanging wires.<br>Reviewer Comment (2025-09-22): Approved exception at origination for property under renovation/deferred maintenance with cost to cure > $25k without escrow/holdback agreement in file. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 12:12:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000077 |  | 34518542 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 12:27:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000077 |  | 34521201 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% is > $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for wind deductible amount. Comp factor: LTV.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:13:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000107 |  | 34520313 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 3:38:35 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000121 |  | 34518967 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: reserves. |  |  | XX/XX/XXXX 1:18:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000121 |  | 34518971 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 1:18:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000121 |  | 34518981 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraiser indicates water stains on exterior wall and signs of water incursion on the interior ceiling. |  |  |  | Buyer Comment (2025-11-13): No presence of an active leak and no cost-to-cure provided. XXXX did not view as material in terms of underwriting as building is weather tight and there's no presence of an active leak. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000121 |  | 34521350 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects exclusion of wind/hail coverage. ('excluded'; on XXXX - specific exclusion outweighs special form indication) | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for exclusion of wind/hail coverage. Comp factor: reserves.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:24:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000130 |  | 34520717 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV >70% on rate term refinance of investor traditional 1 property with loan > $1MM. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for LTV >70% on rate term refinance of investor traditional 1 property with loan > $1MM. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 4:33:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000130 |  | 34520730 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for DSCR <1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:37:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000130 |  | 34520737 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM- subject; missing pay history receipts to supplement VOM summary certifications for both subject notes held by private lenders. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception for incomplete VOM- subject; missing pay history receipts to supplement VOM summary certifications for both subject notes held by private lenders. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:08:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000130 |  | 34523610 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit reports for both guarantors are aged > 60 days. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for credit reports aged > 60 days. Comp factors: reserves and FICO.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:29:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000178 |  | 34651745 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement for commercial unit. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-30): Exception waived. Updated approval provided in trailing documents approving excepti9on for missing Lease. Comp factor, seasoned business.<br>Buyer Comment (2025-10-29): Corrected Uploaded<br>Reviewer Comment (2025-10-21): Exception remains. Uploaded approval is for another loan.<br>Buyer Comment (2025-10-20): Exception noted on uploaded approval<br>Reviewer Comment (2025-10-13): exception remains- commercial lease not provided [both leases provided are for apartments with specific clause for residential use only '(no business use)'].<br>Buyer Comment (2025-10-09): Uploaded |  |  | XX/XX/XXXX 9:06:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000178 |  | 34653256 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $100,000 for traditional 1 commercial property. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for loan amount < $100,000 for traditional 1 commercial property. Comp factor: seasoned business. |  |  | XX/XX/XXXX 11:25:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000178 |  | 34654820 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned business.<br>Buyer Comment (2025-10-09): Corrected uploaded |  |  | XX/XX/XXXX 10:55:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000178 |  | 34713366 | XXXX | XX/XX/XXXX 10:50:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Liability coverage < $1mm/occurrence and $2mm general aggregate. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-30): Approved exception at origination for Liability coverage < $1mm/occurrence and $2mm general aggregate. Comp factor, seasoned business.<br>Buyer Comment (2025-10-29): Corrected Uploaded<br>Reviewer Comment (2025-10-21): Exception remains. Uploaded approval is for another loan.<br>Buyer Comment (2025-10-20): Exception noted on uploaded aprpoval<br>Reviewer Comment (2025-10-13): Updated approval with exception identified does not include a comp factor. |  |  | XX/XX/XXXX 9:07:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000179 |  | 34524399 | XXXX | XX/XX/XXXX 7:09:38 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates carpet needs to be replaced in XXXX overgrowth of trees and vines onto the building, staining along porch ceiling on the east side. Visible in the pictures XXXX Unit X are broken toilet seat, broken (large hole) bathroom door. Unit X occupied-ceiling damage in bedroom. Cost to cure provided for XXXX Unit X , no cost to cure nor noted by appraiser ceiling damage XXXX Unit X . |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. XXXX expects the borrower to complete the necessary repairs to the units of their investment property.Cost to cure is $XXXX which the borrower maintained in reserves post providing funds to close. Appraisal made as-is and current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000187 |  | 34654531 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) missing Law and Ordinance coverage, and 2) premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for missing Law or Ordinance coverage. Comp factor seasoned investor. Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:13:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000187 |  | 34660075 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:14:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000192 |  | 34654037 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Cash out on property held < 12 months using valuation exceeding original purchase price. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for cash out on property held < 12 months using valuation exceeding original purchase price (improvement schedule provided). Comp factor: LTV<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:29:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000192 |  | 34654085 | XXXX | XX/XX/XXXX 1:39:15 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Exterior stairs are cracked/broken. |  |  |  | Buyer Comment (2025-11-13): 50%. The cost-to-replace the stairs is included in the borrower scheduel of planned improvements. XXXX has not followed up on the status of repairs but does expect the borrower to complete the LOI. Current property condition considered in value and LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000192 |  | 34654217 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination 55% vacancy/missing lease-subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination 55% vacancy/missing lease-subject. Comp factor: LTV |  |  | XX/XX/XXXX 11:08:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000193 |  | 34512884 | XXXX | XX/XX/XXXX 1:37:36 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception for liability coverage < $1MM/occurrence and $2MM general aggregate on traditional property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception for liability coverage < $1MM/occurrence and $2MM general aggregate on traditional property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:59:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000237 |  | 34519264 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV >65% on investor traditional 1. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for first time investor with LTV >65% on investor traditional 1. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:06:35 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000237 |  | 34519266 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for seller credit > 3%. Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:06:52 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000237 |  | 34519337 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Insufficient underwritten funds to close; verified funds per approval assets section are < funds required per Final HUD. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for insufficient verified funds to close Comp factor: FICO<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval for unverified assets |  |  | XX/XX/XXXX 12:53:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000254 |  | 34519729 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal on refinance of investor traditional 1 with loan > $500k. (subsequently executed lease provided for 1 of 5 units). Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for 100% vacancy per appraisal on refinance of investor traditional 1 with loan > $500k. (subsequently executed lease provided for 1 of 5 units). Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 2:25:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000254 |  | 34519741 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on investor traditional I refinance with loan > $500,000. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for DSCR < 1.20 on investor traditional I refinance with loan > $500,000. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 2:26:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000254 |  | 34519896 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash-out refinance on property listed within 6 months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for Cash-out refinance on property listed within 6 months. Comp factors: FICO and reserves.<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:19:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000257 |  | 34524192 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor with LTV >70% on Investor traditional 1 multifamily property. Comp factors: FICO and reserves which is not supported as reserves are < guideline requirement of 3 months P&I for FT investor. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-09-23): Approved exception for first time investor with LTV >70% on Investor traditional 1 multifamily property. Comp factors: FICO and reserves which is not supported as reserves are < guideline requirement of 3 months p&i for FT investor. |  |  | XX/XX/XXXX 4:48:38 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000257 |  | 34524258 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with < 3 months reserves. ($XXX verified less $XXX req'd to close results in reserves of $XXX or XX months P&I) | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for First time investor with post closing reserves < 3 months P&I. Comp factor: FICO<br>Buyer Comment (2025-10-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:31:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000262 |  | 35027827 | XXXX | XX/XX/XXXX 10:14:01 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Illegal additions to the property with cost to revert back to original apartment costs estimated at $XXXX . This costs covers removing 2 kitchens, restoring 2nd floor to 2 apartments 2 bedroom/2 bath re-install rear wall on the first floor separating the original ground floor from the addition area, remove addition. |  |  |  | Reviewer Comment (2025-11-24): No evidence of permits in file. No holdback.<br>Reviewer Comment (2025-11-20): Comment from client. 43.7%. LTV. The current appraised value and LTV reflects the current property condition and considers the cost-to-cure. Given the low LTV, XXXX did not view as material in terms of underwriting; however, it is the expectation that the borrower will complete any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000275 |  | 34655091 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 3:09:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000275 |  | 34655139 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM- primary; < 12 months pay history provided . Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception for incomplete VOM- primary; < 12 months pay history provided . Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 3:09:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000275 |  | 34655158 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1)missing special/broad form coverage type and 2) missing wind/hail coverage. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exceptions at origination for 1)missing special/broad form coverage type and 2) missing wind/hail coverage. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 3:08:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000275 |  | 34655394 | XXXX | XX/XX/XXXX 2:33:08 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on basement stairs. |  |  |  | Buyer Comment (2025-11-13): XXXX does not view missing handrails as material in terms of underwriting. It is expected that the borrower will make any necessary repairs to the property.Appraisal made as-is and current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000275 |  | 34656163 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for deferred maintenance > $20k. Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Water damage in apartment bedroom, first floor commercial Unit X nder renovation, and unfinished bathroom. Holdback in file for XXXX.<br>Reviewer Comment (2025-10-06): Approved exception at origination for deferred maintenance > $20k. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 3:07:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000297 |  | 34524383 | XXXX | XX/XX/XXXX 7:09:38 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-22): Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:06:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000052 |  | 34642562 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $75k. Comp factors: seasoned investor and FICO | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for loan < $75k. Comp factors: seasoned investor and FICO |  |  | XX/XX/XXXX 2:00:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000053 |  | 34589259 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing special form coverage type for 1 of 3 properties. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for missing special form coverage type for 1 of 3 properties. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 3:04:57 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000053 |  | 34642884 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal for 1 of 3 properties being refinanced (active lease provided in file). Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for 100% vacancy per appraisal for 1 of 3 properties being refinanced (active lease provided in file). Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 3:02:45 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000101 |  | 34580017 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Approved exception at origination for FICO below 650. Comp factor: reserves.<br>Buyer Comment (2025-10-23): Corrected Uploaded |  |  | XX/XX/XXXX 10:31:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000101 |  | 34580081 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; <12 month's pay history provided (check-image receipt provided for 1 lump-sum payment for 6 months rent plus security deposit). | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, reserves.<br>Buyer Comment (2025-10-23): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:32:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000170 |  | 34545792 | XXXX | XX/XX/XXXX 8:04:19 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects missing electrical panel cover. |  |  |  | Buyer Comment (2025-11-13): XXXX does not view missing electrical panels as material in terms of underwriting. It is expected that the borrower will make any necessary repairs to the property. Appraisal made as-is and current property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000170 |  | 34545794 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:10:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000170 |  | 34545796 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged >60 days. Comp factor; seasoned investor | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for credit report aged >60 days. Comp factor; seasoned investor<br>Buyer Comment (2025-10-09): Corrected Uploaded |  |  | XX/XX/XXXX 9:30:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000170 |  | 34712627 | XXXX | XX/XX/XXXX 9:31:52 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic for policy coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-10-21): Approved exception at origination for basic for policy coverage type. Comp factor: seasoned investor.<br>Buyer Comment (2025-10-20): Corrected Uploaded |  |  | XX/XX/XXXX 7:25:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000231 |  | 34578497 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:46:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000266 |  | 34643553 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal on SFR condo refinance (active lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for 100% vacancy per appraisal on SFR condo refinance (active lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 3:45:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000266 |  | 34643710 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA budget and P&L . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for missing HOA budget and P&L . Comp factor: LTV. |  |  | XX/XX/XXXX 3:47:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000273 |  | 34579144 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for FICO <650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 4:38:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000281 |  | 34631777 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal on SFR refinance (subsequently executed pro-forma lease provided in file). Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for 100% vacancy per appraisal on SFR refinance (subsequently executed pro-forma lease provided in file). Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 1:35:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000299 |  | 34592048 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for FICO <650. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 4:16:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000299 |  | 34592074 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/chargeoffs >$25k. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for unpaid collections/chargeoffs >$25k. Comp factors: seasoned business and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 4:16:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000326 |  | 34640396 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 5% all perils deductible per EOI exceeds $25k. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Approved exception at origination for 5% all perils deductible per EOI exceeds $25k. Comp factor reserves.<br>Buyer Comment (2025-10-23): Corrected UPloaded<br>Reviewer Comment (2025-10-14): Exception remains. No comp factor provided with waiver.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:35:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000332 |  | 34642144 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for coinsurance on 1-4 property type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception at origination for coinsurance on 1-4 property type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:26:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000340 |  | 34653612 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $75k. Comp factors; LTV and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- DSCR<br>CF- LTV. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for loan < $75k. Comp factors; LTV and DSCR. |  |  | XX/XX/XXXX 10:14:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000352 |  | 34632572 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 6:09:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000352 |  | 34632575 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for > 1x30 days late within 12 months. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for > 1x30 days late within 12 months. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 6:11:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000354 |  | 34591540 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:40:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000354 |  | 34591541 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception for multiple 30 day late payments within 12 months on 2x XXXX loans. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception for multiple 30 day late payments within 12 months on 2x XXXX loans. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:40:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000358 |  | 34671825 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease on SFR refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for missing lease on SFR refinance. Comp factor: LTV. |  |  | XX/XX/XXXX 11:58:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000358 |  | 34676853 | XXXX | XX/XX/XXXX 12:27:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Safety issue of missing smoke/CO alarm (file contains LOI indicating borrower intent to remedy condition but no evidence of completion). |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. XXXX received an LOE from the borrower stating they would replace the missing smoke/CO alarm. XXXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000358 |  | 34677130 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Appraisal/analyst review reflecting deferred maintenance > $25k. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-11-24): Facia/eaves damaged, window sill damaged, and roof needs replacing. No holdback in file. Deferred maintenance was not considered a health and safety issue-dollar amount exceeded guidelines and exception waived.<br>Reviewer Comment (2025-10-30): Approved exception at origination for Appraisal/analyst review reflecting deferred maintenance > $25k. Comp factor, LTV.<br>Buyer Comment (2025-10-29): Exception noted on uploaded approval for deferred maintenance |  |  | XX/XX/XXXX 9:11:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000304 |  | 34590206 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion (exception is for a UCC in NY).. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for override of statewide exclusion (exception is for a UCC in NY).. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 12:30:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000304 |  | 34647453 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 61.8% vacancy/ missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for 61.8% vacancy/ missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 1:10:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000031 |  | 34654991 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Deductible (both all perils and windstorm) of $5k per property exceeds 5% of coverage amount of $80k per property. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for Deductible (both all perils and windstorm) of $5k per property exceeds 5% of coverage amount of $80k per property. Comp factor, seasoned investor.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:04:43 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000036 |  | 34656023 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report in file for guarantor is aged > 60 days. Missing updated credit report supporting tape indicated mid score. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for credit report older than 60 days. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:16:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000037 |  | 34665255 | XXXX | XX/XX/XXXX 2:33:08 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Safety issue of missing railing on back porch- file contains a LOE conveying borrower intent to remedy post closing but no evidence of completion. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. XXXX received an LOE from the borrower stating they would replace the missing railing. XXXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX |  | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000037 |  | 34665406 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | for 1 of 2 properties for which EOI is provided in file; $5k deductible exceeds 5% of $XXXX coverage amount. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:41:07 PM | 2 B | XX/XX/XXXX |  | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000032 |  | 34660980 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $75k, Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for loan < $75k, Comp factor: reserves. |  |  | XX/XX/XXXX 11:43:35 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000033 |  | 34664806 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:44:38 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000034 |  | 34664563 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trialing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:54:41 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000035 |  | 34662556 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Deductible of $5k (both wind and all peril) per location exceeds 5% of covered amount of $80k/location. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:00:52 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000038 |  | 34662976 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $75k, Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-07): Approved exception at origination for loan < $75k, Comp factor: reserves. |  |  | XX/XX/XXXX 1:01:49 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000038 |  | 34664899 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | $5k deductible per location (both wind and all perils) exceeds 5% of $80k/location coverage amount. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:03:43 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000049 |  | 34655360 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor and FICO. |  |  | XX/XX/XXXX 1:14:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000049 |  | 34655374 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 1:16:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000235 |  | 34639968 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor; FICO. |  |  | XX/XX/XXXX 10:41:57 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000241 |  | 34592833 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XXXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan >$2mm on SFR condo. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for loan >$2mm on SFR condo. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:41:12 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000241 |  | 34593168 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:42:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000241 |  | 34593176 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller 2nd lien term < subject note prepay term of 5 yrs years. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for seller 2nd lien term < subject note prepay term of 5 yrs years. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:42:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000241 |  | 34647686 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA budget and P&L. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for missing HOA budget and P&L. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:43:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000301 |  | 34580896 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-03): Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:22:33 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000307 |  | 34591074 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for co-insurance on 1-4 property type. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-04): Approved exception at origination for co-insurance on 1-4 property type. Comp factor: reserves. |  |  | XX/XX/XXXX 2:35:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000307 |  | 34591096 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM/pay history for investment properties listed on application. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:28:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000335 |  | 34625556 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. |  |  | XX/XX/XXXX 2:00:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000335 |  | 34625572 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV |  |  | XX/XX/XXXX 2:00:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000335 |  | 34625578 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: LTV. |  |  | XX/XX/XXXX 2:01:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000335 |  | 34631977 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 2:01:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000055 |  | 34627168 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law and ordinance coverage. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for missing law and ordinance coverage. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 5:58:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000060 |  | 34575103 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. |  |  | XX/XX/XXXX 9:14:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000060 |  | 34623652 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for Traditional property located in IL. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for override of statewide exclusion for Traditional property located in IL. Comp factor; FICO.<br>Buyer Comment (2025-10-10): Corrected Uploaded |  |  | XX/XX/XXXX 2:06:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000085 |  | 34626822 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner user traditional 1 refinance with loan > $500k. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 refinance with loan > $500k. Comp factor: seasoned business. |  |  | XX/XX/XXXX 5:04:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000230 |  | 34650992 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for investor traditional 1 refinance with loan > $500k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF-LTV | SitusAMC,Originator | Reviewer Comment (2025-10-13): Exception waived - due to receipt of updated loan approval reflecting approved exception for missing leases. Comp factor: LTV<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:27:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000322 |  | 34638189 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 34% vacancy/missing lease. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-03): Approved exception at origination for 34% vacancy/missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX 7:34:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000322 |  | 34638543 | XXXX | XX/XX/XXXX 8:04:19 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for commercial Unit X nder renovation. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-03): Approved exception at origination for commercial Unit X nder renovation. Comp factor: LTV. |  |  | XX/XX/XXXX 8:11:25 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000323 |  | 34607317 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR - primary. Guarantor lives rent free. Comp factors: LTV and property condition which is a non-qualitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception for missing VOR - primary. Guarantor lives rent free. Comp factors: LTV and property condition which is a non-qualitative subjective trait.<br>Buyer Comment (2025-10-10): Corrected Uploaded |  |  | XX/XX/XXXX 1:38:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000323 |  | 34607318 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law or ordinance coverage. Comp factor: Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-03): Approved exception at origination for missing law or ordinance coverage. Comp factor: Comp factor: FICO. |  |  | XX/XX/XXXX 1:50:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000323 |  | 34642786 | XXXX | XX/XX/XXXX 1:39:15 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates the subject is towards the end stage of an extensive renovation and there are various items that have not been completed/finished, for which the analyst estimated a cost to cure of $XXXX . There is no heat in the commercial portion of the finished basement area. Other items include incomplete trim work, incomplete drywall and paint, windows requiring replacement/repair expose/loose wiring, broken fire alarm, missing drywall in ceiling and openings in dry wall. No contractor estimate was provided of proof on completion of repairs.<br> Appraisal indicated the rear shed was expanded without permits and was turned into more of a traditional addition than a shed. Post construction approvals could not be obtained. |  |  |  | Buyer Comment (2025-11-13): The Unit X ndergoing renovation is vacant and the $XXXX cost-to-cure is within XXXX deferred maintenance allowance (the lesser 5% of the loan amount or 20k). The borrower has been actively renovating the subject so it's expected they will complete the repairs to bring the vacant Unit X o rentable condition. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000289 |  | 34658000 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing $2mm gen aggregate liability coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. Comp factor, LTV.<br>Buyer Comment (2025-10-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:41:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000328 |  | 34606968 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for 1x30 on VOR-primary. Comp factor, seasoned investor.<br>Buyer Comment (2025-10-10): Exception noted for 1x30 on primary (August payment made in September)<br>Buyer Comment (2025-10-10): UPloaded |  |  | XX/XX/XXXX 2:44:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000162 |  | 34625433 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: LTV. |  |  | XX/XX/XXXX 3:46:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000056 |  | 34590135 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k Comp factors, FICO and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k Comp factors, FICO and LTV.<br>Buyer Comment (2025-10-13): Corrected Uploaded |  |  | XX/XX/XXXX 2:50:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000056 |  | 34631331 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors, LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factors, LTV and FICO.<br>Buyer Comment (2025-10-13): Corrected Uploaded |  |  | XX/XX/XXXX 2:48:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000056 |  | 34631847 | XXXX | XX/XX/XXXX 8:04:19 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects water stains and damage to ceiling tiles in bathroom. |  |  |  | Buyer Comment (2025-11-13): 42.19% LTV. No evidence of an active leak and XXXX viewed as immaterial in terms of underwriting given the low LTV; although, it's expected that the borrower will complete any necessary repairs to the property. The damages weren't cited as deferred maintenance and no cost-to-cure was provided by the appraiser. Current property condition is considered in teh value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000356 |  | 34612320 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic policy form. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for basic policy form. Comp factor: LTV.<br>Buyer Comment (2025-10-13): Corrected Uploaded |  |  | XX/XX/XXXX 2:59:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000356 |  | 34650553 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease- subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for 100% vacancy/missing lease- subject. Comp factor: LTV. |  |  | XX/XX/XXXX 7:46:08 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000043 |  | 34611904 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and DSCR. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 7:13:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000043 |  | 34649945 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for mortgage rolling late payments in the last 24 months and defaulted in the most recent 8 months-subject. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for mortgage rolling late payments in the last 24 months and defaulted in the most recent 8 months-subject. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 7:12:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000043 |  | 34650038 | XXXX | XX/XX/XXXX 1:39:15 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The subject contains deferred maintenance throughout the building. The former locker rooms and supporting office areas have been largely gutted or lack finishes. including missing sections of drywall and ceiling tiles. The rear warehouse contains sections of insulation that have sagged and require replacement. |  |  |  | Buyer Comment (2025-11-13): 43.11% LTV. Appraisal made as-is and current property condition is considered in the value/LTV.No cost-to-cure was cited by the appraiser and given the low LTV XXXX did not view the cited deferred maintenance as material in terms of underwriting. It is XXXX expectation that the borrower will complete any necessary repairs to the property, especially given that the borrower operates their business out of the subject. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000043 |  | 34650043 | XXXX | XX/XX/XXXX 1:39:15 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for subject property currently listed for sale. Comp factors: FICO and DSCR. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-06): Approved exception at origination for subject property currently listed for sale. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 7:22:27 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000043 |  | 34650234 | XXXX | XX/XX/XXXX 1:39:15 PM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Approved exception at origination for Subject property in fair condition. Comp factors, FICO and DSCR. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): The former locker rooms and supporting office area have been largely gutted or lack finishes, including missing sections of insulation that have sagged and require replacement.<br>Reviewer Comment (2025-10-21): Approved exception at origination for Subject property in fair condition. Comp factors, FICO and DSCR.<br>Buyer Comment (2025-10-20): Exception noted on uploaded approval<br>Reviewer Comment (2025-10-14): Exception remains. Nothing was uploaded.<br>Buyer Comment (2025-10-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 7:28:41 AM | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000070 |  | 34630766 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 refinance with loan > $750,000. Comp factor: reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Business | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 refinance with loan > $750,000. Comp factor: reserves and seasoned business. |  |  | XX/XX/XXXX 9:06:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000165 |  | 34547970 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on property listed within 6 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for cash out on property listed within 6 months. Comp factor: LTV. |  |  | XX/XX/XXXX 9:07:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000165 |  | 34547986 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for missing law & ordinance coverage. Comp factor: LTV. |  |  | XX/XX/XXXX 8:56:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000202 |  | 34573851 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user Traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for DSCR < 1.0x on owner user Traditional 2 refinance with loan > $500,000. Comp factors; FICO and reserves. |  |  | XX/XX/XXXX 10:04:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000311 |  | 34630361 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject: missing 5 of 12 most recent monthly payments. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for incomplete VOM-subject: missing 5 of 12 most recent monthly payments. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 8:06:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000311 |  | 34630368 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500,000. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500,000. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 8:06:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000311 |  | 34661022 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 8:07:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000065 |  | 34661899 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |  |  | XX/XX/XXXX 10:08:08 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000065 |  | 34662097 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject Unit X umber. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master policy. Comp factor, seasoned business.<br>Buyer Comment (2025-10-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:15:09 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000075 |  | 34637184 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA questionnaire, P&L and budget. Comp factors: seasoned investors and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned Investor<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-03): Approved exception at origination for missing HOA questionnaire, P&L and budget. Comp factors: seasoned investors and reserves. |  |  | XX/XX/XXXX 6:19:20 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000216 |  | 34545812 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 7:33:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000157 |  | 34625826 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-06): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:22:34 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000210 |  | 34583197 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM - primary; 1) cash receipts provided for 3 of 12 months 2) missing 1 of 12 months deposit receipts. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for missing VOM - primary; 1) cash receipts provided for 3 of 12 months 2) missing 1 of 12 months deposit receipts. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 9:41:43 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000210 |  | 34627146 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 35.4% vacancy/missing Lease. Comp factor reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for 35.4% vacancy/missing Lease. Comp factor reserves and FICO.<br>Buyer Comment (2025-10-13): Loan amount is >500,000. Exception is valid |  |  | XX/XX/XXXX 3:06:40 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000210 |  | 34629505 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing evidence of Liability coverage; quote provided. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:44:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000218 |  | 34725020 | XXXX | XX/XX/XXXX 12:27:25 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: reserves and FICO. Unable to confirm comp factor of reserves due to missing 1 of 2 bank statements. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-15): Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: reserves and FICO. Unable to confirm comp factor of reserves due to missing 1 of 2 bank statements. |  |  | XX/XX/XXXX 10:48:54 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000218 |  | 34725074 | XXXX | XX/XX/XXXX 12:27:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates cracked window and rotting window frame. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. Property vacant at origination and weather-tight. XXXX has not confirmed the status of repairs, but expects the borrower to make any necessary repairs to the property. Appraisal made as-is and current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000061 |  | 34582332 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing 1) Law or Ordinance coverage and 2) Loss of Rent < 6 months. Comp factor FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for missing 1) Law or Ordinance coverage and 2) Loss of Rent < 6 months. Comp factor FICO. |  |  | XX/XX/XXXX 9:03:24 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC-1000061 |  | 34582345 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned Investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for seller credit > 3%. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 9:04:28 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC-1000061 |  | 34626286 | XXXX | XX/XX/XXXX 8:04:19 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Heath and safety issues - Tennant in Unit X reported that ceiling in Unit X(not viewed) has fallen in, standing water in basement(reportedly repaired), extensive tuckpointing repairs are required throughout the exterior, overgrown landscaping, several of the concrete stoops require repair, five garden windows require replacement and the security bars require repair/replacement, exterior door in the XXX tier does not have a door knob/locking mechanism; entry level buzzer system in this tier is not operating correctly, units Xand Xrequires complete refurbishment, no electricity in the bedroom and hallway of Unit X- tenant reported some inoperable windows (rotted paster near bedroom window), common area windows in the hallways require replacement and hallway walls require significant plaster repairs and painting. Estimated cost to cure the deferred maintenance is $XXXX Appraiser advised undated contractor's estimate was provided but no proof of completion provided. Hold back of $XXXX (brings unis back to rent ready condition). | Evidence of Escrow Holdback in file. | Evidence of Escrow Holdback in file. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): The appraiser states the neighboring tenant reported the ceiling had collapsed. No sketch of floor plan provided. Property address is XXX XXX and XXX (3 story apartment building).<br>Reviewer Comment (2025-11-13): Exception waived. Signed copy of Holdback Agreement in file and on approval.<br>Buyer Comment (2025-11-12): HUD showing proof of holdback funds held at origination<br>Buyer Comment (2025-11-12): XXXX completed a XXX holdback and per the work estimate that should more than cover the work required to cure the health and safety issues and bring the units to rentable condition. Shouldn't that downgrade this to B? |  |  | XX/XX/XXXX 6:12:17 PM | 3 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC-1000283 |  | 34575545 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance coverage. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for missing Law and Ordinance coverage. Comp factor; reserves. |  |  | XX/XX/XXXX 10:50:07 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000283 |  | 34623665 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-01): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 10:52:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000283 |  | 34623676 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided |  | Missing Executed contract addendum (XXXX) updating buyer name | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing signed contract. Comp factor, reserves.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:27:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000115 |  | 34632067 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR > 1.0x on an owner user traditional 2 purchase with loan > $750,000. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned Investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for DSCR > 1.0x on an owner user traditional 2 purchase with loan > $750,000. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 10:50:38 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000115 |  | 34632070 | XXXX | XX/XX/XXXX 2:33:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary. 3 of 12 most recent rent payments provided. Comp factor: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-07): Approved exception at origination for incomplete VOR-primary. 3 of 12 most recent rent payments provided. Comp factor: reserves and FICO. |  |  | XX/XX/XXXX 10:51:13 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000095 |  | 34585388 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned business |  |  | XX/XX/XXXX 11:25:10 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000095 |  | 34585456 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO and DSCR. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO and DSCR. |  |  | XX/XX/XXXX 11:27:32 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000204 |  | 34580557 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; mortgage in spouse's name. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for missing VOR-primary; mortgage in spouse's name. Comp factor FICO. |  |  | XX/XX/XXXX 10:56:44 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000204 |  | 34580571 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner user Traditional 2 purchase with loan > $750,000. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for DSCR < 1.0x for owner user Traditional 2 purchase with loan > $750,000. Comp factor; FICO. |  |  | XX/XX/XXXX 11:07:15 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000204 |  | 34629137 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-02): Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factor; FICO. |  |  | XX/XX/XXXX 10:56:22 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000100 |  | 34584696 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for subject listed for sale within the last 6 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for subject listed for sale within the last 6 months. Comp factor: LTV. |  |  | XX/XX/XXXX 10:27:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000172 |  | 34581746 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25 investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned Investor<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-02): Approved exception at origination for DSCR < 1.25 investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 7:47:10 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000172 |  | 34625911 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report is aged > 60 days. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Exception waived. Updated approval provided in trailing documents approving exception for expired credit report. Comp factor, reserves.<br>Buyer Comment (2025-10-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:11:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000020 |  | 34638252 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for waiver of SNDA requirements (XXX change memo #1). Comp factors, LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for waiver of SNDA requirements (XXX change memo #1). Comp factors, LTV and FICO.<br>Buyer Comment (2025-10-09): Correct, approved exception. |  |  | XX/XX/XXXX 11:08:47 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000008 |  | 34639531 | XXXX | XX/XX/XXXX 8:04:19 AM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for waiver of seasoning of funds requirement. (XXX change #3) Comp factor, principal with over 25 years experience in the industry. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for waiver of seasoning of funds requirement. (XXX change #3) Comp factor, principal with over 25 years experience in the industry.<br>Buyer Comment (2025-10-09): Correct, approved exception. |  |  | XX/XX/XXXX 11:20:06 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000416 |  | 34708699 | XXXX | XX/XX/XXXX 11:55:28 AM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 70% for first time investor on a 2 family property. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for LTV > 70% for first time investor on a 2 family property. Comp factor: reserves. |  |  | XX/XX/XXXX 10:24:14 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000416 |  | 34708700 | XXXX | XX/XX/XXXX 11:55:28 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: reserves. |  |  | XX/XX/XXXX 10:21:53 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000416 |  | 34731249 | XXXX | XX/XX/XXXX 11:55:28 AM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for loan amount < $XXXX . Comp factor: reserves. |  |  | XX/XX/XXXX 9:29:08 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000051 |  | 34733011 | XXXX | XX/XX/XXXX 11:55:28 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 33.3% vacancy-subject (active lease provided in file). Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned Investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-15): Approved exception at origination for 33.3% vacancy-subject (active lease provided in file). Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:38:39 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000099 |  | 34674009 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-23): Approved exception at origination for loan amount < $XXXX . Comp factor: LTV.<br>Buyer Comment (2025-10-22): Exception has been written and approved. Back to AMC<br>Reviewer Comment (2025-10-13): Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. |  |  | XX/XX/XXXX 1:14:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000099 |  | 34717654 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease on a refinance. Comp factor: Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-30): Approved exception at origination for missing lease on a refinance. Comp factor: Comp factor, LTV.<br>Buyer Comment (2025-10-29): Corrected Uploaded<br>Reviewer Comment (2025-10-23): Exception remains. No comp factor listed on approval provided.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 9:16:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000105 |  | 34680757 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp Factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-09): Approved exception at origination for FICO < 650. Comp Factor: LTV. |  |  | XX/XX/XXXX 1:34:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000105 |  | 34690750 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary;12 months deposit receipts not provided. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, DSCR.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:29:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000105 |  | 34690836 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, DSCR.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:30:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000118 |  | 34680846 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower has owned the subject property for at least 5 years. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC | Reviewer Comment (2025-10-09): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 2:12:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000119 |  | 34720657 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 and 1x60 lates on VOM for the subject. Comp. factors, LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-23): Approved exception at origination for 1x30 and 1x60 lates on VOM for the subject. Comp. factors, LTV and FICO.<br>Buyer Comment (2025-10-22): Uploaded |  |  | XX/XX/XXXX 1:20:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000135 |  | 34721077 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing evidence of lease agreement on 1-4 Unit X efinance. Comp factors, LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-23): Approved exception at origination for missing evidence of lease agreement on 1-4 Unit X efinance. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:24:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000135 |  | 34721184 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for title seasoning < 12 months. Comp factors: LTV, seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-23): Approved exception at origination for title seasoning < 12 months. Comp factors: LTV, seasoned investor.<br>Buyer Comment (2025-10-22): While the property has been in the family, it has never been in Borrowing entity or guarantor's name. The exception is valid |  |  | XX/XX/XXXX 1:22:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000139 |  | 34694489 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for Loan amount < $XXXX . Comp. factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for Loan amount < $XXXX . Comp. factor: seasoned investor. |  |  | XX/XX/XXXX 1:41:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000139 |  | 34722836 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor, property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 1:41:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000174 |  | 34723018 | XXXX | XX/XX/XXXX 2:01:48 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates health & safety issues including a missing balcony with rails at the sliding door. A letter of explanation was included in the file with plans to update after closing. |  |  |  | Buyer Comment (2025-11-13): 49.75% LTV. Borrower provided LOE stating they would repair the missing balcony rails. XXXX hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000186 |  | 34723972 | XXXX | XX/XX/XXXX 2:01:48 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates healthy and/or safety issues including signs of water intrusion in the basement with a letter of explanation in the file indicating the property will be updated after closing. |  |  |  | Buyer Comment (2025-11-13): 65% LTV. Per borrower LOE the cited issues would be updated post-close. XXXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment. Appraisal made as-is and current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000186 |  | 34724137 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount < $XXXX . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-24): Approved exception at origination for loan amount < $XXXX . Comp factor: LTV.<br>Buyer Comment (2025-10-22): Exception was written and approved by XXXX management at origination. Back to AMC |  |  | XX/XX/XXXX 1:07:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000189 |  | 34700868 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors, LTV and market trends which is not an acceptable comp factor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for FICO < 650. Comp factors, LTV and market trends which is not an acceptable comp factor. |  |  | XX/XX/XXXX 1:55:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000189 |  | 34724232 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan amount <$75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for loan amount <$75,000. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 12:24:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000223 |  | 34724752 | XXXX | XX/XX/XXXX 2:01:48 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out refinance on property listed within 6 months. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for cash out refinance on property listed within 6 months. Comp factor; LTV. |  |  | XX/XX/XXXX 1:06:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000234 |  | 34712189 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on property listed for sale within six months. Comp factors: FICO, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves are > requirements.<br>FICO are > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for cash out on property listed for sale within six months. Comp factors: FICO, reserves. |  |  | XX/XX/XXXX 2:04:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000234 |  | 34727513 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factors: reserves, FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves are > requirements.<br>FICO are > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factors: reserves, FICO. |  |  | XX/XX/XXXX 2:04:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000264 |  | 34701545 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: LTV, seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-20): Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: LTV, seasoned business. |  |  | XX/XX/XXXX 2:11:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000264 |  | 34701559 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors: Seasoned business, LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-20): Approved exception at origination for FICO below 650. Comp factors: Seasoned business, LTV. |  |  | XX/XX/XXXX 2:11:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000277 |  | 34702462 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for FICO <650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:11:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000277 |  | 34702491 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:14:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000277 |  | 34725447 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for premium not paid in full; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:13:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000290 |  | 34708823 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing leases for 2 of 3 units being refinanced. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-24): Exception waived. Updated approval provided in trialing documents approving exception for missing Lease. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:10:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000293 |  | 34708881 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 3:15:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000293 |  | 34708883 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report > 60 days. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower has owned the subject property for at least 5 years. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-10-15): Approved exception at origination for credit report > 60 days. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 3:16:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000293 |  | 34708884 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for SFR refinance located in NY without UCC-1. Comp factors: seasoned investor, FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-24): Approved exception at origination for override of statewide exclusion for SFR refinance located in NY without UCC-1. Comp factors: seasoned investor, FICO.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:15:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000293 |  | 34708885 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for appraisal aged > 6 months. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-24): Approved exception at origination for appraisal aged > 6 months. Comp factor, seasoned investor.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:14:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000321 |  | 34703693 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  | Approved exception at origination for missing comparable rent schedule. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-24): Approved exception at origination for missing comparable rent schedule. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Uploaded |  |  | XX/XX/XXXX 1:45:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000321 |  | 34703893 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease (subject is listed as a ST rental). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for 100% vacancy/missing lease (subject is listed as a ST rental). Comp factor: LTV. |  |  | XX/XX/XXXX 3:20:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000321 |  | 34703901 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for policy not paid in full at closing; on payment plan. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for policy not paid in full at closing; on payment plan. Comp factor: LTV. |  |  | XX/XX/XXXX 3:23:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000351 |  | 34708219 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 4:40:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000351 |  | 34708221 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Credit | Miscellaneous | Credit | Reverification of rent is inconsistent with original VOR |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 4:42:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000351 |  | 34708223 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for Incomplete VOM- subject, < 12 month spay history provided (missing 4 month's payments). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for Incomplete VOM- subject, < 12 month spay history provided (missing 4 month's payments). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 4:47:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000351 |  | 34708231 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for rural property. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 4:46:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000363 |  | 34708241 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 4:49:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000363 |  | 34708242 | XXXX | XX/XX/XXXX 2:25:57 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for 100% vacancy on a refi. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:23:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000372 |  | 34708469 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:36:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000374 |  | 34708658 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease on SFR refinance. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:32:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000380 |  | 34708662 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved at exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved at exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 9:43:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000380 |  | 34708663 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months payment history provided. Comp factor: LTV. |  |  | XX/XX/XXXX 9:43:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000383 |  | 34708673 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 9:47:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000383 |  | 34708674 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for < 2 active major tradelines. Comp factor: FICO. |  |  | XX/XX/XXXX 10:24:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000421 |  | 34708725 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:47:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000421 |  | 34732724 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | All perils deductible > $10k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-11-10): Uploaded |  |  | XX/XX/XXXX 5:34:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000446 |  | 34733628 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for Loan amount is < $XXXX . Comp factors, LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned business. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Approved exception at origination for Loan amount is < $XXXX . Comp factors, LTV and seasoned business.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:36:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000146 |  | 34694502 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:30:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000146 |  | 34694505 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 10:30:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000146 |  | 34694509 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV. |  |  | XX/XX/XXXX 10:35:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000347 |  | 34713285 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-31): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 9:57:39 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000347 |  | 34727556 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing 2 of 4 leases on a refinance. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-11-10): Approved exception at origination for missing 2 of 4 leases on a refinance. Comp factor, LTV.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:40:22 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000347 |  | 34727558 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report that's expired. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-31): Approved exception at origination for credit report that's expired. Comp factor: LTV. |  |  | XX/XX/XXXX 9:58:32 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000370 |  | 34708357 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300k. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 6:34:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000371 |  | 34708423 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:58:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000149 |  | 34694544 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination to allow co-insurance on 1-4 Unit X efinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination to allow co-insurance on 1-4 Unit X efinance. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:31:37 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000149 |  | 34694547 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy/missing lease of 1 of 2 properties on a refinance. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-14): Approved exception at origination for 50% vacancy/missing lease of 1 of 2 properties on a refinance. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 11:32:22 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000367 |  | 34708267 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:38:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000367 |  | 34708268 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-14): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 5:27:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000367 |  | 34708269 | XXXX | XX/XX/XXXX 10:53:18 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance > $20k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Property converted to office space previously. Missing full bathroom, 2 bedrooms, and needs kitchen installed. Not livable as a SFR. Cost to convert back is $XXXX.<br>Reviewer Comment (2025-10-14): Approved exception at origination for deferred maintenance > $20k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:35:43 PM | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000431 |  | 34708833 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 2:41:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000431 |  | 34708834 | XXXX | XX/XX/XXXX 10:53:18 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:41:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000147 |  | 34677590 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.00x for owner/user traditional 2 purchase with loan amount > $750k. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-09): Approved exception at origination for DSCR < 1.00x for owner/user traditional 2 purchase with loan amount > $750k. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX 9:57:14 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000094 |  | 34676679 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect DOB. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for credit report pulled using incorrect DOB. Comp factor; reserves. |  |  | XX/XX/XXXX 6:07:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000094 |  | 34680727 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV >70% on investor traditional 1 purchase. Comp factors; reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for first time investor with LTV >70% on investor traditional 1 purchase. Comp factors; reserves and FICO. |  |  | XX/XX/XXXX 6:37:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000240 |  | 34680728 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-10): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |  |  | XX/XX/XXXX 6:10:17 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000184 |  | 34678003 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; FICO. |  |  | XX/XX/XXXX 5:44:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000184 |  | 34678068 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for credit report aged > 60 days. Comp factor; FICO. |  |  | XX/XX/XXXX 5:44:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000184 |  | 34693706 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner user traditional 1 mixed use with LTV > 70%. Comp factor: FICO | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for first time investor on owner user traditional 1 mixed use with LTV > 70%. Comp factor: FICO |  |  | XX/XX/XXXX 6:17:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000373 |  | 34685661 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-10): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX 12:55:32 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000373 |  | 34702691 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business. |  |  | XX/XX/XXXX 12:56:57 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000373 |  | 34703136 | XXXX | XX/XX/XXXX 1:42:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Common area hallway stairs are missing handrail, open wire connections at the basement water heater, ceiling damage in a bedroom of apt XX and exterior side soffit area is damaged. |  |  |  | Reviewer Comment (2025-11-24): Client comment - Borrower is able to make improvement (mixed use property). Borrower purchased building.<br>Buyer Comment (2025-11-13): Purchase transaction. Appraisal made as-is and current property condition considered in value/LTV. Property is cited to be in overall average condition with some deferred maintenance.The cost-to-cure provided in the appraisal is XXXX which is within XXXX guideline allowance (the lesser of 5% of the loan amount or 20k). XXXX does not view missing handrails as material n terms of underwriting. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000400 |  | 34751353 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided to supplement VOR summary from private landlord. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for incomplete VOR-primary; <12 months pay history receipts provided to supplement VOR summary from private landlord. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. |  |  | XX/XX/XXXX 11:22:59 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000400 |  | 34751892 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and DSCR is not supported as subject DSCR is < 1.20x guideline threshold which would be applicable to investor traditional 1 if subject were above the loan amount threshold. |  |  | XX/XX/XXXX 11:23:19 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000400 |  | 34752019 | XXXX | XX/XX/XXXX 11:21:27 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Flex Unit X as some damaged beams due to a leak in the roof, shower in flex building is not completed, demising walls at the rear of Unit X uilt out for office rooms, a small area of Unit X is missing drywall. No proof of repair/completion provided. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. Appraisal made as-is and current condition considered in value/LTV. No presence of a active leak and property undergoing updates.Borrower is a seasoned investor with multiple investment properties and while XXXX hasn't confirmed the status of repairs, it's expected that the borrower will complete any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000412 |  | 34688392 | XXXX | XX/XX/XXXX 2:49:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 2:17:07 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000412 |  | 34756756 | XXXX | XX/XX/XXXX 2:49:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for first time investor with LTV > 70% on a Trad I. Comp factors, reserves and FICO | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for first time investor with LTV > 70% on a Trad I. Comp factors, reserves and FICO |  |  | XX/XX/XXXX 2:23:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34691922 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller 2nd mortgage term < 3 yrs mos. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for seller 2nd mortgage term < 3 yrs mos. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 8:49:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34691937 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on investor traditional 1 multifamily . Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for first time investor with LTV > 65% on investor traditional 1 multifamily . Comp factor: reserves. |  |  | XX/XX/XXXX 8:50:00 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34691947 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: reserves. |  |  | XX/XX/XXXX 8:52:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34692103 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Missing Document | General | Missing Document | Incomplete Document: Note - Subordinate Lien is incomplete |  | Missing executed Seller Note (document in file (XXXX) is a term summary questionnaire intended to be used for attorney drafting of note). | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for 2nd Mortgage loan term < 5 years. Comp factors, FICO and reserves.<br>Buyer Comment (2025-10-22): Uploaded executed 2nd TD Note and Mortgage along with uploaded approval showing an exception for 2nd TD term. |  |  | XX/XX/XXXX 2:30:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34692209 | XXXX | XX/XX/XXXX 1:42:25 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The appraisal indicates large crack in wall/drywall, patches needed in the ceilings and floor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Client comment - Deferred maintenance per appraiser was: some damage to the walls and flooring, but no cost to cure was provided. XXXX did not view the deferred maintenance as material in terms of underwriting; however, it is expected that the borrower will complete any necessary repairs to the property.<br>Reviewer Comment (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for property condition, appraiser called deferred maintenance with no dollar amount. Comp factors, FICO and reserves.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval. The appraiser calls the items deferred maintenance but gave no dollar amount. |  |  | XX/XX/XXXX 2:31:55 PM | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000160 |  | 34717673 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing EOI for liability- EOI in file for liability (XXXX) appears to be a quotation. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-24): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:32:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000366 |  | 34694208 | XXXX | XX/XX/XXXX 2:49:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily purchase with loan > $750,000. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily purchase with loan > $750,000. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:17:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000366 |  | 34694209 | XXXX | XX/XX/XXXX 2:49:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:17:00 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000064 |  | 34678384 | XXXX | XX/XX/XXXX 2:49:25 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller 2nd mortgage note term < 3 yrs and balloon note structure without regular monthly payment terms. Comp factor: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for seller 2nd mortgage note term < 3 yrs and balloon note structure without regular monthly payment terms. Comp factor: FICO and seasoned business. |  |  | XX/XX/XXXX 3:23:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000188 |  | 34678479 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Missing Document: UCC-1 not provided |  | Approved exception at origination for missing UCC-1 on NY property. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-24): Approved exception at origination for missing UCC-1 on NY property. Comp factor; FICO.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 2:35:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000188 |  | 34694486 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors, LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-24): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors, LTV and FICO.<br>Buyer Comment (2025-10-22): Exception noted om uploaded approval |  |  | XX/XX/XXXX 2:36:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000437 |  | 34689060 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business License not provided |  | Approved exception at origination for business license. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for business license. Comp factor reserves. |  |  | XX/XX/XXXX 8:38:05 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000437 |  | 34712388 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 65% for first time investor on a Trad II. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for LTV > 65% for first time investor on a Trad II. Comp factor: reserves. |  |  | XX/XX/XXXX 8:37:20 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000378 |  | 34697605 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $25k. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-27): Approved exception at origination for wind deductible > $25k. Comp factor; FICO.<br>Buyer Comment (2025-10-22): Corrected uploaded |  |  | XX/XX/XXXX 2:25:39 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000378 |  | 34697631 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-13): Approved exception at origination for DSCR below 1.25x on investor traditional 2 purchase with loan > $750k. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 4:17:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000342 |  | 34706040 | XXXX | XX/XX/XXXX 11:21:27 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The property inspection indicates unboxed wires, damaged ceiling, torn ceiling and damaged ceiling padding. Appraisal does not provide pictures showing items repaired and confirms the ceiling issues. |  |  |  | Buyer Comment (2025-11-13): Purchase transaction. Appraisal made as-is and current property condition considered in value/LTV. Cited issues are in warehouse portion of the building and do not appear to pose a safety issue and the building is weather-tight. Per the appraisal, no significant deferred maintenance present. XXXX expects the borrower to make any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000342 |  | 34721354 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind deductible exceeds $25k. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:50:58 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000145 |  | 34685741 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing 1) HOA master policy subject Unit X umber and borrower's name and 2) evidence of insurance for the borrower. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing Unit X umber and borrower name on HOA master policy and owners policy. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:31:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000063 |  | 34674800 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 57.8% vacancy/missing lease for 1 of 2 units in traditional 1 mixed use refinance. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-27): Approved exception at origination for 57.8% vacancy/missing lease for 1 of 2 units in traditional 1 mixed use refinance. Comp factors: LTV and seasoned investor.<br>Buyer Comment (2025-10-22): Exception is valid, vacancy is >30% |  |  | XX/XX/XXXX 2:34:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000063 |  | 34674950 | XXXX | XX/XX/XXXX 1:07:29 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The 2nd floor rear deck and exterior stairs (for apartment egress) are missing with cure estimated at XXXX, there is an issue with the window openings at the front second and third floors, basement stairwell is missing railings and missing smoke detector in the commercial unit. Repair Holdback of XXXX provided for rear deck and stairs only. |  |  |  | Buyer Comment (2025-11-13): Appraisal made as-is and the current property condition is considered in the value/LTV. XXXX completed a holdback to cover the second floor rear deck and exterior stairs (for apartment egress). The remaining repairs are expected to be completed by the borrower, the status has not been confirmed. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000190 |  | 34683739 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease for upstairs apartment. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:39:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000190 |  | 34694510 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for 1 of 3 credit bureaus reporting incorrect DOB. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-20): Approved exception at origination for 1 of 3 credit bureaus reporting incorrect DOB. Comp factor: FICO. |  |  | XX/XX/XXXX 11:10:52 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000300 |  | 34685675 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for Traditional I owner-user property type located in IL. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-27): Approved exception at origination for override of statewide exclusion for Traditional I owner-user property type located in IL. Comp factor LTV.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 2:45:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000300 |  | 34701005 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:46:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000217 |  | 34678869 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for 1 of 3 bureaus reporting incorrect DOB. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for 1 of 3 bureaus reporting incorrect DOB. Comp factor: FICO. |  |  | XX/XX/XXXX 10:16:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000078 |  | 34675866 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 4:52:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000078 |  | 34675911 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor mixed use traditional 1 refinance with loan > $500,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for DSCR < 1.20x for investor mixed use traditional 1 refinance with loan > $500,000. Comp factor: reserves. |  |  | XX/XX/XXXX 4:53:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000078 |  | 34676306 | XXXX | XX/XX/XXXX 1:07:29 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Triplex Unit X bathroom ceiling is damaged, wall is cracked in bedroom and stain/damage in living room. Triplex Unit X ceiling is damaged/ceiling patchwork. |  |  |  | Buyer Comment (2025-11-13): Cash-out refi. Appraisal made as-is and the current property condition is considered in the value/LTV. Per borrower LOE in file, the cash-out proceeds would be used towards renovating the subject property .No active leaks present, and subject has undergone extensive remodeling in recent years. XXXX has not confirmed the status of repairs, but expects the borrower to fulfill their commitment and complete renovations. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000078 |  | 34679946 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for FICO <650. Comp factor: reserves. |  |  | XX/XX/XXXX 4:54:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000268 |  | 34680923 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-10): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:43:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000268 |  | 34680924 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-10): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:46:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000397 |  | 34686975 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:41:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000397 |  | 34686978 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement lender rating summary provided for both 1st and 2nd mortgage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for incomplete VOM-subject; missing pay history receipts to supplement lender rating summary provided for both 1st and 2nd mortgage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:41:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000397 |  | 34708826 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage on property coverage (XXXX) | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-10-27): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:50:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000435 |  | 34690566 | XXXX | XX/XX/XXXX 1:07:29 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property inspection photos reflect security bars on windows (no evidence of quick release latches), wooden fencing is caving in from the neighboring property and there's overgrowth on the exterior wall. |  |  |  | Buyer Comment (2025-11-13): 23.64% LTV, cash-out refi. Appraisal made as-is and current condition consideredin value/LTV. Property currently under renovations and while XXXX has not confirmed the status of repairs, it is expected that the borrower will complete repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000435 |  | 34690596 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal. (subsequently executed leases provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-13): Approved exception at origination for 100% vacancy per appraisal. (subsequently executed leases provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 9:09:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000248 |  | 34680784 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor multifamily traditional I refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-20): Approved exception at origination for DSCR < 1.20x for investor multifamily traditional I refinance with loan amount > $500,000. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 7:06:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000076 |  | 34675482 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan> $500k. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan> $500k. Comp factor: seasoned business. |  |  | XX/XX/XXXX 3:29:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000155 |  | 34677457 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 4:46:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000155 |  | 34677484 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on investor traditional 2 cashout refinance. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for LTV > 70% on investor traditional 2 cashout refinance. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 4:46:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000155 |  | 34677637 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:41:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000155 |  | 34693376 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 10% wind deductible exceeds $25k/5%. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:49:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000219 |  | 34680068 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 10:25:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000399 |  | 34714259 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property currently listed for sale; no proof of listing cancellation provided. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:53:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000407 |  | 34714392 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible is > $25,000 and flood deductible > 2%/XXXX. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:57:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000408 |  | 34711870 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% is > $25,000.<br> Flood deductible of $50,000 is > 2%/XXXX. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trialing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:59:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000319 |  | 34744287 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:18:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000319 |  | 34744297 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; < 12 months pay history receipts provided to supplement VOM summary from private lender. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. Comp factor: LTV. |  |  | XX/XX/XXXX 10:20:30 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000319 |  | 34744373 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 33.3% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for 33.3% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 10:21:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000319 |  | 34744413 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned business.<br>Buyer Comment (2025-11-10): Corrected Uploaded |  |  | XX/XX/XXXX 5:54:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000396 |  | 34708807 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business License not provided |  | Approved exception at origination for missing business license for owner user borrower. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF_ LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-12): Approved exception at origination for missing business license for owner user borrower. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:09:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000369 |  | 34692516 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOI basic form. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Approved exception at origination for HOI basic form. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 10:03:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000151 |  | 34691104 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using the incorrect DOB and credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record<br>Borrower's Experience/Track Record | Seasoned investor<br>Seasoned Business | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination for credit report pulled using the incorrect DOB and credit report aged > 60 days. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 2:15:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000151 |  | 34715732 | XXXX | XX/XX/XXXX 1:07:29 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The Property Inspection and/or appraisal indicates discolored walls, littered surroundings on the exterior and water stains on the ceiling. |  |  |  | Buyer Comment (2025-11-13): Appraisal made as-is and the current property condition is considered in the value/LTV. The appraisal did not cite these to be issues or as deferred maintenance so XXXX did not view as material in terms of underwriting. XXXX expects the borrower to complete any necessary repairs/updates to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000124 |  | 34676785 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-09): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 3:47:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000124 |  | 34693026 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Missing credit report for 1 of 2 guarantors. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-10): Exception waived. Updated approval provided in trailing documents approving exception for missing credit report. Comp factor, LTV.<br>Buyer Comment (2025-11-10): Exception noted on uploaded approval<br>Reviewer Comment (2025-10-30): Exception remains. Credit report provided is dated a month after the Note date.<br>Buyer Comment (2025-10-30): UPloaded |  |  | XX/XX/XXXX 5:57:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000046 |  | 34674425 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) basic form policy/coverage type and 2) missing law & ordinance coverage. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exceptions at origination for 1) basic form policy/coverage type and 2) missing law & ordinance coverage. Comp factor: LTV. |  |  | XX/XX/XXXX 1:16:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000046 |  | 34674440 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing leases for investor traditional 2 refinance with loan > $500k (tenants are mtm on verbal agreements). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for missing leases for investor traditional 2 refinance with loan > $500k (tenants are mtm on verbal agreements). Comp factor: LTV. |  |  | XX/XX/XXXX 1:17:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000046 |  | 34674614 | XXXX | XX/XX/XXXX 1:07:29 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property Inspection photo reflects metal roof damage to one of the buildings in the complex. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Damaged roll up door and damaged metal roof.<br>Reviewer Comment (2025-10-28): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, LTV.<br>Buyer Comment (2025-10-22): Exception noted for deferred maintenance for the roof. None of the valuation products provided require repair. The photo provided in the AMS shows a smallsection of the roof that may need repair. This could be considered deferred maintenance and not a H&S issue. |  |  | XX/XX/XXXX 10:06:13 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000048 |  | 34674937 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in Michigan. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Approved exception at origination for override of statewide exclusion for traditional property type located in Michigan. Comp factor, FICO.<br>Buyer Comment (2025-10-22): Corrected Uploaded |  |  | XX/XX/XXXX 10:08:32 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000048 |  | 34677975 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 33.3% vacancy/missing leases. Comp factor: reserves | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-10-08): Approved exception at origination for 33.3% vacancy/missing leases. Comp factor: reserves |  |  | XX/XX/XXXX 1:50:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000129 |  | 34677229 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned Business | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-09): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 7:01:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000116 |  | 34690527 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination for credit report aged > 60 Days. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 11:04:51 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000116 |  | 34690538 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 11:05:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000116 |  | 34690557 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) incomplete VOM-primary; missing 6 of 12 months payment receipts and 2) missing 12 months payment history receipts-subject (privately held); VOR form and processor certification provided. Comp factors LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination for 1) incomplete VOM-primary; missing 6 of 12 months payment receipts and 2) missing 12 months payment history receipts-subject (privately held); VOR form and processor certification provided. Comp factors LTV and reserves.<br>Reviewer Comment (2025-10-13): Update comment<br>Reviewer Comment (2025-10-13): Approved exception at origination for incomplete VOM-primary; missing 6 of 12 months payment receipts. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 11:14:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000116 |  | 34690584 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-13): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 11:06:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000357 |  | 34685754 | XXXX | XX/XX/XXXX 1:42:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for cash out refinance on a property held < 12 months using the appraised value versus the original purchase price. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-10-28): Approved exception at origination for cash out refinance on a property held < 12 months using the appraised value versus the original purchase price. Comp factor: seasoned business.<br>Buyer Comment (2025-10-23): Exception is valid. There is no proof of ownership of XXXX by either guarantor. The borrowing entity was added to titleXX/XX/XXXX. |  |  | XX/XX/XXXX 10:18:00 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000428 |  | 34733700 | XXXX | XX/XX/XXXX 12:48:01 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for loan < $XXXX . Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-15): Approved exception at origination for loan < $XXXX . Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 6:42:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000144 |  | 34705954 | XXXX | XX/XX/XXXX 12:48:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; Missing 12 months deposit receipts. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception at origination for missing VOR-primary; Missing 12 months deposit receipts. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 8:53:08 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000144 |  | 34705958 | XXXX | XX/XX/XXXX 12:48:01 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination credit report aged > 60 days. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception at origination credit report aged > 60 days. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 8:53:39 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000144 |  | 34720684 | XXXX | XX/XX/XXXX 12:48:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception for purchase of owner user traditional 1 mixed use property with LTV > 75%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception for purchase of owner user traditional 1 mixed use property with LTV > 75%. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 8:54:08 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000144 |  | 34721056 | XXXX | XX/XX/XXXX 12:48:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 8:54:44 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000448 |  | 34715362 | XXXX | XX/XX/XXXX 1:07:29 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-20): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV. |  |  | XX/XX/XXXX 1:04:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000090 |  | 34743633 | XXXX | XX/XX/XXXX 12:03:56 PM | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with reserves < 3 months P&I. | Borrower's Experience/Track Record | CF- seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-31): Exception waived. Updated approval provided in trailing documents approving exception for FTI with < 3 months reserves. Comp factor, seasoned business.<br>Buyer Comment (2025-10-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 8:11:46 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000090 |  | 34747944 | XXXX | XX/XX/XXXX 12:03:56 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-10-16): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factor: seasoned business. |  |  | XX/XX/XXXX 10:39:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000108 |  | 34704634 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report; Incorrect DOB disclosed. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for expired credit report; Incorrect DOB disclosed. Comp factor: LTV. |  |  | XX/XX/XXXX 11:27:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000108 |  | 34704674 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination incomplete VOM-primary (< 12 months of payments). Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination incomplete VOM-primary (< 12 months of payments). Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 11:27:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000108 |  | 34704687 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.2x on a Traditional 1 investment refi with balance > $500,000. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-17): Approved exception at origination for DSCR < 1.2x on a Traditional 1 investment refi with balance > $500,000. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 11:28:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000084 |  | 34704357 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for Trad 2 investment located in NY (exception for missing UCC). Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception at origination for override of statewide exclusion for Trad 2 investment located in NY (exception for missing UCC). Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 6:31:06 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000084 |  | 34704364 | XXXX | XX/XX/XXXX 12:06:47 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-10-14): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 6:31:30 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000024 |  | 34763105 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for no credit report/FICO scores available for guarantor. Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | LTV is < guidelines.<br>DSCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-10-21): Approved exception at origination for no credit report/FICO scores available for guarantor. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 12:30:25 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000024 |  | 34763132 | XXXX | XX/XX/XXXX 11:21:27 AM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | The subject is designated in Fair condition per the appraisal. |  |  |  | Reviewer Comment (2025-11-24): Appraiser states property is in fair condition but does not state why.<br>Buyer Comment (2025-11-06): Our credit policy allows for buildings in fair condition so we are unable to waive this. |  |  | XX/XX/XXXX 2:41:34 PM | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000024 |  | 34772143 | XXXX | XX/XX/XXXX 11:21:27 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for remaining economic life of subject < loan term. Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | LTV is < guidelines.<br>DSCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Appraiser states the remaining economic life is 15 years.<br>Reviewer Comment (2025-10-21): Approved exception at origination for remaining economic life of subject < loan term. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 12:38:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34847784 | XXXX | XX/XX/XXXX 12:47:23 PM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Per appraisal qualitative analysis, the building improvements are of average quality but in below average condition. |  |  |  | Reviewer Comment (2025-11-24): Deferred maintenance includes several broken windows.<br>Buyer Comment (2025-11-10): Our credit policy allows for this, so no change memo can be made on our side. |  |  | XX/XX/XXXX 12:58:13 PM | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34887015 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | DSCR is < 1.15x for SBC term loans rate-term refinance. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factors, FICO, LTV, length of ownership.<br>Buyer Comment (2025-11-14): Per theXXXXthe cash flow with updated interims was 1.14 as ofXX/XX/XXXX and projected at 1.33 as of XX/XX/XXXX. At approval the cash flow was pojrected at 1.35 as of XX/XX/XXXX. |  |  | XX/XX/XXXX 4:32:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34920544 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for guarantor aggregate ownership of operating company < 51%/ waiver of guaranty from owner with >51%. Comp factor: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-06): Approved exception at origination for guarantor aggregate ownership of operating company < 51%/ waiver of guaranty from owner with >51%. Comp factor: LTV and FICO. |  |  | XX/XX/XXXX 12:38:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34925648 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing Personal financial certification for 1 of 2 spousal guarantors (version in file is signed by only husband) | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-17): Exception waived. Updated approval provided in trailing documents approving exception for missing financial certification. Comp factors, LTV and FICO.<br>Buyer Comment (2025-11-14):XXXXwith change memo attached.<br>Reviewer Comment (2025-11-14): Exception remains. Husband and wife both provided financial information and are guarantors of the loan. Both need to sign the financial certification. If unable to get the spouse to sign, this exception can be waived with comp factors.<br>Buyer Comment (2025-11-13): TheXXXXonly conditioned for XXX, not his spouse. |  |  | XX/XX/XXXX 11:34:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34925831 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI expires within 60 days. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-18): Exception waived. Updated approval provided in trailing documents approving exception for insurance policy expiring in < 2 months. Comp factors, LTV and FICO.<br>Buyer Comment (2025-11-17):XXXXwith change memo addressing insurance attached. |  |  | XX/XX/XXXX 9:15:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000005 |  | 34926266 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for waiver of EPC-OC lease requirement (per Change memo #4). Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-06): Approved exception at origination for waiver of EPC-OC lease requirement (per Change memo #4). Comp factor: LTV |  |  | XX/XX/XXXX 12:39:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000011 |  | 34926923 | XXXX | XX/XX/XXXX 12:47:23 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects standing water on floor in basement. |  |  |  | Reviewer Comment (2025-11-24): Client comment - Per the appraiser: The standing water was not listed as a safety issue by appraiser; however, it is expected that the borrower will complete any necessary repairs to the subject.<br>Reviewer Comment (2025-11-14): Unable to clear from client. 51.63% LTV. Purchase transaction. Current property condition considered in value/LTV. New Day did not view as material in terms of underwriting given the low LTV.<br>Reviewer Comment (2025-11-13): Client comment: 51.63% LTV. Purchase transaction. Current property condition considered in value/LTV. XXX did not view as material in terms of underwriting given the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC-1000022 |  | 34928877 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing Tenant estoppels/subordination of leases/SNDA's (required per approval condition 4- not referenced in Change Memo #1). | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for missing tenant estoppels/subordination of leases. Comp factors, LTV and FICO.<br>Buyer Comment (2025-11-14): updagedXXXXattached. |  |  | XX/XX/XXXX 4:09:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000026 |  | 34934095 | XXXX | XX/XX/XXXX 12:47:23 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Credit report reflects >1x30 mortgage late payment in the last 12 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for derogatory payments. Comp factor, LTV.<br>Buyer Comment (2025-11-14): see updatedXXXXthat addresses this. |  |  | XX/XX/XXXX 5:30:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34943419 | XXXX | XX/XX/XXXX 5:20:08 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal pictures show a Utility/water leak, exposed wire in basement, exposed wires from missing smoke detector, and hole in the ceiling with exposed pipes. |  |  |  | Buyer Comment (2025-11-17): Seller commentary - 61.13% LTV. Exposed wire in basement appears to be a cable wire so XXXX viewed as immaterial. The total cost to cure of $1,750 for the exposed pipes/wires/drywall is within XXXX guideline threshold (the lesser of 5% of the loan amount or $20k) and was factored into the final appraised value/LTV. The property is otherwise in average condition. While XXXX has not confirmed the status of repairs, it is expected that the borrower will complete any necessary repairs/updates to the property.<br>Reviewer Comment (2025-11-14): Exception remains. Updated exception to read "Appraisal pictures show a Utility/water leak, exposed wire in basement, exposed wires from missing smoke detector, and hole in the ceiling with exposed pipes."<br>Buyer Comment (2025-11-14): please re-review the comment on the oil tank - the wire appears to be completely separate from the oil tank , and the hole in the ceiling with exposed wires appears to me just a missing Co detector rather than a hole in the ceiling |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34977746 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Carrier rating not provided (carrier is not disclosed in LOE from broker{XXXX}). Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-14): Approved exception at origination for Carrier rating not provided (carrier is not disclosed in LOE from broker{XXXX}). Comp factor, LTV.<br>Buyer Comment (2025-11-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:40:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34978010 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:32:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34978012 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:32:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34978015 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:32:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34978023 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing(on payment plan). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for premium not paid in full at closing(on payment plan). Comp factor: LTV. |  |  | XX/XX/XXXX 12:33:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000074 |  | 34978031 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for SFR located in NY without UCC filing. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-14): Approved exception at origination for override of statewide exclusion for SFR located in NY without UCC filing. Comp factor: LTV.<br>Buyer Comment (2025-11-14): Corrected on uploaded approval |  |  | XX/XX/XXXX 2:41:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC-1000270 |  | 35008191 | XXXX | XX/XX/XXXX 1:38:04 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for Vacant property. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-18): Approved exception at origination for Vacant property. Comp factor LTV. |  |  | XX/XX/XXXX 1:39:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000161 |  | 34966220 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO, | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO,<br>Buyer Comment (2025-11-14): Uploaded |  |  | XX/XX/XXXX 2:53:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000161 |  | 34966232 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for no VOR; cash payments made. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Approved exception at origination for no VOR; cash payments made. Comp factor, FICO.<br>Buyer Comment (2025-11-14): Corrected Uploaded |  |  | XX/XX/XXXX 2:52:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000346 |  | 34974174 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for FICO < 650. Comp factor LTV. |  |  | XX/XX/XXXX 4:03:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000346 |  | 34974186 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, LTV. |  |  | XX/XX/XXXX 4:03:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000346 |  | 34974256 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM-subject. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for VOM-subject. Comp factor LTV. |  |  | XX/XX/XXXX 4:02:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000346 |  | 35008214 | XXXX | XX/XX/XXXX 1:40:16 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/vacant property on a refi. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-18): Approved exception at origination for missing lease/vacant property on a refi. Comp factor LTV. |  |  | XX/XX/XXXX 1:41:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000039 |  | 34978056 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM on primary residence. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for VOM on primary residence. Comp factor reserves. |  |  | XX/XX/XXXX 4:13:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000253 |  | 34916844 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Dwelling coverage less than loan amount and/or estimated cost to rebuild. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Approved exception at origination for Dwelling coverage less than loan amount and/or estimated cost to rebuild. Comp factor, FICO.<br>Buyer Comment (2025-11-14): Policy is written on replacement cost as evidenced on the coverage/perils/forms section of the policy. |  |  | XX/XX/XXXX 3:00:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000253 |  | 34964197 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV >75% . Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for LTV >75% . Comp factor, FICO. |  |  | XX/XX/XXXX 4:20:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000156 |  | 34967274 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 |  | Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for loan amount <$75,000. Comp factor seasoned investor and LTV. |  |  | XX/XX/XXXX 4:31:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000156 |  | 34967287 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report; extension provided. Comp factor LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for expired credit report; extension provided. Comp factor LTV |  |  | XX/XX/XXXX 4:32:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000286 |  | 34974448 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacant/missing lease on a refinance. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for vacant/missing lease on a refinance. Comp factor reserves. |  |  | XX/XX/XXXX 4:41:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000286 |  | 34981129 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for value seasoning using the appraised value versus original purchase price. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for value seasoning using the appraised value versus original purchase price. Comp factor, reserves. |  |  | XX/XX/XXXX 4:41:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000284 |  | 34991765 | XXXX | XX/XX/XXXX 3:11:43 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant/missing lease on a refi. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Approved exception at origination for vacant/missing lease on a refi. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 3:12:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000315 |  | 34968349 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV >75%. Comp factor, reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for LTV >75%. Comp factor, reserves and seasoned investor. |  |  | XX/XX/XXXX 4:50:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000315 |  | 34968363 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM. Comp factor reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for VOM. Comp factor reserves and seasoned investor. |  |  | XX/XX/XXXX 4:50:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000315 |  | 34981264 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for title seasoning/being added to title. Comp factors, seasoned investor and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for title seasoning/being added to title. Comp factors, seasoned investor and reserves. |  |  | XX/XX/XXXX 4:50:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000425 |  | 34929525 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for 1 property with square footage < 500 and rural. Comp factors, seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Approved exception at origination for 1 property with square footage < 500 and rural. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-11-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:17:22 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000425 |  | 34977673 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for 1 of 3 properties being Rural. Comp factors, seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for 1 of 3 properties being Rural. Comp factors, seasoned investor and FICO. |  |  | XX/XX/XXXX 4:53:30 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000306 |  | 34978072 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:14:20 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000306 |  | 34978089 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 1:14:42 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000306 |  | 34978104 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 50% vacancy-subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for 50% vacancy-subject. Comp factor: LTV. |  |  | XX/XX/XXXX 1:15:11 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000306 |  | 34981297 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for rural property. Comp factor, LTV. |  |  | XX/XX/XXXX 4:57:58 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000350 |  | 34963856 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:37:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000350 |  | 34978720 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-13): Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factor; reserves. |  |  | XX/XX/XXXX 1:37:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000350 |  | 34978760 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Missing Document: Note - Subordinate Lien not provided |  | Approved exception at origination for Seller held 2nd is not signed/blank fields. Comp factor, seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-14): Approved exception at origination for Seller held 2nd is not signed/blank fields. Comp factor, seasoned investor.<br>Buyer Comment (2025-11-14): Exception noted on uploaded approval for missing 2nd TD mortgage<br>Buyer Comment (2025-11-14): Note uploaded. Exception written form missing mortgage |  |  | XX/XX/XXXX 3:48:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC-1000364 |  | 34927425 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Liability coverage less than $300,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factor, LTV.<br>Buyer Comment (2025-11-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:52:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000510 |  | 34977232 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for expired credit report. Comp factor LTV. |  |  | XX/XX/XXXX 5:06:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000401 |  | 34976938 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXX is less than guideline minimum loan amount of $XXXX . | Approved exception at origination for Loan amount < $XXXX . Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-13): Approved exception at origination for Loan amount < $XXXX . Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 10:39:47 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000401 |  | 34977498 | XXXX | XX/XX/XXXX 5:20:08 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject Property listed for sale in the past 6 months with a prepayment penalty term of 3 years is ineligible for cash out refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-14): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-11-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:01:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC-1000012 |  | 34943805 | XXXX | XX/XX/XXXX 12:50:34 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Environmental Report |  | Approved exception at origination for environmental report aged > 6 mos (XXXXChange memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Approved exception at origination for environmental report aged > 6 mos (XXXXChange memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. |  |  | XX/XX/XXXX 12:22:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000012 |  | 34944863 | XXXX | XX/XX/XXXX 12:50:34 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing updated Business and Personal financial certifications capturing the newly received 2024 Business and Personal tax returns which were obtained prior to closing per Change memo #1. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-17): Exception waived. Updated approval provided in trailing documents approving exception for missing returns. Comp factors, FICO and LTV.<br>Buyer Comment (2025-11-14): UpdatedXXXXthat addresses certifications. |  |  | XX/XX/XXXX 11:24:59 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000012 |  | 34944891 | XXXX | XX/XX/XXXX 12:50:34 PM | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Approved exception at origination for appraisal aged > 6 mos (XXXXChange memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-10): Approved exception at origination for appraisal aged > 6 mos (XXXXChange memo #1- item 3). Comp factors, experience in industry, LTV, and FICO. |  |  | XX/XX/XXXX 12:23:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC-1000012 |  | 34945146 | XXXX | XX/XX/XXXX 12:50:34 PM | Credit | Document Inventory | General | Missing Document | Evidence of Taxpayer Consent is Missing, and Taxpayer documentation is present. |  | Missing taxpayer consent for 1 of 2 entities for which transcripts are in file- related entity listed on approval (missing for XXXX). |  |  |  | Buyer Comment (2025-11-17): unable to clear<br>Reviewer Comment (2025-11-17): Exception remains. Missing evidence of taxpayer consent for XXXX which transcripts have been provided is a grade 2 and cannot be waived. If consent was not provided, we can mark this exception as unable to clear.<br>Buyer Comment (2025-11-14): change memo addresses this and is attched. |  |  |  | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |

---

## Exhibit 99.11

**Exhibit 99.11**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SAMC Loan ID | VCC_LNNUM | EDGAR Loan ID | Property Type | Multi Property ID | Multi PropertyAddress | Appraisal Property Condition | Is there property damage? | Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos? | Comment |
| XXXX | XXXX | VCC-1000327 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000316 | Investor 1-4 |  |  | C4 | Yes | Yes | Missing steps from laundry room, missing part of back deck, and siding is needing replacing. Pictures provided of deck replacement and stairs is of a home with a second story and different windows/doors then the subject. No evidence in file a second sotry and new windows and siding was done. |
| XXXX | XXXX | VCC-1000154 | Investor 1-4 |  |  | C3 | No | Yes | Missing handrail on front steps. |
| XXXX | XXXX | VCC-1000450 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000459 | Investor 1-4 |  |  | C2 | Yes | No | Missing garage door with cost to cure $5,000. |
| XXXX | XXXX | VCC-1000287 | Investor 1-4 |  |  | C3 | Yes | No | Appraiser notes missing siding with exposed subservice with cost to cure $1,000. |
| XXXX | XXXX | VCC-1000333 | Investor 1-4 |  |  | C4 | Yes | Yes | Missing smoke detector and exterior wood rot of rear fascia with cost to cure $500 |
| XXXX | XXXX | VCC-1000334 | Investor 1-4 |  |  | C4 | Yes | Yes | Missing handrail for exterior stairs front and back, boarded attic windows, and no gutter/downspoouts noted. Permanent heat source recently installed. |
| XXXX | XXXX | VCC-1000295 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000436 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000436 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | Yes | Missing handrail on stairs to basement. |
| XXXX | XXXX | VCC-1000436 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | Yes | Missing handrail on stairs to second floor and stairs to basement. |
| XXXX | XXXX | VCC-1000067 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000387 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000365 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000191 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000047 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000302 | Investor 1-4 |  |  | C4 | Yes | No | Peeling exterior paint all over entire home, wood rot, and deteriorating roof shingles. |
| XXXX | XXXX | VCC-1000171 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000071 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000080 | Investor 1-4 |  |  | C4 | No | Yes | Missing railing on porch. |
| XXXX | XXXX | VCC-1000110 | Investor 1-4 Multiple | XXXX | XXXX | C5 | Yes | Yes | Kitchen appliances not installed and evidence of water in basement. Bathroom not functional with washing machine blocking toilet and bath. |
| XXXX | XXXX | VCC-1000110 | Investor 1-4 Multiple | XXXX | XXXX | C5 | Yes | Yes | Missing kitchen appliances, insulation hanging down from the ceiling in basement, and damage flooring throughout the home. |
| XXXX | XXXX | VCC-1000110 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000112 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000113 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000128 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000138 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000198 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000199 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | Yes | Missing kitchen apliance, damaged kitchen ceiling, and evudebce of dampness in basement. |
| XXXX | XXXX | VCC-1000199 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | Yes | Missing external side steps with cost to cure $1,000 and improperly secured/low hanging wires noted in the basement. |
| XXXX | XXXX | VCC-1000203 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000221 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000282 | Investor 1-4 |  |  | C4 | Yes | Yes | Property is not livable with estimated $20,000 to make livable. Holdback for $20,000 in file. |
| XXXX | XXXX | VCC-1000294 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000329 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000337 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000338 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000344 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000361 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000368 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000413 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000430 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000432 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000445 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000451 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000456 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000463 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000468 | Investor 1-4 |  |  | C4 | No | Yes | Non-functional-in ground pool with stagnant water and debris. |
| XXXX | XXXX | VCC-1000469 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000475 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000480 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000485 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000487 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000496 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000497 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000497 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000497 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000497 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000501 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000520 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000521 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000114 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000117 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000152 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000158 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000183 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000206 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000207 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000208 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000211 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000213 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000246 | Warehouse |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000278 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000305 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000324 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000377 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000379 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000389 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000390 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000417 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000422 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000429 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000441 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000449 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000452 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000453 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000454 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000455 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000458 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000472 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000484 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000490 | Commercial Condo |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000498 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000502 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000507 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000524 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000180 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000406 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000029 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000083 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000131 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000214 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000224 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000227 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000228 | Multi-Family |  |  | Average | Yes | No | Appraisal indicates deferred maintenance with damaged eaves, garage ceiling, and exterior paint. |
| XXXX | XXXX | VCC-1000308 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000384 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000391 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000392 | Retail |  |  | Fair | Yes | No | Interior has below average quality finishes. Maintenance issues noted: unkempt surroundings and overgrowth on walls; cracked asphalt and faded stripinbg; discolored gound and stained wall interior; stained floor. |
| XXXX | XXXX | VCC-1000395 | Retail |  |  | Average | No | Yes | Missing handrail on interior stairs of studio. |
| XXXX | XXXX | VCC-1000462 | Warehouse |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000464 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000478 | Mixed Use |  |  | Average | Yes | Yes | Open electrical boxes needing covers, Unit 2 needs water damaged ceiling repairs, Unit 6 needs water damaged ceiling repaired, other deferred maintenance estimated at $7,000. |
| XXXX | XXXX | VCC-1000486 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000516 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000678 | Retail |  |  | Average | Yes | Yes | Water damaged basement wall and water damaged main floor ceiling. |
| XXXX | XXXX | VCC-1000526 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000536 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000538 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000539 | Commercial Condo |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000557 | Office |  |  | Average | Yes | No | Deferred maintenance with missing drop ceiling tiles. |
| XXXX | XXXX | VCC-1000068 | Investor 1-4 |  |  | C4 | No | no |  |
| XXXX | XXXX | VCC-1000087 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000091 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000167 | Investor 1-4 |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000181 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000252 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000343 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000359 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000360 | Investor 1-4 |  |  | Average | No | no |  |
| XXXX | XXXX | VCC-1000394 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000409 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000423 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000433 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000434 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000439 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000460 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000461 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000461 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000461 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000465 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000467 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000471 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000474 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000474 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000479 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No | Shrub against foundation |
| XXXX | XXXX | VCC-1000479 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | No | Exterior siding is in need of repair, plumping issue indicated, kitchen cabinets are in need of repair, over grown bushes. |
| XXXX | XXXX | VCC-1000483 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000508 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000508 | Investor 1-4 Multiple | XXXX | XXXX | Average | Yes | No | Deferred maintenance - Subject exterior is in need of paint and repair. |
| XXXX | XXXX | VCC-1000508 | Investor 1-4 Multiple | XXXX | XXXX | Average | No | No |  |
| XXXX | XXXX | VCC-1000515 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | Yes | Per appraisal bars on windows do not have quick release and must removed, missing floor tiles, and bathroom has a wall where some tile has been installed and the rest needs finishing. Missing permanent heat source. Boarded back window and boarded side door. No access to the workshop, locked and tenants not home. |
| XXXX | XXXX | VCC-1000515 | Investor 1-4 Multiple | XXXX | XXXX | C5 | Yes | Yes | Appraiser states home is in need of significant repairs consisting of a new roof, flooring, and paint. Missing permanent heat source. |
| XXXX | XXXX | VCC-1000515 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | Yes | Missing permanent heat source. |
| XXXX | XXXX | VCC-1000515 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000527 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000531 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000532 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000545 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000546 | Investor 1-4 |  |  | C3 | Yes | No | Ceiling of living room and family room are damaged/water stained. |
| XXXX | XXXX | VCC-1000550 | Investor 1-4 |  |  | C1 | No | No |  |
| XXXX | XXXX | VCC-1000551 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000552 | Investor 1-4 |  |  | C3 | No | Yes | Basement stairwell is missing handrails. |
| XXXX | XXXX | VCC-1000556 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000558 | Multi-Family |  |  | Average | No | Yes | Missing 1 smoke/carbon monoxide detector and 10 heaters at a costs of $30,000. |
| XXXX | XXXX | VCC-1000042 | Investor 1-4 |  |  | Fair | Yes | Yes | Ceiling damage, unit 2 has broken missing tile around the bathtub with possible mold, and bathroom sink is missing in unit 1. |
| XXXX | XXXX | VCC-1000420 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000427 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000427 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000533 | Investor 1-4 Multiple | XXXX | XXXX | Good | No | No |  |
| XXXX | XXXX | VCC-1000533 | Investor 1-4 Multiple | XXXX | XXXX | Good | No | No |  |
| XXXX | XXXX | VCC-1000591 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000092 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000303 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000314 | Investor 1-4 |  |  | Fair | Yes | No | Damaged or missing flooring throughout both units, debris in most rooms left behind when prior tenants vacated, broken cabinet doors, and interior walls need painting. |
| XXXX | XXXX | VCC-1000330 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000345 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000382 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000398 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000442 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000443 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000476 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000481 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000491 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000506 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000514 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000519 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000522 | Investor 1-4 |  |  | C4 | Yes | Yes | Den wall separation, rotten wood, peeling paint fascia,brick separation, rear wall bowed,. Covered patio roof damage, roof at rear sunken, windo seam separation, and ground erosionat rear covered patio. |
| XXXX | XXXX | VCC-1000528 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000530 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000534 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000544 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000549 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000574 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000576 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000578 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000581 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000584 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000588 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000589 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000592 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000594 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000109 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000125 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000225 | Multi-Family |  |  | Fair | Yes | Yes | Rear of subject shows fire damage. Windows are missing and are boarded up |
| XXXX | XXXX | VCC-1000318 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000362 | Commercial Condo |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000393 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000411 | Automotive |  |  | Fair | No | No |  |
| XXXX | XXXX | VCC-1000470 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000477 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000493 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000500 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000503 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000509 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000511 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000512 | Retail |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000517 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000537 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000540 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000542 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000543 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000563 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000569 | Multi-Family |  |  | Fair | Yes | Yes | Deferred mainenance bathroom ceiling needs to be patched. |
| XXXX | XXXX | VCC-1000572 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000579 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000313 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000427 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000427 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000355 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000488 | Investor 1-4 |  |  | Good | Yes | Yes | Boarded window in the rear of the property |
| XXXX | XXXX | VCC-1000402 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000447 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000492 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000466 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000482 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000499 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | Yes | Gutter is hanging off the back of the property |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000504 | Investor 1-4 Multiple | XXXX | XXXX | C4 | Yes | Yes | Gutter is hanging off the back of the property |
| XXXX | XXXX | VCC-1000533 | Investor 1-4 Multiple | XXXX | XXXX | Average | No | No |  |
| XXXX | XXXX | VCC-1000533 | Investor 1-4 Multiple | XXXX | XXXX | Average | No | No |  |
| XXXX | XXXX | VCC-1000518 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000523 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000529 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000567 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000553 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000541 | Investor 1-4 |  |  | C4 | Yes | Yes | Bathroom walls, den walls, bedroom ceiling all damaged. In house review has PTD obtain mold certification. Full bathroom does not appear funtional |
| XXXX | XXXX | VCC-1000548 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000547 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000566 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000554 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000573 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000565 | Investor 1-4 |  |  | C2 | No | No |  |
| XXXX | XXXX | VCC-1000561 | Investor 1-4 |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000560 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000575 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000568 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000562 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000577 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000570 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000570 | Investor 1-4 Multiple | XXXX | XXXX | C3 | No | No |  |
| XXXX | XXXX | VCC-1000570 | Investor 1-4 Multiple | XXXX | XXXX | C4 | No | No |  |
| XXXX | XXXX | VCC-1000585 | Investor 1-4 |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000582 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000593 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000586 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000590 | Investor 1-4 |  |  | C3 | Yes | Yes | Appraiser noted seperation between the foundation near the rear porch |
| XXXX | XXXX | VCC-1000596 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000600 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000597 | Investor 1-4 |  |  | C4 | No | No |  |
| XXXX | XXXX | VCC-1000601 | Investor 1-4 |  |  | C3 | No | No |  |
| XXXX | XXXX | VCC-1000059 | Retail |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000082 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000103 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000215 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000229 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000261 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000341 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000349 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000404 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000414 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000419 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000424 | Multi-Family |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000473 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000489 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000494 | Warehouse |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000495 | Commercial Condo |  |  | Above average | No | No |  |
| XXXX | XXXX | VCC-1000505 | Mixed Use |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000513 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000525 | Automotive |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000535 | Warehouse |  |  | Fair | No | No |  |
| XXXX | XXXX | VCC-1000555 | Commercial Condo |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000559 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000564 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000571 | Office |  |  | Above average | No | No |  |
| XXXX | XXXX | VCC-1000580 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000583 | Mixed Use |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000587 | Office |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000595 | Retail |  |  | Good | No | No |  |
| XXXX | XXXX | VCC-1000598 | Retail |  |  | Average | No | No |  |
| XXXX | XXXX | VCC-1000599 | Warehouse |  |  | Average | No | No |  |

---

## Exhibit 99.12

**Exhibit 99.12**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

![](ex9912-01.jpg)

VCC 2025-5<br>Velocity Commercial Capital, LLC<br>Opus Capital Markets Consultants, LLC<br>

300 Tri-State International – Suite 320 \| Lincolnshire, IL 60069 \| www.opuscmc.com \| 224.632.1300<br>

**Executive Narrative**

**November 26, 2025**

**Performed by** 

**Opus Capital Markets Consultants, LLC**

**For** 

**Velocity Commercial Capital, LLC**

This report summarizes the results of a due diligence review performed on (582) loans provided by Velocity Commercial Capital, LLC ("Client" or "VCC") who provided Opus Capital Markets Consultants, LLC (Consultant) with a data tape, from which 100% of the loan sample was chosen and loaded into the LauraMac underwriting software. Consultant performed a detailed credit review on the loans.

Opus conducted a review of the origination appraisal documentation for each loan and property not included in the Guideline Review. This encompassed Five Hundred Eighty-Two (582) loans representing Six Hundred and Twenty-Five (625) properties.

For each loan and property, Opus reviewed the applicable appraisal to determine what the property condition was and if the appraiser indicated any damage or safety concerns at the time of the inspection.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Below Average Property Grade** | &nbsp;&nbsp;**Properties with Visible Damage** | &nbsp;&nbsp;**Properties with Health or Safety Issues** |
| &nbsp;&nbsp;Property Review | &nbsp;&nbsp;6 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3 |

---

As detailed herein, the pool contains 81 small balance commercial loans and 226 Investor 1-4 Family. The loans were re-underwritten in accordance with the lender guidelines in terms of Exhibit A. The review was conducted between September 11, 2025 through November 17, 2025 via imaged files and provided by the Client (the "Review.")

The Review totals for mortgage loans within the final securitization population, were as follows:

![](ex9912_001.jpg)

The SBA loans below are a subset of the previous table.

![](ex9912_002.jpg)

Notes: All of the loans in the guideline review received a Non-Owner Occupancy review

![](ex9912_003.jpg)

DBRS, Inc. ("DBRS") and Kroll Bond Rating Agency, Inc. ("Kroll") who are NRSRO providing a rating on the transaction at the time of this disclosure, does not have published guidelines for this asset class.

The valuation review was split based on the underlying property type, either residential or commercial. All commercial mortgage loans were assigned an "A" NRSRO valuation grade. For this review, Opus did not order any secondary valuation products. However, the client requested a secondary valuation for 226 residential mortgage loans.

EXHIBIT A

**Scope of Services:**

**Guideline Review**

Opus will review the loan file for conformity of the items listed below to the underwriting guidelines that were provided to Opus by Client.

In the Guideline Review Population there are two (2) SBA mortgage loans. Opus conducted a review of the 2 SBA loans in accordance with the established guidelines. Our review process aligned with the same criteria used for the guidelines review.

<u>Guideline Review:</u> Opus will review each mortgage loan originated in accordance with guidelines provided by the Client to include if applicable:

<u>Transaction type:</u>

Borrower characteristics

Loan characteristics

DSCR (if applicable)

LTV/CLTV/HTLTV

Representative credit score,

Asset reserves

Property type

Property usage

Occupancy

<u>Credit Application</u>: For the Credit Application, Opus will review the application for: (i) was signed by all listed borrowers, (ii) was substantially filled out, and (iv) included the borrower's employment history.

<u>Credit Report</u>: Opus's review will include: the presence of a credit report for each borrower and that such borrower's credit profile & representative credit score adhered to guidelines.

<u>Borrower Experience:</u> Opus will review documentation provide, such as REO Schedule or Track Record and compare to guideline requirements, as applicable.

<u>Property Management Experience</u>: Opus will review the property management questionnaire or other documentation to support the experience necessary per guidelines.

<u>Business Entity Documents</u>: Opus will review the Business Entity documentation provided as outlined and required per guidelines, which could include Articles of Incorporation, Articles of Organization, Operating Agreement, By-Laws, Certificate of Good Standing, Members Consent, or other documentation required by guidelines.

<u>Rent and/or Lease</u>: Opus will review the lease or other acceptable documentation to support the rental amount as outline in the guidelines.

<u>Guarantor</u>: Opus will review the guarantor as outlined in the guidelines

<u>Asset Review</u>: Opus will review the asset documentation provided in the loan files to the guideline requirements. Utilizing this documentation, Opus will complete a review of the reserve calculation.

<u>Hazard/Flood Insurance/Taxes</u>: Opus will review the insurance present on the mortgage loan. During this review, as applicable per guidelines.

<u>Occupancy Review:</u> Opus will review the property occupancy is consistent with the mortgage loan approval and borrowers' application disclosure based solely on information contained in the mortgage loan file and any fraud report obtained in connection with the mortgage loan.

<u>Business Purpose Affidavit</u>: Opus will review for the present of affidavit confirming the property will be for commercial/investment purpose, including any cash out and they the subject property or any proceeds will not be for personal use.

<u>Environment Report:</u> Reviewing environmental reporting, Flood Certification, and Evidence of Insurance to confirm accuracy and adherence to MCP requirements.

<u>Background or Fraud Report:</u> Opus will review the background or fraud report results in each mortgage loan file, to the extent present, in conjunction with source documents found in the mortgage loan file to assess the likelihood of any misrepresentations associated with the origination of the mortgage loan. If the mortgage loan file did not contain a fraud report and the counterparty did not produce one, Opus will condition the mortgage loan for the missing fraud report product.

<u>Closing Document Review:</u> Opus will review the closing documents are present, Borrower(s) names, Subject Property Address, Legal Description, Signed by Borrowers

**Loan File Documentation**

Each loan file submitted to Opus for review should contain all documents used to underwrite, review, and close the loan. This would include but not limited to the following (\*where applicable):

1008

1003 – Applications Initial

1003 – Application Final

AUS (DU/LP)

Loan Approvals

Underwriting worksheets

Income worksheets

Rate Lock

Change of Circumstances

Loan Estimates (LE)

Closing Disclosures (CD)

FACTA Disclosures

State Required Disclosures

Federal Required Disclosures

Signature tracking

Net Tangible Benefit Disclosure

Credit Report(s)

Fraud Report

OFAC Report (if not on credit)

Letter of Explanations

Borrower Identification

Business License\*

Income Documentations

Asset Documentation

Appraisal(s)

Third Party Valuation (Desk Review/AVM/BPO/Field Review)

Purchase Contract

Environmental Reports

Non Owner Certification & Identification

Final CD/HUD1/Settlement Statement

Flood Insurance

Flood Certification

Mortgage Insurance

Right of Recession

Mortgage/Deed of Trust & Riders

Note & Addendums

Power of Attorney

Entity Documentation

Insurance

RE Tax Certification

Occupancy Affidavit

Business/Investment Purpose Affidavit

Title

Closing Protection Letter

HOA Information

Condo Documents

Guaranty Agreements\*

Business P&L\*

Business P&L\*

Purchase Agreement\*

Occupancy & Business Purpose LOI

Rent Roll \*

Business Purpose Certification

Cash Out Letter

Verification of Mortgage/Rent

RE Taxes Information

**Non-Owner Occupancy Review**

<u>Occupancy Review:</u> Opus will review the property occupancy is consistent with the mortgage loan approval and borrowers' application disclosure based solely on information contained in the mortgage loan file and any fraud report obtained in connection with the mortgage loan. Additionally, Opus will complete the following:

Review the provided Note and Guaranty Agreement(s) to determine the identity and quantity of individuals serving as either Borrower, Co-borrower, or Guarantor, as well as to confirm whether the borrower and/or co-borrower is a legal business entity (LLC, INC, Corporation, Partnership) or an Individual(s).

Reviewing appraisal reports to determine if the property type is consistent with the underwritten property type, and evaluating the reports for evidence/indication of either owner or tenant occupancy.

For loans made to Individual borrowers, reviewing the LOI/LOE for the presence of an un-qualified statement of intent not to occupy the property, affirmation that the LOI/LOI cited address is consistent with the subject property address, and that signator(s) are consistent with the identified of the borrower(s)/guarantor(s). For loans made to Business Entity borrowers, the LOI/LOE is not a required document and loan file will not be cited if missing.

Reviewing the Final Form 1003/Loan application to ensure that the subject property listed is consistent with the subject property for the loan, and that the listed residence for the Individual(s) is an address other than the subject property.

For loans made to Individual borrowers, reviewing the Certification of Non-Owner Occupancy and Indemnity for the presence of a completed Primary Residence address including a verification that that the handwritten Primary Residence address differs from the subject property address, and is signed/dated as required. For loans made to Business Entity borrowers, the Certification of Non-Owner Occupancy and Indemnity is not a required document and loan file will not be cited if missing.

For loans made to Individual borrowers, verifying the presence of a complete Certification of Non-Owner Occupancy and Indemnity document for each individual borrower/co-borrower/guarantor identified within the subject note/guaranty agreement, including whether individual certifications or one certificate containing all required signatures is present. For loans made to Business Entity borrowers, the Certification of Non-Owner Occupancy and Indemnity is not a required document and loan file will not be cited if missing.

Confirming that the Primary Residence address(es) listed are compared for consistency between the Final Form 1003/Loan application(s) and the Certification(s) of Non-Owner Occupancy and Indemnity.

Documenting any exceptions and/or inconsistencies and reporting and/or marking such items for further dialogue.

**Valuation Review**

Opus's review will include a review of the valuation materials utilized during the origination of the loan and in confirming the value of the underlying property.

Opus's review will include:

· the appropriate form,

· materially complete

· the address matched the mortgage note,

· in conformity with the guideline requirements
for the property type in question,

· completed by an appraiser that was actively licensed
to perform the valuation,

· completed such that the named client on the appraisal
report is the lender or a related entity that is permitted to engage the lender per Title XI of FIRREA,

· made and signed prior to the final approval of
the mortgage loan application,

· completed and dated within the guideline restrictions,

· the current use of the property is legal or legal
non-conforming (grandfathered)

· Photos present for Subject property and comparables

· the appraisal report does not include any apparent
environmental problems

· made on an "as is" basis or provides
satisfactory evidence of completion of all material conditions including all inspections, licenses, and certificates (including certificates
of occupancy) to be made or issued with respect to all occupied portions of the mortgaged property and with respect to the use and occupancy
of the same, have been made or obtained from the appropriate authorities.

FIRREA Title XI – Check for the presence of the appraiser's license and review for the presence of any red flags that may pose a risk to the property or occupants

USPAP – Review the appraiser's certification is present and executed within the original appraisal.

**Valuation Waterfall**

Loan originated with a full Appraisal will review to the following:

· CU Score = < 2.5, no additional valuation required

· To comply with Rating Agency criteria of inspection,
photos and supporting valuation, Client may require an AVM and/or 2055 Drive By Appraisal. Client will provide written notification to
Opus of any additional valuation products required.

&nbsp;&nbsp;&nbsp;&nbsp;· CU Score . 2.5 or not applicable, desk review
or like product to support Appraisal value within a 10% tolerance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If value is supported within 10% tolerance, nothing
further is needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If value is not supported within 10% tolerance,
additional valuations products may be used to support the value, such as but not limited to: Field Review, BPO, Reconciliation, 2055 or
2<sup>nd</sup> Appraisal

Only at Clients request and at Client's expense, Opus can order any requested products for a Third Party Vendor that is currently set up to accept business from Opus. Alternately, Client may cause a third party velation products to be independently obtains by Opus from Client's third party provider. If products are provided directly from Client and Opus does not have independent access, this will be noted in the Narrative.

Client expressly understands and agrees that Opus makes no representation or warrant as to the value of the subject property. Opus is not acting as an Appraisal Management Company and therefore it does not opine on the actual value of the subject property. Opus is not a 'creditor' within the meaning of ECOA or other lending laws and regulations, and therefore Opus will not have any communication with or responsibility to any individual consumer concerning property valuation.

**Data Comparison**

Opus will perform a data compare review of data fields provided by the Client via loan tape mutually agreed upon by the Parties to the applicable source documents found in the actual file. Opus will notate discrepancies in accordance with the tolerance levels provided by the Client.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;# of Units | &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;Occupancy |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;Original Interest Rate |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;Original Loan Amount |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;Original LTV |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;Original P&I |
| &nbsp;&nbsp;City | &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;Original Term |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;Prepayment Penalty Period (months) |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;Prepayment Terms |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;Purpose |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;Refi Purpose |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;Margin | &nbsp;&nbsp;Representative FICO |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;State |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;Mod | &nbsp;&nbsp;Street |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;Note Date | &nbsp;&nbsp;Zip |

---

**<u>Pool Details</u>**

![](ex9912_004.jpg)

![](ex9912_005.jpg)

![](ex99-002.jpg)

![](ex9912_008.jpg)

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were 14 obligors with multiple loans in the pool.

**<u>Tape Discrepancies</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Data Element** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Accuracy** |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;2 | &nbsp;&nbsp;99.35% |
| &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;1 | &nbsp;&nbsp;99.67% |
| &nbsp;&nbsp;**Total Loan Population** | &nbsp;&nbsp;**307** |  |

---

**<u>Loan Grading Definitions</u>**

**<u>Credit</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Moody's | &nbsp;&nbsp;Fitch | &nbsp;&nbsp;Kroll | &nbsp;&nbsp;DBRS | &nbsp;&nbsp;Definition |
| &nbsp;&nbsp;A | &nbsp;&nbsp;A | &nbsp;&nbsp;A | &nbsp;&nbsp; A | &nbsp;&nbsp; A | &nbsp;&nbsp;Loan conforms to all applicable guidelines, no conditions noted |
| &nbsp;&nbsp;B | &nbsp;&nbsp;B | &nbsp;&nbsp;B | &nbsp;&nbsp; B | &nbsp;&nbsp; B | &nbsp;&nbsp;Loan does not meet every applicable credit guideline. However, most of the loan characteristics are within the guidelines and there are documented and significant compensating factors |
| &nbsp;&nbsp;C | &nbsp;&nbsp;C | &nbsp;&nbsp;C | &nbsp;&nbsp; C | &nbsp;&nbsp; C | &nbsp;&nbsp;The loan does not meet every applicable credit guideline, and most of the loan characteristics are outside of guidelines; or there are weak or no compensating factors |
| &nbsp;&nbsp;D | &nbsp;&nbsp;D | &nbsp;&nbsp;D | &nbsp;&nbsp; D | &nbsp;&nbsp; D | &nbsp;&nbsp;The loan file is missing critical documentation required to perform the review |

---

**<u>Property Valuation</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Moody's | &nbsp;&nbsp;Definition |
| &nbsp;&nbsp;A &nbsp;&nbsp; A | &nbsp;&nbsp;Value is within a 10% variance of third-party product. Appraisal meets lender guidelines. Subject property is 100% complete. Property condition is average or better. Standard GSE form was utilized. Appraiser is licensed. Appraisal is complete. |
| &nbsp;&nbsp;B &nbsp;&nbsp; B | &nbsp;&nbsp;Meets all terms for an A, but property requires cosmetic or minor repairs that do not affect value or habitability |
| &nbsp;&nbsp;C &nbsp;&nbsp; C | &nbsp;&nbsp;Any of the following items: Origination value and third-party valuation product value has a variance of 10% or greater, cannot validate value, property is incomplete, property condition is less than average, GSE form was not utilized, and/or the appraisal and/or does not meet guidelines |
| &nbsp;&nbsp;D &nbsp;&nbsp; D | &nbsp;&nbsp;The loan file was missing the appraisal and/or other valuations products needed to complete the review |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Definition |
| &nbsp;&nbsp;A | &nbsp;&nbsp;First Level Review Value is within a 10% variance to the original appraisal. Appraisal meets lender guidelines. Subject property is 100% complete. Property condition is average or better. Standard GSE form was utilized. Appraiser is licensed. Appraisal is complete. |
| &nbsp;&nbsp;B | &nbsp;&nbsp;First Level Review Value is greater than a 10% variance to the original appraisal, but the second level review value is within 10% variance of the original appraised value. In addition, property requires cosmetic or minor repairs that do not affect value or habitability |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Any of the following items: Second Level Review Value is greater than a 10% variance to the original appraisal, cannot validate value, property is incomplete, property condition is less than average, GSE form was not utilized, and/or the appraisal and/or does not meet guidelines |
| &nbsp;&nbsp;D | &nbsp;&nbsp;The loan file was missing the appraisal and/or other valuations products needed to complete the review |

---

**<u>Loan Review Findings</u>**

The following summarizes Consultant's final loan securitization and event grades assigned to the final reviewed loan pool and reported in the Agency Grading Report dated November 25, 2025.

![](ex9912_009.jpg)

![](ex9912_010.jpg)

![](ex9912_011.jpg)

**GUIDELINE CREDIT REVIEW RESULTS**

Of the three hundred seven (307) mortgage loans reviewed by Opus, one hundred fifty-four (154) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. Across these 154 loans, a total of two hundred forty-five (245) credit exceptions were granted.

Additionally, 49.84% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the three hundred seven (307) mortgage loans reviewed by Opus, eight (8) were assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. Across these 8 loans, a total of seven (7) valuation exceptions were granted.

Of the three hundred seven (307) mortgage loans reviewed by Opus, four (4) were assigned a Valuation grade of "C".

Additionally, 96.09% of the mortgage loans reviewed received a Valuation grade of "A".

**<u>Non-Owner Occupancy Review</u>**

![](ex9912_012.jpg)

![](ex9912_013.jpg)

![](ex9912_014.jpg)

**N/O/O CREDIT REVIEW RESULTS**

Of the two hundred twelve (212) mortgage loans reviewed by Opus, two (2) were assigned a property grade of "C".

Additionally, 99.06% of the mortgage loans reviewed received a Credit grade of "A".

**<u>Loans Reviewed (582)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;955641 | &nbsp;&nbsp;228072 | &nbsp;&nbsp;323246 | &nbsp;&nbsp;174158 | &nbsp;&nbsp;910601 | &nbsp;&nbsp;995032 |
| &nbsp;&nbsp;642732 | &nbsp;&nbsp;714166 | &nbsp;&nbsp;858271 | &nbsp;&nbsp;411550 | &nbsp;&nbsp;759800 | &nbsp;&nbsp;917613 |
| &nbsp;&nbsp;573444 | &nbsp;&nbsp;138034 | &nbsp;&nbsp;651367 | &nbsp;&nbsp;678135 | &nbsp;&nbsp;396911 | &nbsp;&nbsp;265104 |
| &nbsp;&nbsp;774754 | &nbsp;&nbsp;948476 | &nbsp;&nbsp;473405 | &nbsp;&nbsp;410020 | &nbsp;&nbsp;249425 | &nbsp;&nbsp;520089 |
| &nbsp;&nbsp;687386 | &nbsp;&nbsp;931087 | &nbsp;&nbsp;570776 | &nbsp;&nbsp;818313 | &nbsp;&nbsp;787014 | &nbsp;&nbsp;917911 |
| &nbsp;&nbsp;133394 | &nbsp;&nbsp;411120 | &nbsp;&nbsp;575854 | &nbsp;&nbsp;971866 | &nbsp;&nbsp;205705 | &nbsp;&nbsp;183113 |
| &nbsp;&nbsp;589786 | &nbsp;&nbsp;692210 | &nbsp;&nbsp;388806 | &nbsp;&nbsp;154173 | &nbsp;&nbsp;356635 | &nbsp;&nbsp;689847 |
| &nbsp;&nbsp;764196 | &nbsp;&nbsp;827383 | &nbsp;&nbsp;623121 | &nbsp;&nbsp;769558 | &nbsp;&nbsp;310780 | &nbsp;&nbsp;634896 |
| &nbsp;&nbsp;141213 | &nbsp;&nbsp;463551 | &nbsp;&nbsp;286262 | &nbsp;&nbsp;198447 | &nbsp;&nbsp;592433 | &nbsp;&nbsp;688943 |
| &nbsp;&nbsp;796862 | &nbsp;&nbsp;781081 | &nbsp;&nbsp;630241 | &nbsp;&nbsp;592529 | &nbsp;&nbsp;965003 | &nbsp;&nbsp;696798 |
| &nbsp;&nbsp;604459 | &nbsp;&nbsp;587367 | &nbsp;&nbsp;646240 | &nbsp;&nbsp;652915 | &nbsp;&nbsp;298064 | &nbsp;&nbsp;814807 |
| &nbsp;&nbsp;887207 | &nbsp;&nbsp;406726 | &nbsp;&nbsp;610327 | &nbsp;&nbsp;209437 | &nbsp;&nbsp;514877 | &nbsp;&nbsp;395555 |
| &nbsp;&nbsp;199516 | &nbsp;&nbsp;763724 | &nbsp;&nbsp;504740 | &nbsp;&nbsp;936687 | &nbsp;&nbsp;102699 | &nbsp;&nbsp;105835 |
| &nbsp;&nbsp;599671 | &nbsp;&nbsp;970171 | &nbsp;&nbsp;820335 | &nbsp;&nbsp;289086 | &nbsp;&nbsp;333360 | &nbsp;&nbsp;550945 |
| &nbsp;&nbsp;505579 | &nbsp;&nbsp;719227 | &nbsp;&nbsp;172102 | &nbsp;&nbsp;469659 | &nbsp;&nbsp;935997 | &nbsp;&nbsp;713377 |
| &nbsp;&nbsp;323150 | &nbsp;&nbsp;592424 | &nbsp;&nbsp;702073 | &nbsp;&nbsp;115856 | &nbsp;&nbsp;700132 | &nbsp;&nbsp;359877 |
| &nbsp;&nbsp;828448 | &nbsp;&nbsp;516926 | &nbsp;&nbsp;126815 | &nbsp;&nbsp;723544 | &nbsp;&nbsp;827362 | &nbsp;&nbsp;380083 |
| &nbsp;&nbsp;224498 | &nbsp;&nbsp;227670 | &nbsp;&nbsp;425343 | &nbsp;&nbsp;824283 | &nbsp;&nbsp;329190 | &nbsp;&nbsp;394140 |
| &nbsp;&nbsp;356484 | &nbsp;&nbsp;477886 | &nbsp;&nbsp;142380 | &nbsp;&nbsp;396057 | &nbsp;&nbsp;142022 | &nbsp;&nbsp;223044 |
| &nbsp;&nbsp;669187 | &nbsp;&nbsp;767595 | &nbsp;&nbsp;448517 | &nbsp;&nbsp;168791 | &nbsp;&nbsp;755440 | &nbsp;&nbsp;975601 |
| &nbsp;&nbsp;280322 | &nbsp;&nbsp;263679 | &nbsp;&nbsp;775497 | &nbsp;&nbsp;836203 | &nbsp;&nbsp;600593 | &nbsp;&nbsp;501145 |
| &nbsp;&nbsp;874928 | &nbsp;&nbsp;691224 | &nbsp;&nbsp;427666 | &nbsp;&nbsp;621773 | &nbsp;&nbsp;614234 | &nbsp;&nbsp;972191 |
| &nbsp;&nbsp;223269 | &nbsp;&nbsp;132727 | &nbsp;&nbsp;783679 | &nbsp;&nbsp;329978 | &nbsp;&nbsp;180333 | &nbsp;&nbsp;298008 |
| &nbsp;&nbsp;729291 | &nbsp;&nbsp;961066 | &nbsp;&nbsp;808767 | &nbsp;&nbsp;700249 | &nbsp;&nbsp;223760 | &nbsp;&nbsp;640179 |
| &nbsp;&nbsp;278055 | &nbsp;&nbsp;857298 | &nbsp;&nbsp;793407 | &nbsp;&nbsp;883256 | &nbsp;&nbsp;471782 | &nbsp;&nbsp;598616 |
| &nbsp;&nbsp;485932 | &nbsp;&nbsp;900061 | &nbsp;&nbsp;443293 | &nbsp;&nbsp;396761 | &nbsp;&nbsp;802166 | &nbsp;&nbsp;224081 |
| &nbsp;&nbsp;913961 | &nbsp;&nbsp;279583 | &nbsp;&nbsp;645240 | &nbsp;&nbsp;630084 | &nbsp;&nbsp;871889 | &nbsp;&nbsp;634437 |
| &nbsp;&nbsp;910431 | &nbsp;&nbsp;800391 | &nbsp;&nbsp;797522 | &nbsp;&nbsp;415127 | &nbsp;&nbsp;392051 | &nbsp;&nbsp;277513 |
| &nbsp;&nbsp;253072 | &nbsp;&nbsp;319802 | &nbsp;&nbsp;906261 | &nbsp;&nbsp;252926 | &nbsp;&nbsp;106494 | &nbsp;&nbsp;944722 |
| &nbsp;&nbsp;716515 | &nbsp;&nbsp;579397 | &nbsp;&nbsp;477355 | &nbsp;&nbsp;555645 | &nbsp;&nbsp;393065 | &nbsp;&nbsp;589126 |
| &nbsp;&nbsp;282037 | &nbsp;&nbsp;617981 | &nbsp;&nbsp;575995 | &nbsp;&nbsp;675275 | &nbsp;&nbsp;313834 | &nbsp;&nbsp;336672 |
| &nbsp;&nbsp;433953 | &nbsp;&nbsp;626042 | &nbsp;&nbsp;940026 | &nbsp;&nbsp;324526 | &nbsp;&nbsp;185692 | &nbsp;&nbsp;797800 |
| &nbsp;&nbsp;858470 | &nbsp;&nbsp;581725 | &nbsp;&nbsp;235060 | &nbsp;&nbsp;996256 | &nbsp;&nbsp;255606 | &nbsp;&nbsp;231959 |
| &nbsp;&nbsp;245785 | &nbsp;&nbsp;971674 | &nbsp;&nbsp;389818 | &nbsp;&nbsp;176295 | &nbsp;&nbsp;826007 | &nbsp;&nbsp;967265 |
| &nbsp;&nbsp;715111 | &nbsp;&nbsp;594659 | &nbsp;&nbsp;223370 | &nbsp;&nbsp;755565 | &nbsp;&nbsp;858451 | &nbsp;&nbsp;575005 |
| &nbsp;&nbsp;476860 | &nbsp;&nbsp;760090 | &nbsp;&nbsp;934087 | &nbsp;&nbsp;275383 | &nbsp;&nbsp;194767 | &nbsp;&nbsp;538252 |
| &nbsp;&nbsp;278636 | &nbsp;&nbsp;959786 | &nbsp;&nbsp;507758 | &nbsp;&nbsp;658628 | &nbsp;&nbsp;697452 | &nbsp;&nbsp;601046 |
| &nbsp;&nbsp;322762 | &nbsp;&nbsp;204765 | &nbsp;&nbsp;486491 | &nbsp;&nbsp;897010 | &nbsp;&nbsp;974372 | &nbsp;&nbsp;271156 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;301121 | &nbsp;&nbsp;913309 | &nbsp;&nbsp;407456 | &nbsp;&nbsp;136674 | &nbsp;&nbsp;304622 | &nbsp;&nbsp;855635 |
| &nbsp;&nbsp;253512 | &nbsp;&nbsp;136835 | &nbsp;&nbsp;664818 | &nbsp;&nbsp;940617 | &nbsp;&nbsp;845035 | &nbsp;&nbsp;812148 |
| &nbsp;&nbsp;142749 | &nbsp;&nbsp;188574 | &nbsp;&nbsp;607511 | &nbsp;&nbsp;266058 | &nbsp;&nbsp;551360 | &nbsp;&nbsp;931178 |
| &nbsp;&nbsp;911702 | &nbsp;&nbsp;296881 | &nbsp;&nbsp;191729 | &nbsp;&nbsp;573912 | &nbsp;&nbsp;350142 | &nbsp;&nbsp;732275 |
| &nbsp;&nbsp;644604 | &nbsp;&nbsp;690563 | &nbsp;&nbsp;446023 | &nbsp;&nbsp;473508 | &nbsp;&nbsp;852098 | &nbsp;&nbsp;416795 |
| &nbsp;&nbsp;245306 | &nbsp;&nbsp;389466 | &nbsp;&nbsp;893311 | &nbsp;&nbsp;291751 | &nbsp;&nbsp;831951 | &nbsp;&nbsp;475683 |
| &nbsp;&nbsp;860698 | &nbsp;&nbsp;811326 | &nbsp;&nbsp;355808 | &nbsp;&nbsp;579276 | &nbsp;&nbsp;712121 | &nbsp;&nbsp;691537 |
| &nbsp;&nbsp;403158 | &nbsp;&nbsp;109374 | &nbsp;&nbsp;619806 | &nbsp;&nbsp;434114 | &nbsp;&nbsp;411930 | &nbsp;&nbsp;153405 |
| &nbsp;&nbsp;732115 | &nbsp;&nbsp;655283 | &nbsp;&nbsp;536447 | &nbsp;&nbsp;893342 | &nbsp;&nbsp;380818 | &nbsp;&nbsp;278070 |
| &nbsp;&nbsp;349520 | &nbsp;&nbsp;791337 | &nbsp;&nbsp;679015 | &nbsp;&nbsp;910712 | &nbsp;&nbsp;881487 | &nbsp;&nbsp;472086 |
| &nbsp;&nbsp;301552 | &nbsp;&nbsp;626557 | &nbsp;&nbsp;264203 | &nbsp;&nbsp;398540 | &nbsp;&nbsp;443246 | &nbsp;&nbsp;943370 |
| &nbsp;&nbsp;194160 | &nbsp;&nbsp;625082 | &nbsp;&nbsp;399007 | &nbsp;&nbsp;491795 | &nbsp;&nbsp;162153 | &nbsp;&nbsp;115493 |
| &nbsp;&nbsp;419736 | &nbsp;&nbsp;638328 | &nbsp;&nbsp;590860 | &nbsp;&nbsp;315407 | &nbsp;&nbsp;706107 | &nbsp;&nbsp;162440 |
| &nbsp;&nbsp;203251 | &nbsp;&nbsp;496071 | &nbsp;&nbsp;118013 | &nbsp;&nbsp;735315 | &nbsp;&nbsp;146117 | &nbsp;&nbsp;650604 |
| &nbsp;&nbsp;309181 | &nbsp;&nbsp;611143 | &nbsp;&nbsp;184378 | &nbsp;&nbsp;916305 | &nbsp;&nbsp;258506 | &nbsp;&nbsp;457362 |
| &nbsp;&nbsp;760784 | &nbsp;&nbsp;810399 | &nbsp;&nbsp;597028 | &nbsp;&nbsp;451258 | &nbsp;&nbsp;917147 | &nbsp;&nbsp;454853 |
| &nbsp;&nbsp;338402 | &nbsp;&nbsp;424748 | &nbsp;&nbsp;545993 | &nbsp;&nbsp;436161 | &nbsp;&nbsp;415364 | &nbsp;&nbsp;279536 |
| &nbsp;&nbsp;609927 | &nbsp;&nbsp;155541 | &nbsp;&nbsp;593543 | &nbsp;&nbsp;469239 | &nbsp;&nbsp;543188 | &nbsp;&nbsp;323260 |
| &nbsp;&nbsp;841543 | &nbsp;&nbsp;482346 | &nbsp;&nbsp;328624 | &nbsp;&nbsp;612963 | &nbsp;&nbsp;719196 | &nbsp;&nbsp;745342 |
| &nbsp;&nbsp;791763 | &nbsp;&nbsp;388365 | &nbsp;&nbsp;154100 | &nbsp;&nbsp;969608 | &nbsp;&nbsp;177037 | &nbsp;&nbsp;994473 |
| &nbsp;&nbsp;806987 | &nbsp;&nbsp;279914 | &nbsp;&nbsp;681431 | &nbsp;&nbsp;661478 | &nbsp;&nbsp;501849 | &nbsp;&nbsp;824088 |
| &nbsp;&nbsp;122358 | &nbsp;&nbsp;952741 | &nbsp;&nbsp;562090 | &nbsp;&nbsp;640612 | &nbsp;&nbsp;253895 | &nbsp;&nbsp;978237 |
| &nbsp;&nbsp;906798 | &nbsp;&nbsp;898647 | &nbsp;&nbsp;325162 | &nbsp;&nbsp;650669 | &nbsp;&nbsp;257063 | &nbsp;&nbsp;547272 |
| &nbsp;&nbsp;750702 | &nbsp;&nbsp;716836 | &nbsp;&nbsp;117625 | &nbsp;&nbsp;318103 | &nbsp;&nbsp;474369 | &nbsp;&nbsp;983330 |
| &nbsp;&nbsp;321836 | &nbsp;&nbsp;327592 | &nbsp;&nbsp;334072 | &nbsp;&nbsp;104623 | &nbsp;&nbsp;458539 | &nbsp;&nbsp;480097 |
| &nbsp;&nbsp;772787 | &nbsp;&nbsp;981049 | &nbsp;&nbsp;405166 | &nbsp;&nbsp;396806 | &nbsp;&nbsp;695124 | &nbsp;&nbsp;819593 |
| &nbsp;&nbsp;982425 | &nbsp;&nbsp;367678 | &nbsp;&nbsp;756170 | &nbsp;&nbsp;582051 | &nbsp;&nbsp;494320 | &nbsp;&nbsp;477277 |
| &nbsp;&nbsp;401889 | &nbsp;&nbsp;359288 | &nbsp;&nbsp;745142 | &nbsp;&nbsp;922722 | &nbsp;&nbsp;651544 | &nbsp;&nbsp;470311 |
| &nbsp;&nbsp;311664 | &nbsp;&nbsp;643208 | &nbsp;&nbsp;871231 | &nbsp;&nbsp;534954 | &nbsp;&nbsp;830231 | &nbsp;&nbsp;754628 |
| &nbsp;&nbsp;356908 | &nbsp;&nbsp;393435 | &nbsp;&nbsp;604507 | &nbsp;&nbsp;288343 | &nbsp;&nbsp;666059 | &nbsp;&nbsp;957683 |
| &nbsp;&nbsp;630210 | &nbsp;&nbsp;905517 | &nbsp;&nbsp;306228 | &nbsp;&nbsp;376322 | &nbsp;&nbsp;365698 | &nbsp;&nbsp;864543 |
| &nbsp;&nbsp;979480 | &nbsp;&nbsp;249192 | &nbsp;&nbsp;457064 | &nbsp;&nbsp;109727 | &nbsp;&nbsp;486643 | &nbsp;&nbsp;823287 |
| &nbsp;&nbsp;149501 | &nbsp;&nbsp;714238 | &nbsp;&nbsp;489423 | &nbsp;&nbsp;212406 | &nbsp;&nbsp;902379 | &nbsp;&nbsp;969208 |
| &nbsp;&nbsp;941063 | &nbsp;&nbsp;652055 | &nbsp;&nbsp;345115 | &nbsp;&nbsp;693237 | &nbsp;&nbsp;519437 | &nbsp;&nbsp;241694 |
| &nbsp;&nbsp;787193 | &nbsp;&nbsp;582809 | &nbsp;&nbsp;983014 | &nbsp;&nbsp;958175 | &nbsp;&nbsp;258965 | &nbsp;&nbsp;956398 |
| &nbsp;&nbsp;390629 | &nbsp;&nbsp;888238 | &nbsp;&nbsp;559498 | &nbsp;&nbsp;119849 | &nbsp;&nbsp;587777 | &nbsp;&nbsp;598628 |
| &nbsp;&nbsp;827059 | &nbsp;&nbsp;477758 | &nbsp;&nbsp;167943 | &nbsp;&nbsp;391644 | &nbsp;&nbsp;646519 | &nbsp;&nbsp;325014 |
| &nbsp;&nbsp;984473 | &nbsp;&nbsp;424363 | &nbsp;&nbsp;876668 | &nbsp;&nbsp;128027 | &nbsp;&nbsp;807021 | &nbsp;&nbsp;906915 |
| &nbsp;&nbsp;568591 | &nbsp;&nbsp;475799 | &nbsp;&nbsp;559530 | &nbsp;&nbsp;477883 | &nbsp;&nbsp;448042 | &nbsp;&nbsp;372236 |
| &nbsp;&nbsp;282423 | &nbsp;&nbsp;383881 | &nbsp;&nbsp;230417 | &nbsp;&nbsp;728236 | &nbsp;&nbsp;331702 | &nbsp;&nbsp;670830 |
| &nbsp;&nbsp;166585 | &nbsp;&nbsp;356686 | &nbsp;&nbsp;230473 | &nbsp;&nbsp;830261 | &nbsp;&nbsp;627437 | &nbsp;&nbsp;370611 |
| &nbsp;&nbsp;584097 | &nbsp;&nbsp;465610 | &nbsp;&nbsp;167010 | &nbsp;&nbsp;964623 | &nbsp;&nbsp;637331 | &nbsp;&nbsp;879016 |
| &nbsp;&nbsp;262015 | &nbsp;&nbsp;399211 | &nbsp;&nbsp;390601 | &nbsp;&nbsp;724320 | &nbsp;&nbsp;528969 | &nbsp;&nbsp;227089 |
| &nbsp;&nbsp;622816 | &nbsp;&nbsp;316182 | &nbsp;&nbsp;947022 | &nbsp;&nbsp;355059 | &nbsp;&nbsp;667607 | &nbsp;&nbsp;770627 |
| &nbsp;&nbsp;604702 | &nbsp;&nbsp;867191 | &nbsp;&nbsp;527704 | &nbsp;&nbsp;408099 | &nbsp;&nbsp;349087 | &nbsp;&nbsp;101605 |
| &nbsp;&nbsp;183929 | &nbsp;&nbsp;808012 | &nbsp;&nbsp;169813 | &nbsp;&nbsp;284137 | &nbsp;&nbsp;941128 | &nbsp;&nbsp;327169 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;801735 | &nbsp;&nbsp;932228 | &nbsp;&nbsp;139354 | &nbsp;&nbsp;584358 | &nbsp;&nbsp;782617 | &nbsp;&nbsp;214959 |
| &nbsp;&nbsp;999793 | &nbsp;&nbsp;347687 | &nbsp;&nbsp;563808 | &nbsp;&nbsp;827707 | &nbsp;&nbsp;899271 | &nbsp;&nbsp;202755 |
| &nbsp;&nbsp;406982 | &nbsp;&nbsp;708321 | &nbsp;&nbsp;869785 | &nbsp;&nbsp;554352 | &nbsp;&nbsp;236663 | &nbsp;&nbsp;490065 |
| &nbsp;&nbsp;442824 | &nbsp;&nbsp;200447 | &nbsp;&nbsp;345309 | &nbsp;&nbsp;703601 | &nbsp;&nbsp;382278 | &nbsp;&nbsp;466430 |
| &nbsp;&nbsp;792550 | &nbsp;&nbsp;719011 | &nbsp;&nbsp;639127 | &nbsp;&nbsp;731829 | &nbsp;&nbsp;931702 | &nbsp;&nbsp;841380 |
| &nbsp;&nbsp;327884 | &nbsp;&nbsp;602131 | &nbsp;&nbsp;625691 | &nbsp;&nbsp;628765 | &nbsp;&nbsp;839649 | &nbsp;&nbsp;458550 |
| &nbsp;&nbsp;899997 | &nbsp;&nbsp;717136 | &nbsp;&nbsp;150168 | &nbsp;&nbsp;538594 | &nbsp;&nbsp;931692 | &nbsp;&nbsp;444037 |
| &nbsp;&nbsp;536716 | &nbsp;&nbsp;138303 | &nbsp;&nbsp;975203 | &nbsp;&nbsp;743737 | &nbsp;&nbsp;806729 | &nbsp;&nbsp;308103 |
| &nbsp;&nbsp;983284 | &nbsp;&nbsp;433209 | &nbsp;&nbsp;582982 | &nbsp;&nbsp;170282 | &nbsp;&nbsp;372035 | &nbsp;&nbsp;120143 |
| &nbsp;&nbsp;413202 | &nbsp;&nbsp;574199 | &nbsp;&nbsp;774591 | &nbsp;&nbsp;563692 | &nbsp;&nbsp;123757 | &nbsp;&nbsp;573929 |
| &nbsp;&nbsp;884238 | &nbsp;&nbsp;780215 | &nbsp;&nbsp;180532 | &nbsp;&nbsp;140549 | &nbsp;&nbsp;234119 | &nbsp;&nbsp;935350 |
| &nbsp;&nbsp;501362 | &nbsp;&nbsp;181407 | &nbsp;&nbsp;631700 | &nbsp;&nbsp;124872 | &nbsp;&nbsp;597110 | &nbsp;&nbsp;470749 |
| &nbsp;&nbsp;864608 | &nbsp;&nbsp;578756 | &nbsp;&nbsp;395333 | &nbsp;&nbsp;121354 | &nbsp;&nbsp;286508 | &nbsp;&nbsp;310015 |

---

If you have any questions, please contact Uriah Clavier at Uriah.Clavier@opuscmc.com.

## Exhibit 99.13

**Exhibit 99.13**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXX | XXXX |  | 764196 | Closed | 2025-11-10 12:30 | 2025-11-19 10:50 | Acknowledged | 2 - Non-Material | Credit | Insurance | Hazard Insurance Effective Date is after the Note Date | Acknowledged-The previous policy was not available, the finding is acknowledged and will be graded a B or non-material. - Due Diligence Vendor-11/19/2025 <br> Ready for Review-All the closing documents were signed XX/XX/XXXX. This is a refinance transaction so there should have been a policy in place prior to the new policy. Since the policy effective date matches the closing date the finding will be downgraded to B or non-material. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-<br> The funding date and insurance effective date are both XX/XX/XXXX, therefore, the dates are consistent and there is no issue with the date.<br> Hazard insurance effective date could be after Note date as long as it is on or before funding date. <br>Could you clarify where the close date of XX/XX/XXXX?<br> - Seller-11/14/2025 <br> Open-Hazard Insurance Effective Date of XX/XX/XXXX is after the Note Date of XX/XX/XXXX Hazard insurance effective date of XX/XX/XXXX is after both note date of XX/XX/XXXX and close date of XX/XX/XXXX - Due Diligence Vendor-11/10/2025 | Ready for Review-<br> The funding date and insurance effective date are both XX/XX/XXXX, therefore, the dates are consistent and there is no issue with the date.<br> Hazard insurance effective date could be after Note date as long as it is on or before funding date. <br>Could you clarify where the close date of XX/XX/XXXX?<br> - Seller-11/14/2025 | Acknowledged-The previous policy was not available, the finding is acknowledged and will be graded a B or non-material. - Due Diligence Vendor-11/19/2025<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 604459 | Closed | 2025-11-07 12:05 | 2025-11-14 12:21 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/14/2025 <br> Ready for Review-Document Uploaded. In practice that's not the intention of that loan condition. If we accept this as an exception, there are countless loans on the books with notes we refinanced that are less than 12-months old (owner-occupied) and less than 24-months old (investor). If we have to collect payment histories for paid off loans to satisfy the 12-month/24-month payment history that would create huge issues with our process. Updated change memo attached. - Seller-11/14/2025 <br> Counter-The property profile report reflects previous liens to XXXXXXXX XXXX on the subject property, which could have been used to meet the 12-month payment history requirement. Please provide either the payment history for the XXXXXXXX XXXX mortgages or provided compensating factors for the exception to only use the history from XXXXXXXX XXXXXXX XXXXXXXXX. - Due Diligence Vendor-11/13/2025 <br> Ready for Review-Document Uploaded. I've reattached the CAM. See Change Memo #1 that addresses this. - Seller-11/10/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM is for 1 month (XX/XXXX), policy requires 12 monthly statements for debt being refinanced - Due Diligence Vendor-11/07/2025 | Ready for Review-Document Uploaded. In practice that's not the intention of that loan condition. If we accept this as an exception, there are countless loans on the books with notes we refinanced that are less than 12-months old (owner-occupied) and less than 24-months old (investor). If we have to collect payment histories for paid off loans to satisfy the 12-month/24-month payment history that would create huge issues with our process. Updated change memo attached. - Seller-11/14/2025 <br>Ready for Review-Document Uploaded. I've reattached the CAM. See Change Memo #1 that addresses this. - Seller-11/10/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/14/2025<br>| 2. Credit Approval Memorandum - Change Memo.pdf<br>2. Credit Approval Memorandum - Change Memo.pdf |  | Sufficient DSCR<br> Principal's management experience<br> Principal's good credit history | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 887207 | Closed | 2025-11-06 16:12 | 2025-11-17 16:05 | Waived | 2 - Non-Material | Credit | Eligibility | Fraud Report Shows Uncleared Alerts | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/17/2025 <br>Ready for Review-Document Uploaded. This is noted in Change Memo#1 on the CAM, CAM is attached. - Seller-11/14/2025 <br>Open-Fraud Report Shows Uncleared Alerts Possible mismatch detected on current address - Due Diligence Vendor-11/06/2025 | Ready for Review-Document Uploaded. This is noted in Change Memo#1 on the CAM, CAM is attached. - Seller-11/14/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/17/2025<br>| 2. Credit Approval Memorandum.pdf |  | High FICO<br> Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 599671 | Closed | 2025-11-06 09:27 | 2025-11-17 16:27 | Waived | 2 - Non-Material | Credit | Eligibility | Fraud Report Shows Uncleared Alerts | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/17/2025 <br>Ready for Review-Document Uploaded. Uploaded the CAM, this is addressed under personal credit. - Seller-11/14/2025 <br>Open-Fraud Report Shows Uncleared Alerts Address discrepancy - substantial address difference detected - Due Diligence Vendor-11/06/2025 | Ready for Review-Document Uploaded. Uploaded the CAM, this is addressed under personal credit. - Seller-11/14/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/17/2025<br>| 2. Credit Approval Memorandum.pdf |  | High FICO<br> Sufficient global cash flow<br> Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 828448 | Closed | 2025-09-16 14:10 | 2025-11-21 09:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/16/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/16/2025 |  |  | Strong DCR<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 828448 | Closed | 2025-09-17 13:08 | 2025-09-17 13:23 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, only 1 tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, only 1 tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025<br>|  |  | Strong DCR<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 828448 | Closed | 2025-09-17 12:57 | 2025-09-17 13:23 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing proof of residency status for Non-US Citizen (Borrower 1) | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) The borrower is considered to be a Foreign National per the lender GL. A valid visa is missing as required. Lender provided approved exception dated prior to consummation an all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025 |  | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) The borrower is considered to be a Foreign National per the lender GL. A valid visa is missing as required. Lender provided approved exception dated prior to consummation an all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025<br>|  |  | Strong DCR<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 224498 | Closed | 2025-09-17 07:02 | 2025-09-17 07:02 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/17/2025<br>|  |  | High Fico | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 356484 | Closed | 2025-09-23 06:53 | 2025-11-19 14:06 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived- - Due Diligence Vendor-11/19/2025 <br> Waived-Lender provided approved exception dated post close and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Document Uploaded. - Buyer-10/16/2025 <br> Counter-No impounds were collected on the settlement statement dated XX/XX/XXXX. The settlement statement from the original loan being refinanced dated XX/XX/XXXX in file does show impounds for taxes were collected. - Due Diligence Vendor-10/15/2025 <br> Ready for Review-The taxes were not waived and they were collected. - Buyer-10/15/2025 <br> Open-Lender guidelines require an impound account for taxes. Despite this requirement, the lender waived the tax impound requirement. - Due Diligence Vendor-09/23/2025 |  | Waived- - Due Diligence Vendor-11/19/2025 <br>Waived-Lender provided approved exception dated post close and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property Equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 356484 | Closed | 2025-09-24 16:34 | 2025-10-06 12:57 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/06/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/24/2025 |  | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/06/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 874928 | Closed | 2025-09-27 10:01 | 2025-11-21 09:43 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-Seller Credit for Closing Cost of 6% ($XX,XXX) exceeds max of 3% as per G/L. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025 |  | Waived-Seller Credit for Closing Cost of 6% ($XXXXX) exceeds max of 3% as per G/L. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025 |  |  | High FICO<br> Strong DCR | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 874928 | Closed | 2025-09-27 09:55 | 2025-11-21 09:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, 5% reduction for First Time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, 5% reduction for First Time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 874928 | Closed | 2025-09-27 09:36 | 2025-11-21 09:43 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 729291 | Closed | 2025-09-20 05:16 | 2025-09-23 05:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that the Guideline Minimum Loan Amount of $75,000. Despite this requirement, the documentation in the file indicates Audited Loan Amount of $XXXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that the Guideline Minimum Loan Amount of $XXXXX. Despite this requirement, the documentation in the file indicates Audited Loan Amount of $XXXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-09/20/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 729291 | Closed | 2025-09-20 05:16 | 2025-09-23 05:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 635 is less than Guideline FICO of 650 The lender's guidelines state that a Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO of 635. The lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Audited FICO of 635 is less than Guideline FICO of 650 The lender's guidelines state that a Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO of 635. The lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485932 | Closed | 2025-09-19 08:07 | 2025-10-22 14:50 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Lender provided approved exception dated post close and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 2 Months (Jun and Jul) Housing History missing for primary residence. - Due Diligence Vendor-09/19/2025 |  | Waived-Lender provided approved exception dated post close and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 913961 | Closed | 2025-09-25 13:12 | 2025-11-11 16:21 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing rent comparable schedule form 1007 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/10/2025 <br>Counter-Lender provided approved exception dated post consummation. lender provided a compensating factor of Low LTV, but the final LTV of 50% is equal to the program maximum. Exception is not mitigated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open- - Due Diligence Vendor-09/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 913961 | Closed | 2025-09-26 09:05 | 2025-10-02 08:03 | Waived | 2 - Non-Material | Property | Property | Subject property was listed for sale within a time period not allowed per guidelines | Waived-Subject property was listed on XX/XX/XXXX and cancelled on XX/XX/XXXX, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Subject property was listed on XX/XX/XXXX and cancelled on XX/XX/XXXX, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 910431 | Closed | 2025-09-19 12:32 | 2025-10-22 14:25 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Insurance on the payment plan, premium not collected at closing. HOI waiver provided in Pg#187. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided Insurance on the payment plan, premium not collected at closing. HOI waiver provided in Pg#187. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025<br>|  |  | Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 910431 | Closed | 2025-09-19 12:46 | 2025-10-22 14:21 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-10/16/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.637 is below guideline minimum of 1.00 for an owner user property. A lender exception dated prior to consummation was provided for a DSCR of 0.75, lender failed to include the calculated annual hazard insurance. - Due Diligence Vendor-09/27/2025 |  | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor<br> Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 910431 | Closed | 2025-10-01 07:05 | 2025-10-01 07:05 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements The primary mortgage is reporting 2x30 in the most recent 90 days. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements The primary mortgage is reporting 2x30 in the most recent 90 days. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025<br>|  |  | Low LTV<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 253072 | Closed | 2025-09-25 17:34 | 2025-10-06 13:43 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as secondary review product. The loan will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/25/2025 |  | Acknowledged-CDA with sufficient value provided as secondary review product. The loan will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 253072 | Closed | 2025-09-20 08:24 | 2025-09-25 11:32 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 611 is less than Guideline FICO of 650 Audited FICO of 611 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Audited FICO of 611 is less than Guideline FICO of 650 Audited FICO of 611 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Seasoned investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 253072 | Closed | 2025-09-24 06:38 | 2025-09-24 06:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/24/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/24/2025<br>|  |  | Strong DCR<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 716515 | Closed | 2025-09-17 18:24 | 2025-10-01 10:22 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Initial secondary valuation was out of tolerance then a CDA with sufficient values provided for both properties. The loan will be graded a B for S&P only. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/01/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/01/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/17/2025 |  | Acknowledged-Initial secondary valuation was out of tolerance then a CDA with sufficient values provided for both properties. The loan will be graded a B for S&P only. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/01/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/01/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/01/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 282037 | Closed | 2025-09-28 10:54 | 2025-11-21 09:44 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/28/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/28/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 433953 | Closed | 2025-09-28 11:13 | 2025-11-19 14:09 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. - Buyer-10/16/2025 <br>Open-The appraisal indicates the subject property is currently listed for sale. Lender's guidelines require properties to be off the market (evidenced by expired or cancelled listing or commentary within the appraisal supporting a listing cancellation) and are eligible for rate and term refinances only. - Due Diligence Vendor-09/28/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 433953 | Closed | 2025-09-19 15:38 | 2025-09-28 10:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV<br> Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 433953 | Closed | 2025-09-26 16:08 | 2025-09-26 16:08 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant, and loan purpose is refinance. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant, and loan purpose is refinance. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Strong DCR<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 858470 | Closed | 2025-09-16 11:42 | 2025-09-18 14:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 630 is less than Guideline FICO of 650 Audited FICO of 630 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/16/2025 |  | Waived-Audited FICO of 630 is less than Guideline FICO of 650 Audited FICO of 630 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/16/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 278636 | Closed | 2025-09-28 07:11 | 2025-11-21 09:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 4 months payment history or Cancelled Check because of provided VOM has Private Landlord. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 4 months payment history or Cancelled Check because of provided VOM has Private Landlord. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/28/2025<br>|  |  | Property Condition. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 322762 | Closed | 2025-09-22 07:36 | 2025-09-24 10:56 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025 <br>Ready for Review-This feels like a duplicate exception. The prior exception also cited reserves. An exception has been written - Buyer-09/23/2025 <br>Open-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $7776.42 The loan file is missing verification of the account the closing funds were drawn on. - Due Diligence Vendor-09/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 322762 | Closed | 2025-09-22 06:58 | 2025-09-24 10:55 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025 <br> Ready for Review-Document Uploaded. Closing funds were drawn from XXXX. An exception has been written for reserves - Buyer-09/23/2025 <br> Open-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Audited Reserves of 0 month are less than Guideline Required Reserves of 3 months. The loan file is missing verification of the account the closing funds were drawn on. - Due Diligence Vendor-09/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025<br>| Funds to Close.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 301121 | Closed | 2025-09-19 10:49 | 2025-09-23 08:42 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/19/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/19/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 253512 | Closed | 2025-09-28 05:43 | 2025-11-21 09:48 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that Minimum Loan Amount is $75000. Despite this requirement, the documentation in the file indicates an Audited Loan Amount of $XXXXX. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/28/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that Minimum Loan Amount is $75000. Despite this requirement, the documentation in the file indicates an Audited Loan Amount of $XXXXX. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/28/2025 |  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 253512 | Closed | 2025-10-06 17:11 | 2025-10-10 09:04 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-10/10/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/10/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/10/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/06/2025 |  | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/10/2025 <br>Resolved-Finding Cleared. - Due Diligence Vendor-10/10/2025 <br>Resolved-A valid secondary valuation supporting the origination appraisal value was provided. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 142749 | Closed | 2025-10-01 15:54 | 2025-10-14 11:49 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/14/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/01/2025 |  | Acknowledged-Desk review with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/14/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 142749 | Closed | 2025-09-29 12:31 | 2025-09-30 16:49 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Borrower lives rent free per Loan Approval. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Borrower lives rent free per Loan Approval. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 142749 | Closed | 2025-09-29 15:35 | 2025-09-30 16:47 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 561 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025 |  | Waived-Audited FICO of 561 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 142749 | Closed | 2025-09-29 15:35 | 2025-09-30 16:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the guideline minimum loan amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the guideline minimum loan amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025 |  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 245306 | Closed | 2025-09-27 15:03 | 2025-10-22 13:41 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived- - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Recent 2 months housing history missing for Primary residence and VOM/ housing history missing for Subject Property. - Due Diligence Vendor-09/27/2025 |  |  | XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 403158 | Closed | 2025-09-30 10:04 | 2025-09-30 10:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Provided HOI policy is on payment plan and premium amount was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Hazard Insurance Policy Partially Provided Provided HOI policy is on payment plan and premium amount was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 403158 | Closed | 2025-09-30 10:14 | 2025-09-30 10:16 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 349520 | Closed | 2025-10-07 05:07 | 2025-11-19 14:25 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Lender guidelines require a minimum of two major consumer/mortgage accounts reporting. Despite this requirement the only tradeline reporting is a mortgage for the primary residence. - Due Diligence Vendor-10/07/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>|  |  | Property condition<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 301552 | Closed | 2025-09-30 17:10 | 2025-09-30 17:11 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Initial BPO was out of tolerance and the CDA provided after was in tolerance. The finding will be graded a B for S&P only. - Due Diligence Vendor-09/30/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/30/2025 |  | Acknowledged-Initial BPO was out of tolerance and the CDA provided after was in tolerance. The finding will be graded a B for S&P only. - Due Diligence Vendor-09/30/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 419736 | Closed | 2025-09-29 14:00 | 2025-11-21 09:45 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.12 is below guideline minimum of 1.20. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/29/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.12 is below guideline minimum of 1.20. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/29/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 309181 | Closed | 2025-09-16 13:12 | 2025-10-27 09:14 | Waived | 2 - Non-Material | Credit | Insurance | Hazard Insurance Effective Date is after the Note Date | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br> Open-Hazard Insurance Effective Date of XX/XX/XXXX is after the Note Date of XX/XX/XXXX - Due Diligence Vendor-09/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 338402 | Closed | 2025-09-28 08:53 | 2025-11-21 09:46 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 609927 | Closed | 2025-10-07 06:32 | 2025-10-07 06:32 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require a maximum of 1x30 day late payments with none int he most recent 90 days. Despite this requirement, documentation provided reflect a 1x30 late payment in the most recent 90 days. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require a maximum of 1x30 day late payments with none int he most recent 90 days. Despite this requirement, documentation provided reflect a 1x30 late payment in the most recent 90 days. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Strong Reserves<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 609927 | Closed | 2025-10-07 06:07 | 2025-10-07 06:07 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender guidelines require a maximum LTV of 70% for loan amounts greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender guidelines require a maximum LTV of 70% for loan amounts greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Strong reserves<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 841543 | Closed | 2025-09-15 13:49 | 2025-09-15 13:49 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-VOM for subject property states there is no payment letter. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025 |  | Waived-VOM for subject property states there is no payment letter. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 841543 | Closed | 2025-09-12 10:29 | 2025-09-15 13:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 639 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025 |  | Waived-Audited FICO of 639 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 841543 | Closed | 2025-09-15 12:45 | 2025-09-15 12:46 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/15/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 791763 | Closed | 2025-09-19 13:20 | 2025-10-15 15:38 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/15/2025 <br>Ready for Review-Document Uploaded. Updated approval with exception for VOR/VOM has been uploaded - Buyer-10/15/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation but no mitigating factors were note. - Due Diligence Vendor-09/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/15/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 806987 | Closed | 2025-10-03 06:39 | 2025-11-21 09:48 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025<br>|  |  | High FICO<br> Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 806987 | Closed | 2025-10-03 10:13 | 2025-10-03 10:19 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOM for primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOM for primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/03/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 906798 | Closed | 2025-09-19 10:13 | 2025-09-23 10:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of Wind and Hail coverage and a minimum deductible. Despite this requirement, no Wind and Hail coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of Wind and Hail coverage and a minimum deductible. Despite this requirement, no Wind and Hail coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/19/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 321836 | Closed | 2025-09-29 09:21 | 2025-11-21 09:49 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70%, 5% deduction for first time home buyer. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-09/29/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70%, 5% deduction for first time home buyer. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-09/29/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 321836 | Closed | 2025-10-02 06:23 | 2025-10-02 06:23 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 major tradelines. Despite this requirement, the co-borrower has only one major tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025 |  | Waived-Lender guidelines require a minimum of 2 major tradelines. Despite this requirement, the co-borrower has only one major tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 401889 | Closed | 2025-09-25 17:36 | 2025-10-06 16:15 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value obtained for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/25/2025 |  | Acknowledged-CDA with sufficient value obtained for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 401889 | Closed | 2025-09-24 08:11 | 2025-09-25 07:10 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/24/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/24/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 311664 | Closed | 2025-09-19 07:58 | 2025-09-19 08:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. As per credit report mortgage history for primary residence verified till XX/XXXX, recent payment history for XX/XX/XXXX missing in the file, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. As per credit report mortgage history for primary residence verified till XX/XXXX, recent payment history for XX/XX/XXXX missing in the file, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025 |  |  | High FICO<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 787193 | Closed | 2025-09-20 04:31 | 2025-11-11 15:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/10/2025 <br> Counter-Condition stands: Exception provided, however the compensating factor listed is not valid. LTV was listed, however the loan was approved at the maximum for the documentation type. - Due Diligence Vendor-10/22/2025 <br> Ready for Review-XXX does not restrict the use if Low LTV as a mitigating factor for exceptions written when LTV is 50 or less. The LTV of 50 or less drives limited documentation only, it does not drive any program specifics as it is not its own program - Buyer-10/16/2025 <br> Open-Exception provided, however the compensating factor listed is not valid. LTV was listed, however the loan was approved at the maximum for the documentation type. - Due Diligence Vendor-09/26/2025 <br> Waived-Audited Loan Amount $XXXXX is less than Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br> Waived-Audited Loan Amount $XXXXX is less than Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/25/2025 | XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 984473 | Closed | 2025-09-20 15:40 | 2025-09-26 12:05 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 568591 | Closed | 2025-09-20 07:55 | 2025-11-12 17:06 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/12/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/12/2025 <br> Counter-No document was provided. - Due Diligence Vendor-11/11/2025 <br> Ready for Review-Corrected Uploaded - Buyer-11/10/2025 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. A Lender exception was provided prior to consummation but was noted as an unmitigated exception. - Due Diligence Vendor-09/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 568591 | Closed | 2025-09-26 09:02 | 2025-10-01 13:51 | Waived | 2 - Non-Material | Property | Property | Subject property was listed for sale within a time period not allowed per guidelines | Waived-Subject property was listed for sale on XX/XX/XXXX, listing happened within last 6 months there is no evidence of expired or cancelled listing agreement or commentary within the appraisal. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Subject property was listed for sale on XX/XX/XXXX, listing happened within last 6 months there is no evidence of expired or cancelled listing agreement or commentary within the appraisal. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Property Condition<br> Strong DCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 282423 | Closed | 2025-09-22 14:33 | 2025-10-02 09:51 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The lender's guidelines state that the owned period should be minimum 12 months. Despite this requirement, the documentation in the file indicates a seasoning period of only 6 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-09/22/2025 |  | Waived-The lender's guidelines state that the owned period should be minimum 12 months. Despite this requirement, the documentation in the file indicates a seasoning period of only 6 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-09/22/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 622816 | Closed | 2025-09-27 10:47 | 2025-09-29 16:24 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 621 is less than Guideline FICO of 650 Lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025 |  | Waived-Audited FICO of 621 is less than Guideline FICO of 650 Lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 183929 | Closed | 2025-09-26 13:51 | 2025-10-01 11:23 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 5 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 5 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 801735 | Closed | 2025-10-07 09:41 | 2025-10-07 09:41 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to The location of the subject property has a population of XXXXX. Lender guidelines require that a town or city with a population of less than $25,000 or equal to 2,500 must be within a 25-mile radius of a city with a population of 100,00 or more. Despite this requirement, no surrounding city meets this requirement. Lender provided approve exception dated prior to consummation and all lender compensating factors have been documented and validated.. - Due Diligence Vendor-10/07/2025 |  | Waived-Property type is ineligible due to The location of the subject property has a population of XXX. Lender guidelines require that a town or city with a population of less than 25,000 or equal to 2,500 must be within a 25-mile radius of a city with a population of 100,00 or more. Despite this requirement, no surrounding city meets this requirement. Lender provided approve exception dated prior to consummation and all lender compensating factors have been documented and validated.. - Due Diligence Vendor-10/07/2025 |  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 999793 | Closed | 2025-09-26 17:24 | 2025-09-29 15:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Hazard insurance policy provided does not specify wind and hail coverage as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Hazard insurance policy provided does not specify wind and hail coverage as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 442824 | Closed | 2025-11-21 10:23 | 2025-11-21 10:24 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding is acknowledged and will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/21/2025 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding is acknowledged and will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 442824 | Closed | 2025-10-07 08:18 | 2025-10-07 08:30 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Open-Audited Reserves of 2.97 month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  |  |  |  | Strong Marketing trends | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 442824 | Closed | 2025-10-03 08:03 | 2025-10-07 08:23 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Total Qualified Assets for Reserves Post-Close of $3379.22 is less than Total Required Reserve Amount of $3418.74 Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/03/2025 |  | Waived-Total Qualified Assets for Reserves Post-Close of $3379.22 is less than Total Required Reserve Amount of $3418.74 Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/03/2025<br>|  |  | Strong Marketing Trends | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 792550 | Closed | 2025-09-16 15:36 | 2025-11-21 09:41 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 792550 | Closed | 2025-09-17 09:36 | 2025-09-19 16:16 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025 <br>Ready for Review-Is there action needed from Velocity on this? The exception is already written and approved - Buyer-09/19/2025 <br>Open-Lender guidelines require a minimum of 2 major tradelines reporting. Despite this requirement, only one major account is reporting and that is an Authorized user account. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 327884 | Closed | 2025-09-26 16:41 | 2025-10-06 17:01 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/26/2025 |  | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/06/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 327884 | Closed | 2025-09-20 17:36 | 2025-09-26 11:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited loan amount of $XXXXX is less than the guideline minimum loan amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited loan amount of $XXXXX is less than the guideline minimum loan amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 899997 | Closed | 2025-09-29 03:29 | 2025-09-29 17:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided HOI policy is on payment plan and premium amount was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided HOI policy is on payment plan and premium amount was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 536716 | Closed | 2025-09-23 11:33 | 2025-10-15 16:02 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/15/2025 <br>Ready for Review-Document Uploaded. Updated loan approval with exception uploaded for VOM for subject property. - Buyer-10/15/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of mortgage missing for subject property, unable to verify the mortgage payment history proof for last 12 months. - Due Diligence Vendor-09/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/15/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Property condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 536716 | Closed | 2025-09-20 08:15 | 2025-09-23 11:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 636 is less than Guideline FICO of 650 The lender's guidelines state that a Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO of 636. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Audited FICO of 636 is less than Guideline FICO of 650 The lender's guidelines state that a Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO of 636. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Property Condition<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 983284 | Closed | 2025-09-28 06:42 | 2025-11-21 09:50 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in Rent free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in Rent free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 983284 | Closed | 2025-09-28 06:53 | 2025-11-19 08:39 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-11/19/2025 <br> Open-Property Condition Does Not Meet Requirements. The appraiser listed the condition as C5. Subject is a XXXX one-story bungalow that currently reflects "C5" condition with deferred maintenance and items impacting safety / soundness / security: rotted front porch posts; damaged/missing exterior trim with peeling paint; damaged bedroom window; obsolete/damaged exterior doors; <br> peeling paint on porch/trim; possible crawlspace settlement with rotted kitchen subfloor (~250 SF); peeling paint/mold at bath ceiling (~50 SF); <br> and a damaged vanity. The appraiser estimates a cost of $XXXXX (allowance) to cure the observed deferred maintenance. - Due Diligence Vendor-11/19/2025 <br> Acknowledged-No escrow holdback, the finding will be graded a C. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-11/04/2025 | Per the appraisal, deferred maintenance was estimated to have an 11,000 cost to cure. The health and safety items were all addressed. XXX received a clean mold/termite/fungus inspection as well as a Certification of Structural integrity from a licensed contractor confirming no structural issues and a paid invoice showing completed repairs/installation of the door, window and sub-flooring in the kitchen. XXX expects the borrower to complete any remaining repairs to the property. - 11/19/2025 <br>| Acknowledged- - Due Diligence Vendor-11/19/2025 <br>Acknowledged-No escrow holdback, the finding will be graded a C. - Due Diligence Vendor-11/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 413202 | Closed | 2025-10-08 16:27 | 2025-10-13 09:57 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk reviews with sufficient values provided for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/13/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/08/2025 |  | Acknowledged-Desk reviews with sufficient values provided for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/13/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 864608 | Closed | 2025-09-27 02:33 | 2025-11-11 12:42 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/10/2025 <br> Counter-Exception provided, however the compensating factor listed is not valid. LTV was listed, however the loan was approved at the maximum for the documentation type. - Due Diligence Vendor-10/17/2025 <br> Ready for Review-XXX does not restrict the use if Low LTV as a mitigating factor for exceptions written when LTV is 50 or less. The LTV of 50 or less drives limited documentation only, it does not drive any program specifics as it is not its own program - Buyer-10/16/2025 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is $XXXXX. Lender provided approved exception dated prior to consummation listing low LTV as a compensating factor; however, low LTV is not a valid compensating factor on Fast50 program.<br> - Due Diligence Vendor-09/27/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 138034 | Closed | 2025-09-27 03:38 | 2025-09-28 12:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for Primary Residence. Despite this requirement, no evidence of recent month mortgage payment was provided for the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for Primary Residence. Despite this requirement, no evidence of recent month mortgage payment was provided for the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 138034 | Closed | 2025-09-27 03:31 | 2025-09-28 12:23 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025 |  | Waived-Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025<br>|  |  | Seasoned Investor<br> Strong Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 138034 | Closed | 2025-09-27 03:38 | 2025-09-28 12:11 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender's guidelines require collections account to be paid off at closing if total balance of all the accounts exceeds $XXX. Despite this requirement collection accounts were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/27/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender's guidelines require collections account to be paid off at closing if total balance of all the accounts exceeds $XXX. Despite this requirement collection accounts were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/27/2025 |  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 138034 | Closed | 2025-09-27 04:24 | 2025-09-28 12:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 637 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 637. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025 |  | Waived-Audited FICO of 637 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 637. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/27/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 931087 | Closed | 2025-09-22 00:37 | 2025-09-22 00:47 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guidelines require, 5% LTV reduction for first time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guidelines require, 5% LTV reduction for first time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025<br>|  |  | High FICO<br> String Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 692210 | Closed | 2025-10-10 08:24 | 2025-10-22 10:24 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Updated Lender exception received, finding now waived - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-10/20/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.958 is below guideline minimum of 1.00. Lender provided approved exception dated prior to consummation but cited DSCR of 0.83. Lender failed to accurately calculate the DSCR based on verified Taxes and HOI premium. Provide an updated exception referencing the accurate DSCR. - Due Diligence Vendor-10/10/2025 |  | Waived-Updated Lender exception received, finding now waived - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 692210 | Closed | 2025-10-09 10:37 | 2025-10-10 08:21 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for the subject property mortgage. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for the subject property mortgage. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025<br>|  |  | Low LTV<br> Strong reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 587367 | Closed | 2025-10-09 11:53 | 2025-11-19 14:54 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Insurance Policy is Partial | Waived-HO-6 Insurance Policy Partially Provided Lender guideline requires the policy to coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no coverage has been provided for the same. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/09/2025 |  | Waived-HO-6 Insurance Policy Partially Provided Lender guideline requires the policy to coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no coverage has been provided for the same. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/09/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 587367 | Closed | 2025-10-07 06:29 | 2025-10-22 11:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Lender provided approved exception date post consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/20/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for the borrower's primary residences. Despite this requirement, the credit report for the borrower reflects last active 06/01, missing evidence of 07 and 807 payments and only 2-month mortgage statement has been provided for the co-borrower - Due Diligence Vendor-10/07/2025 |  | Waived-Lender provided approved exception date post consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 587367 | Closed | 2025-10-09 11:52 | 2025-10-09 11:52 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% 5% LTV reduction is required for FTI per guidelines. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% 5% LTV reduction is required for FTI per guidelines. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 406726 | Closed | 2025-10-12 00:51 | 2025-10-13 10:04 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-DSCR .954 less than minimum of 1.0 for a traditional 2 owner user property. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/12/2025 |  | Waived-DSCR .954 less than minimum of 1.0 for a traditional 2 owner user property. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/12/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 763724 | Closed | 2025-09-22 10:02 | 2025-09-22 10:02 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM provided for the subject was incomplete as the field for number of late payments was not completed. A processor cert for satisfactory payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM provided for the subject was incomplete as the field for number of late payments was not completed. A processor cert for satisfactory payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025<br>|  |  | Seasoned Investor<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 719227 | Closed | 2025-10-03 08:49 | 2025-11-21 09:50 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.822 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.822 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 719227 | Closed | 2025-10-03 14:07 | 2025-11-19 14:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval<br> - Buyer-10/16/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Documentation provided indicates an open mortgage on the borrower's primary residence, no VOM or pay history was provided and this mortgage is not reporting on the credit report. - Due Diligence Vendor-10/03/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 592424 | Closed | 2025-09-13 14:48 | 2025-09-24 11:50 | Waived | 2 - Non-Material | Credit | Assets | Insufficient asset documentation in file - assets do not cover closing costs | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/23/2025 <br>Open-Insufficient asset documentation in file - assets do not cover closing costs. Cash required to close in the amount of $138,116.45 less than verified assets of $126,163.25 - Due Diligence Vendor-09/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Property condition | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 592424 | Closed | 2025-09-13 14:54 | 2025-09-18 16:31 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 641 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/13/2025 |  | Waived-Audited FICO of 641 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/13/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 767595 | Closed | 2025-10-17 14:12 | 2025-11-19 19:40 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Transaction ineligible due to Lender's guidelines allow a rate/term refinance on properties recently listed for sale; however, subject transaction was cash-out. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 |  | Waived-Transaction ineligible due to Lender's guidelines allow a rate/term refinance on properties recently listed for sale; however, subject transaction was cash-out. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>|  |  | Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 263679 | Closed | 2025-10-08 07:12 | 2025-10-11 11:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 644 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 644. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/08/2025 |  | Waived-Audited FICO of 644 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 644. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132727 | Closed | 2025-10-10 10:51 | 2025-11-21 09:57 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 625 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 625. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/10/2025 |  | Waived-Audited FICO of 625 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 625. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/10/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132727 | Closed | 2025-10-11 05:36 | 2025-11-21 09:56 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-Lender guidelines allow a max of 3% of seller concessions. Despite this condition the seller concessions exceed guideline requirements. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/11/2025 |  | Waived-Lender guidelines allow a max of 3% of seller concessions. Despite this condition the seller concessions exceed guideline requirements. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/11/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132727 | Closed | 2025-10-10 08:39 | 2025-10-22 10:52 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and valideted - Due Diligence Vendor-10/22/2025 <br>Resolved-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is not Missing - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-10/20/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, no verification of rent was provided. Lender provided approved exception dated prior to consummation citing 1x30 rental late and 1x30 mortgage late on another REO. <br> - Due Diligence Vendor-10/10/2025 |  | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and valideted - Due Diligence Vendor-10/22/2025 <br>Resolved-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is not Missing - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 961066 | Closed | 2025-10-07 06:00 | 2025-10-11 09:52 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 857298 | Closed | 2025-09-30 08:09 | 2025-11-19 14:34 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-The payoff statement shows account is current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-10/16/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. File is missing evidence 08/01 payment on subject property was made on time to meet lender GL. - Due Diligence Vendor-09/30/2025 |  | Waived-The payoff statement shows account is current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXX.pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 900061 | Closed | 2025-09-24 16:45 | 2025-10-10 10:28 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/24/2025 |  | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 900061 | Closed | 2025-09-21 01:44 | 2025-09-21 01:44 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a loan amount of $XXXXX per program guidelines, despite this requirement the qualifying loan amount is $57,500. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/21/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a loan amount of $XXXXX per program guidelines, despite this requirement the qualifying loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/21/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 279583 | Closed | 2025-09-28 09:48 | 2025-11-21 09:46 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025 |  | Waived-Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 279583 | Closed | 2025-09-20 11:29 | 2025-11-21 09:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 503 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Audited FICO of 503 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 279583 | Closed | 2025-09-20 10:59 | 2025-10-22 12:59 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Lender provided approved exception date post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/20/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Subject property mortgage history is missing. - Due Diligence Vendor-09/20/2025 |  | Waived-Lender provided approved exception date post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 279583 | Closed | 2025-10-01 13:19 | 2025-10-01 13:19 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025 |  | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 319802 | Closed | 2025-10-11 09:16 | 2025-11-21 10:07 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/11/2025<br>|  |  | Seasoned investor <br> High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 579397 | Closed | 2025-10-09 09:35 | 2025-10-11 08:22 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-10/09/2025 |  | Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-10/09/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 617981 | Closed | 2025-09-30 15:39 | 2025-10-10 10:52 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review provided with sufficient value for secondary review product, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/30/2025 |  | Acknowledged-Desk review provided with sufficient value for secondary review product, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 581725 | Closed | 2025-09-17 04:54 | 2025-09-17 05:37 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 10/13/2025 8:53 | 11/19/2025 8:45 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Open-Property Condition Does Not Meet Requirements. Appraisal states property condition as fair with average quality construction. No specific items causing the condition of fair were noted, states consistent with market standards and no obsolescence noted. There is nothing evident in the pictures and the appraiser did not go into detail of why he graded the property in fair condition. The subject is XX-year-old and looks to have limited to no updates since being built. It is being used in an automotive capacity, which tend to look very messy compared to other types of businesses. The metal siding around the sides and rear of the building appears to be fading and pulling up from the main structure. There does not appear to be anything wrong with the interior of the building from the pictures provided. - Due Diligence Vendor-11/24/2025 <br>Acknowledged- - Due Diligence Vendor-11/19/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/20/2025 | XXX did not view the property condition as material in terms of underwriting as there were no specific items of deferred maintenance or health and safety issues noted. XXX expects the borrower to maintain the property and complete any necessary repairs. - 11/19/2025 <br>| Acknowledged- - Due Diligence Vendor-11/19/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-10 06:13 | 2025-10-13 09:16 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio 0.561 of is below guideline minimum of 1. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-10/10/2025 |  | Waived-Commercial Debt Service Coverage Ratio 0.561 of is below guideline minimum of 1. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-10/10/2025<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 11:17 | 2025-11-19 14:40 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Missing condo master insurance policy. - Due Diligence Vendor-10/06/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 12:22 | 2025-10-21 14:17 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/13/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/13/2025<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 12:22 | 2025-10-21 14:17 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 648 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/13/2025 |  | Waived-Audited FICO of 648 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/13/2025<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 13:06 | 2025-10-14 13:06 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guidelines require Charge-off accounts to be paid off at closing if total balance of all the account exceeds XXX. Despite this requirement charge-off account were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guidelines require Charge-off accounts to be paid off at closing if total balance of all the account exceeds XXX. Despite this requirement charge-off account were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 06:26 | 2025-11-21 09:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 648 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited FICO of 648 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-20 05:27 | 2025-09-25 05:32 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/20/2025<br>|  |  | Seasoned Investor <br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-17 07:52 | 2025-09-17 07:52 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 640 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025 |  | Waived-Audited FICO of 640 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/17/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 14:03 | 2025-11-19 14:42 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 638 is less than Guideline FICO of 650 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Audited FICO of 638 is less than Guideline FICO of 650 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Seasoned Business<br> Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 13:33 | 2025-11-19 14:42 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Rent (VOR) is (LOE) rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Rent (VOR) is (LOE) rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Seasoned Business<br> Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-08 10:50 | 2025-10-15 14:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 641 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/08/2025 |  | Waived-Audited FICO of 641 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/08/2025<br>|  |  | Property Condition <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-01 06:32 | 2025-11-19 14:53 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-01 07:04 | 2025-11-19 14:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 638 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 638. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025 |  | Waived-Audited FICO of 638 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 638. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/01/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-17 18:58 | 2025-10-01 10:58 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Initial valuation was out of tolerance however CDA was provided within tolerance. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/01/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/17/2025 |  | Acknowledged-Initial valuation was out of tolerance however CDA was provided within tolerance. The finding will be graded a B for S&P only. - Due Diligence Vendor-10/01/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-26 04:59 | 2025-10-06 03:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 638 is less than Guideline FICO of 650 The lender's guidelines state that the minimum FICO score 650. Audited FICO of 638 is less than Guideline FICO of 650. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited FICO of 638 is less than Guideline FICO of 650 The lender's guidelines state that the minimum FICO score 650. Audited FICO of 638 is less than Guideline FICO of 650. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Business<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 03:37 | 2025-10-06 03:37 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/06/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/06/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 14:15 | 2025-10-01 07:09 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | High Fico Guideline Fico 650 vs Actual Fico 701 | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-20 22:09 | 2025-09-22 10:21 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/21/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-28 11:47 | 2025-11-21 09:47 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/28/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-02 11:13 | 2025-10-02 11:19 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 major tradelines reporting. Despite this requirement, the credit report only reflects on major active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025 |  | Waived-Lender guidelines require a minimum of 2 major tradelines reporting. Despite this requirement, the credit report only reflects on major active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-02 10:49 | 2025-10-02 10:49 | Waived | 2 - Non-Material | Property | Missing Doc | Missing HOA/Condo Certification | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025<br>|  |  | Broker HOA Cert provided | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-02 10:46 | 2025-10-02 10:46 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Subject propert is XXX square feet less than the minimum required pe GL of 500. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025 |  | Waived-Property type is ineligible due to Subject propert is XXX square feet less than the minimum required pe GL of 500. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/02/2025 |  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-22 07:54 | 2025-11-19 14:12 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 12 months payment history not provided for the subject property as required by Guidelines. The file contained cancelled checks for the most recent 7 months but the terms of the original note were not provided to confirm a valid VOM. - Due Diligence Vendor-09/22/2025 |  | Waived-Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-01 12:24 | 2025-10-01 13:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Rent Loss Coverage | Waived-Hazard Insurance Policy does not reflect rent loss coverage. - Due Diligence Vendor-10/01/2025 |  | Waived-Hazard Insurance Policy does not reflect rent loss coverage. - Due Diligence Vendor-10/01/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 13:32 | 2025-10-13 13:32 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% due to first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/13/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% due to first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/13/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 12:28 | 2025-11-19 19:41 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing rent comparable schedule form 1007 | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/20/2025 <br>Open-Missing rent comparable schedule form 1007 - Due Diligence Vendor-10/10/2025 |  | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV <br> Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-10 12:48 | 2025-10-15 07:24 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Real Estate - property based Rural location. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/10/2025 |  | Waived-Property type is ineligible due to Real Estate - property based Rural location. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/10/2025<br>|  |  | Low LTV <br> Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 16:42 | 2025-10-10 12:04 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided with sufficient value for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/26/2025 |  | Acknowledged-Desk review with sufficient value provided with sufficient value for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:26 | 2025-09-26 16:00 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects 1X90-day late payment in last 24 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects 1X90-day late payment in last 24 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-21 04:47 | 2025-09-26 15:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 649 is less than Guideline FICO of 650 The lender's guidelines require a minimum FICO of 650. Despite this requirement, the documentation in the file indicates a FICO of 649. Lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/21/2025 |  | Waived-Audited FICO of 649 is less than Guideline FICO of 650 The lender's guidelines require a minimum FICO of 650. Despite this requirement, the documentation in the file indicates a FICO of 649. Lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/21/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-21 10:27 | 2025-11-21 10:28 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/21/2025 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-26 12:45 | 2025-11-19 14:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 643 is less than Guideline FICO of 650 The lender's guidelines state that Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO 643. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited FICO of 643 is less than Guideline FICO of 650 The lender's guidelines state that Minimum FICO 650. Despite this requirement, the documentation in the file indicates a FICO 643. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 12:38 | 2025-10-07 12:38 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Lender GL state max 1x30 mortgage lates but no late payments in the most recent 90 days. Despite this requirement, the credit report reflects a 30-day late payment 06/2025. Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender GL state max 1x30 mortgage lates but no late payments in the most recent 90 days. Despite this requirement, the credit report reflects a 30-day late payment 06/2025. Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-11 13:47 | 2025-11-11 13:48 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The finding is acknowledged and will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/11/2025 <br>Open-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-11/11/2025 |  | Acknowledged-The finding is acknowledged and will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/11/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-16 06:34 | 2025-09-16 06:34 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. //The loan file is missing a complete VOM for the borrower's primary residence, missing evidence of the 08/01 payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. //The loan file is missing a complete VOM for the borrower's primary residence, missing evidence of the 08/01 payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/16/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-28 09:52 | 2025-10-27 12:05 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br>Open-Audited LTV of 75.98% exceeds Guideline LTV of 75% . - Due Diligence Vendor-09/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-28 09:52 | 2025-10-06 12:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/06/2025 <br>Waived-Audited FICO of 638 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/06/2025 <br>Waived-Audited FICO of 638 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-09/28/2025<br>|  |  | 1. Property Condition<br> 2.Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-09 13:59 | 2025-10-13 07:08 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.06 is below guideline minimum of 1.20. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.06 is below guideline minimum of 1.20. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-09 06:14 | 2025-10-16 09:57 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 620 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 620. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited FICO of 620 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 620. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025<br>|  |  | Seasoned Investor. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 10:45 | 2025-11-11 14:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br> Ready for Review-Document Uploaded. Property Equity - Buyer-11/10/2025 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min loan amount of 75,000 per program guidelines, despite this requirement the qualifying loan amount is XXXXX. Lender provided approved exception dated prior to consummation, however the comp factor listed of low LTV is not valid. - Due Diligence Vendor-10/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-01 15:57 | 2025-10-10 12:31 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/01/2025 |  | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-08 14:42 | 2025-10-11 18:24 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-As per guidelines, rural properties are ineligible. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/08/2025 |  | Waived-As per guidelines, rural properties are ineligible. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 15:36 | 2025-10-10 12:46 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/30/2025 |  | Acknowledged-Desk review with sufficient value provided for secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-09 14:46 | 2025-11-21 09:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 630 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited FICO of 630 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/09/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-12 03:29 | 2025-10-13 05:41 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.04 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.04 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-09 18:14 | 2025-11-19 15:06 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 15:00 | 2025-11-21 10:07 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br>Ready for Review-Corrected Uploaded - Buyer-10/24/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.684 is below guideline minimum of 1.25. Lender provided approved exception for a DSCR .78, dated prior to consummation and all lender compensating factors have been documented and validated. Provide an updated loan approval with corrected lender exception. - Due Diligence Vendor-10/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 14:19 | 2025-11-19 15:08 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/06/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-11/04/2025 <br>Counter- - Due Diligence Vendor-10/27/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month verification or evidence the borrower's primary residence is owned free and clear. Despite this requirement, the property report provided for the primary residence does not reflect any recorded owner transfer documentation to determine a current lender or match to a credit report tradeline. - Due Diligence Vendor-10/13/2025 | No exception for VOM noted, just Sales and DSCR. - 10/27/2025 <br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/06/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-30 12:39 | 2025-11-21 09:53 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/30/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 13:54 | 2025-11-21 09:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 624 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/30/2025 |  | Waived-Audited FICO of 624 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 13:55 | 2025-11-21 09:52 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Credit Report has 1 active tradeline which does not meet G/L requirement of min 2 active tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/30/2025 |  | Waived-Credit Report has 1 active tradeline which does not meet G/L requirement of min 2 active tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 14:00 | 2025-11-21 09:52 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-09/30/2025 |  | Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 07:42 | 2025-10-06 07:42 | Waived | 2 - Non-Material | Property | Appraisal | Appraisal is Expired | Waived-Lender guidelines require an appraisal to be dated no more than 6 months prior to closing. Despite this requirement, the appraisal is greater than 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/06/2025 |  | Waived-Lender guidelines require an appraisal to be dated no more than 6 months prior to closing. Despite this requirement, the appraisal is greater than 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/06/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 07:20 | 2025-10-06 07:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Borrower Identification - Borrower 1 | Waived-Missing Borrower Identification - Borrower 1. The loan file is missing valid permanent resident identification. Lender provided approved exception dated prior to consumation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/06/2025 |  | Waived-Missing Borrower Identification - Borrower 1. The loan file is missing valid permanent resident identification. Lender provided approved exception dated prior to consumation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/06/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-22 13:21 | 2025-11-21 09:47 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 649 is less than Guideline FICO of 650.The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/28/2025 |  | Waived-Audited FICO of 649 is less than Guideline FICO of 650.The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/28/2025<br>|  |  | Strong Marketing Trends<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 14:03 | 2025-11-19 12:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 128.29% exceeds Guideline LTV of 75%. Lender guidelines require the value estimate is limited to the lessor of the original purchase price or the current appraised value when the borrower has been on title less than 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  | Waived-Audited LTV of 128.29% exceeds Guideline LTV of 75%. Lender guidelines require the value estimate is limited to the lessor of the original purchase price or the current appraised value when the borrower has been on title less than 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025<br>|  |  | Seasoned investor<br> Property condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-03 11:01 | 2025-11-21 09:53 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-08 12:51 | 2025-11-11 14:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/10/2025 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided an approved exception dated prior to consummation; however, low LTV is not a valid comp factor on a Fast50 loan. - Due Diligence Vendor-10/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/11/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-09 08:20 | 2025-10-09 08:20 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines stipulate that a 12-month payment history must be provided for any mortgage held by a private lender. Although the PDR (page 159) indicates the existence of a mortgage account associated with the subject property, the Verification of Mortgage (VOM) documentation has not been provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines stipulate that a 12-month payment history must be provided for any mortgage held by a private lender. Although the PDR (page 159) indicates the existence of a mortgage account associated with the subject property, the Verification of Mortgage (VOM) documentation has not been provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/09/2025<br>|  |  | High Fico<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 14:46 | 2025-11-21 09:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 614 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Audited FICO of 614 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 14:19 | 2025-10-27 13:45 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Recent 12 months mortgage history/VOM is missing for Subject Property. - Due Diligence Vendor-10/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-21 10:30 | 2025-11-21 10:30 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/21/2025 |  | Acknowledged-CDA with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-27 08:06 | 2025-10-06 05:29 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/27/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-27 09:44 | 2025-10-06 05:29 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The lender's guidelines state that the owned period should be minimum 12 months. Despite this requirement, the documentation in the file indicates a seasoning period of only 10 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/27/2025 |  | Waived-The lender's guidelines state that the owned period should be minimum 12 months. Despite this requirement, the documentation in the file indicates a seasoning period of only 10 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-09/27/2025<br>|  |  | Property condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 11:24 | 2025-10-14 11:24 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  |  | Seasoned investor and strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 08:54 | 2025-10-11 19:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 613 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Audited FICO of 613 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 17:08 | 2025-10-10 14:19 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as the secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/06/2025 |  | Acknowledged-Desk review with sufficient value provided as the secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/10/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-23 07:15 | 2025-09-26 09:15 | Waived | 2 - Non-Material | Property | Property | Subject property was listed for sale within a time period not allowed per guidelines | Waived-Subject property was recently listed on XX/XX/XXXX and withdrawn on XX/XX/XXXX, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Subject property was recently listed on XX/XX/XXXX and withdrawn on XX/XX/XXXX, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV <br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-16 11:32 | 2025-09-16 12:00 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Second mortgage in husband's name only per payoff and not reporting on borrower's credit so missing the history, Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Second mortgage in husband's name only per payoff and not reporting on borrower's credit so missing the history, Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/16/2025<br>|  |  | Seasoned<br> Investor<br>Strong<br> Marketing<br> Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 18:10 | 2025-09-30 18:10 | Waived | 2 - Non-Material | Credit | Assets | Cash Out Does Not Meet Guideline Requirements | Waived-Lender's guidelines require properties listed for sale within past 6 months to be off market (evidenced by expired or cancelled listing or commentary within the appraisal), eligible for rate/term refinances and value based on lesser of lowest list price, appraised value or underwritten value. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Lender's guidelines require properties listed for sale within past 6 months to be off market (evidenced by expired or cancelled listing or commentary within the appraisal), eligible for rate/term refinances and value based on lesser of lowest list price, appraised value or underwritten value. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 08:58 | 2025-09-30 18:08 | Waived | 2 - Non-Material | Property | Property | Subject property was listed for sale within a time period not allowed per guidelines | Waived-Lender's guidelines require properties listed for sale within past 6 months to be off market (evidenced by expired or cancelled listing or commentary within the appraisal), eligible for rate/term refinances and value based on lesser of lowest list price, appraised value or underwritten value. Subject property was originally listed on XX/XX/XXXX and it was temporary, taken off the market on XX/XX/XXXX verified from the appraisal report, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Lender's guidelines require properties listed for sale within past 6 months to be off market (evidenced by expired or cancelled listing or commentary within the appraisal), eligible for rate/term refinances and value based on lesser of lowest list price, appraised value or underwritten value. Subject property was originally listed on XX/XX/XXXX and it was temporary, taken off the market on XX/XX/XXXX verified from the appraisal report, listing happened within last 6 months. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:44 | 2025-10-06 05:40 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 632 is less than Guideline FICO of 650 Audited FICO of 632 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited FICO of 632 is less than Guideline FICO of 650 Audited FICO of 632 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:44 | 2025-10-06 05:40 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:46 | 2025-10-06 05:40 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 05:53 | 2025-11-21 09:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% as per guideline for First time investor. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% as per guideline for First time investor. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 12:49 | 2025-10-16 17:29 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-08 05:27 | 2025-10-27 13:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br> Ready for Review-Document Uploaded. Corrected Loan approval uploaded - Buyer-10/24/2025 <br> Open-Hazard Insurance Policy Partially Provided Lender GL require Personal Liability coverage of $XXXXXX. Despite this requirement, the policy provided only reflect coverage of $XXXXXX. Lender provided approved exception dated prior to consummation but was approved as unmitigated. - Due Diligence Vendor-10/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-30 09:48 | 2025-10-08 17:03 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements VOM notes 9x30 and 2x 60 days in past 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements VOM notes 9x30 and 2x 60 days in past 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-30 15:00 | 2025-10-08 05:16 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025 |  | Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/30/2025<br>|  |  | Low LTV <br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-21 05:57 | 2025-11-06 17:11 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/06/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-11/04/2025 <br>Counter-The approval shows an exception for "Assets", but the comp factors are not valid. One of the comp factors is Strong Reserves but the finding itself is for a lack of reserves. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br>Open-Total Qualified Assets for Reserves Post-Close of $790.53 is less than Total Required Reserve Amount of $10634.43 - Due Diligence Vendor-10/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/06/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf <br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned business | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-13 16:08 | 2025-10-21 05:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025<br>|  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-21 05:10 | 2025-10-21 05:58 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major credit/mortgage accounts. Despite this requirement only one major account is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/21/2025 |  | Waived-Lender guidelines require a minimum of two active major credit/mortgage accounts. Despite this requirement only one major account is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/21/2025<br>|  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-21 10:32 | 2025-11-21 10:33 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/21/2025 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/21/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-23 08:49 | 2025-11-21 09:48 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 636 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/23/2025 |  | Waived-Audited FICO of 636 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/23/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-28 12:58 | 2025-10-05 08:39 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Credit report has multiple late payments in last 12 months (2x30) but as per G/L states allow one late payment in last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/28/2025 |  | Waived-Credit report has multiple late payments in last 12 months (2x30) but as per G/L states allow one late payment in last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 14:50 | 2025-11-21 09:54 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing proof of residency status for Non-US Citizen (Borrower 1) | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 15:06 | 2025-10-07 15:06 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Refinances without escrow accounts require evidence that the first-year premium has been paid if expiration date is within 60 days of close or proof borrower established payment plan, neither of which provided in loan file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Hazard Insurance Policy Partially Provided Refinances without escrow accounts require evidence that the first-year premium has been paid if expiration date is within 60 days of close or proof borrower established payment plan, neither of which provided in loan file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-21 10:59 | 2025-10-28 10:46 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-Corrected Uploaded<br>Please disregard comment for DL. That was written in error - Buyer-10/24/2025 <br>Open-Commercial Debt Service Coverage Ratio of .68 is below guideline minimum of 1.00 for a refinance transaction of an owner user property with a loan amount greater than $100,000. The lender provided an approved unmitigated exception dated prior to consummation for a DSCR of .71. - Due Diligence Vendor-10/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025<br>|  |  | Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-21 10:34 | 2025-10-28 10:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-corrected uploaded - Buyer-10/24/2025 <br>Open-Audited LTV of 75% exceeds Guideline LTV of 70% Lender provided an approved unmitigated exception. - Due Diligence Vendor-10/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025<br>|  |  | Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-12 07:44 | 2025-10-16 19:02 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender's guidelines require mortgage payment histories for the past 12 months. Despite this requirement, the last payment made on the subject property was XX/XXXX - loan maturity was XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. <br> - Due Diligence Vendor-10/12/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender's guidelines require mortgage payment histories for the past 12 months. Despite this requirement, the last payment made on the subject property was XX/XXXX - loan maturity was XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. <br> - Due Diligence Vendor-10/12/2025 |  |  | Property Condition<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-09 10:25 | 2025-10-16 18:52 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000 As per guideline, Audited Loan Amount of $XXXXXXXX is greater than the Guideline Maximum Loan Amount of $2,000,000. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000 As per guideline, Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2,000,000. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/09/2025 |  |  | Property Condition<br> FICO score | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-16 18:48 | 2025-10-16 18:48 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender's guidelines require mortgage payment histories for the past 12 months. Despite this requirement, the last payment made on the subject property was XX/XXXX - loan maturity was XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender's guidelines require mortgage payment histories for the past 12 months. Despite this requirement, the last payment made on the subject property was XX/XXXX - loan maturity was XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/16/2025 |  |  | Property condition, strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-09 10:25 | 2025-10-12 08:03 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Open-Audited FICO of 632 is less than Guideline FICO of 650 As per guideline, Audited FICO of 632 is less than Guideline FICO of 650. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/09/2025 |  |  |  |  | Property Condition<br> FICO score | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-15 11:19 | 2025-10-15 11:21 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/15/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/15/2025 |  | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/15/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-04 10:21 | 2025-11-21 09:54 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025 <br> Ready for Review-The comment the reviewer is referencing is limited to seasoned investor (Seasoned investor or seasoned business (XXX defines seasoned investor as a borrower that owns a minimum of 2<br> investments properties, for at least 24 months); not seasoned business. - Buyer-10/24/2025 <br> Counter-Lender provided approved exception dated prior to consummation and listed Seasoned Business as the only compensating factor. Based on the most recent lender guidelines, a Seasoned Business is defined as a borrower that owns a minimum of 2 investment properties for at least 24 months; however, only 1 investment property was documented. - Due Diligence Vendor-10/17/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-10/16/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No proof of VOM payments provided for the subject property. Lender provided approved exception dated prior to consummation and considered the property condition as the only compensating factor. Based on the most recent lender guidelines, this is no longer an acceptable compensating factor. - Due Diligence Vendor-10/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/27/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-16 16:24 | 2025-11-19 13:48 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA provided with sufficient value for a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/19/2025 <br>Open-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-10/16/2025 |  | Acknowledged-CDA provided with sufficient value for a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-09 14:58 | 2025-10-16 16:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Processor Certification is provided for VOR. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/09/2025 |  | Waived-Processor Certification is provided for VOR. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/09/2025<br>|  |  | Strong DCR<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-21 10:07 | 2025-10-28 11:31 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-10/24/2025 <br>Open-Commercial Debt Service Coverage Ratio of .844 is below guideline minimum of 1.25 for a non-owner user Traditional 2 property with a loan amount greater than $500,000 - Due Diligence Vendor-10/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-11 04:11 | 2025-10-11 04:11 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Primary property does not have 12 months housing history. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Primary property does not have 12 months housing history. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/11/2025<br>|  |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-27 17:22 | 2025-11-19 08:41 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-11/19/2025 <br>Open- - Due Diligence Vendor-11/19/2025 <br>Open-Property Damage Present. Per the owner roof is under repair and the work will be completed by 9/6/25; unit 7 has a cracked windowpane, but no jagged edges or broken glass is exposed. - Due Diligence Vendor-10/27/2025 <br>Open-Property Damage Present. Per the owner roof is under repair and the work will be completed by 9/6/25; unit 7 has a cracked window pane, but no jagged edges. - Due Diligence Vendor-10/27/2025 | 50% LTV. The appraiser confirmed that the roof was being repaired at the time of inspection which was reported to be completed that same day. The interior was reported as average and habitable. XXX hasn't confirmed the status of roof repairs but expects that the borrower completed the roof repairs and will complete any additional repairs needed to the property. - 11/19/2025 <br>| Acknowledged- - Due Diligence Vendor-11/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-09-22 07:25 | 2025-09-25 12:12 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender Guidelines allows a First-time investor, with a 5% LTV reduction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender Guidelines allows a First-time investor, with a 5% LTV reduction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/22/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 08:47 | 2025-10-22 09:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived- - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Lender provided approved exception dated post close to use the current value to calculate the LTV - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-10/20/2025 <br> Open-Audited LTV of 155.63% exceeds Guideline LTV of 75% Lender GL state the value estimated is limited to the lessor of the original purchase price or the current appraised value on a cash out refinance of a recent purchase. Documentation in file reflects a purchase price of $XXXXXX on XX/XX/XXXX - Due Diligence Vendor-10/14/2025 |  |  | XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-12 04:40 | 2025-10-12 04:40 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Min 12 months required for subject but acquired on XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025 |  | Waived-Min 12 months required for subject but acquired on XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025 |  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-12 04:07 | 2025-10-12 04:39 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free and pay a monthly housing payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/12/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free and pay a monthly housing payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/12/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 06:36 | 2025-09-28 13:43 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender's guidelines require a VOR from a management company, or cancelled checks from the borrower for the most recent 12 months. Despite this requirement, the VOR provided appears to have been completed by a private party and no cancelled checks were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender's guidelines require a VOR from a management company, or cancelled checks from the borrower for the most recent 12 months. Despite this requirement, the VOR provided appears to have been completed by a private party and no cancelled checks were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 14:11 | 2025-10-14 08:21 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Though, the account is current, The VOM provided is in the name of wife only. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Though, the account is current, The VOM provided is in the name of wife only. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 07:30 | 2025-10-20 12:49 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 12 months Housing history not provided for primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 12 months Housing history not provided for primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 16:11 | 2025-10-15 12:55 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/15/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-10/13/2025 |  | Acknowledged-Desk review with sufficient value provided as secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-10/15/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-14 12:19 | 2025-10-22 09:49 | Waived | 2 - Non-Material | Property | Property | Property is listed for sale | Waived- - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Back to Opus. Looks like exception has been written and approved. - Buyer-10/20/2025 <br>Open-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  |  |  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 10:56 | 2025-10-22 09:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Updated Loan Exception received, finding resolved - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-10/20/2025 <br>Open-Hazard Insurance Policy Partially Provided As per lender guideline an ACORD Form 27 or ACORD 28 combined with an ACORD 25S, or ACORD 75S are acceptable as temporary evidence of insurance. Despite this requirement hazard insurance present in the loan file is on basic form. Lender provided approved exception dated prior to consummation but was approved as unmitigated with no compensating factors - Due Diligence Vendor-10/07/2025 |  | Waived-Updated Loan Exception received, finding resolved - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-07 10:35 | 2025-10-07 11:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 620 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 620. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Audited FICO of 620 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 620. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | Strong marketing trends.<br> Property Condition. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 13:09 | 2025-11-21 10:00 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 536 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Audited FICO of 536 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/10/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 08:24 | 2025-11-21 10:00 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/13/2025 |  | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/13/2025 |  |  | Seasoned Investor <br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-20 14:23 | 2025-10-20 14:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 76.39% exceeds Guideline LTV of 75%. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/20/2025 |  | Waived-Audited LTV of 76.39% exceeds Guideline LTV of 75%. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/20/2025<br>|  |  | Seasoned Investor <br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 14:27 | 2025-10-14 14:27 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Lender guidelines do not allow a foreclosure to be reported within the 24- month period prior to the credit report date. Despite this condition, a foreclose is reported on XX/XX/XXXX on the PDR. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  | Waived-Lender guidelines do not allow a foreclosure to be reported within the 24- month period prior to the credit report date. Despite this condition, a foreclose is reported on XX/XX/XXXX on the PDR. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/14/2025 |  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-13 09:33 | 2025-10-14 14:12 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided after XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided after 1/25. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/13/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-10 06:16 | 2025-10-11 11:53 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-Lender guidelines allow a max of 3% of seller concessions. Despite this condition the seller concessions exceed guideline requirements. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025 |  | Waived-Lender guidelines allow a max of 3% of seller concessions. Despite this condition the seller concessions exceed guideline requirements. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/10/2025<br>|  |  | Strong Marketing Trends<br> Property Condition | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-06 09:04 | 2025-11-21 10:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Documentation received, finding resolved with updated Lender exception - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-10/20/2025 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min Loan Amount of $75,000 per program guidelines, despite this requirement the Loan Amount is $XXXXX. Lender provided approved exception dated prior to consummation wiyj mo compensating factors.<br>- Due Diligence Vendor-10/06/2025 |  | Waived-Documentation received, finding resolved with updated Lender exception - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-09 16:38 | 2025-10-09 16:41 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% For First time investor, as per Matrix 5% of LTV reduction required therefore current LTV reduced to 5%. Lender provided approved exception dated prior to consummation but not all lender compensating factors were validated and documented. Lender cited strong reserves which were not validated. - Due Diligence Vendor-10/09/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% For First time investor, as per Matrix 5% of LTV reduction required therefore current LTV reduced to 5%. Lender provided approved exception dated prior to consummation but not all lender compensating factors were validated and documented. Lender cited strong reserves which were not validated. - Due Diligence Vendor-10/09/2025<br>|  |  | Strong<br> Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 06:45 | 2025-10-14 06:45 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 active major consumer credit or mortgage accounts. Despite this requirement, only one active consumer account is reported along with 2 authorized user accounts. Lender provided approved exception dated prior to consummation and all lender compensating facors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  | Waived-Lender guidelines require a minimum of 2 active major consumer credit or mortgage accounts. Despite this requirement, only one active consumer account is reported along with 2 authorized user accounts. Lender provided approved exception dated prior to consummation and all lender compensating facors have been documented and validated. - Due Diligence Vendor-10/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-11 03:21 | 2025-10-11 03:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-10/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 05:20 | 2025-10-14 05:23 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two major active consumer credit accounts. Despite this requirement, only one individual account is noted on the credit report. The remaining two open accounts are reported as authorized user accounts. - Due Diligence Vendor-10/14/2025 |  | Waived-Lender guidelines require a minimum of two major active consumer credit accounts. Despite this requirement, only one individual account is noted on the credit report. The remaining two open accounts are reported as authorized user accounts. - Due Diligence Vendor-10/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 05:09 | 2025-10-14 05:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month payment history for verification of primary residence rent. Despite this requirement, no VOR was available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month payment history for verification of primary residence rent. Despite this requirement, no VOR was available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-18 10:18 | 2025-10-18 10:18 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Rural property due to population. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/18/2025 |  | Waived-Property type is ineligible due to Rural property due to population. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/18/2025<br>|  |  | FICO<br> Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-07 14:45 | 2025-11-21 10:06 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 638 is less than Guideline FICO of 650 . Lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-10/07/2025 |  | Waived-Audited FICO of 638 is less than Guideline FICO of 650 . Lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-10/07/2025<br>|  |  | $2066 rent vs $1357 proposed payment, XX XX, Bwr has owned subj and an investment property since XXXX | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-01 08:29 | 2025-11-21 09:55 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-The lender's guidelines state that the rent free is not allowed. Despite this requirement, the documentation in the file indicates a rent Free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/01/2025 |  | Waived-The lender's guidelines state that the rent free is not allowed. Despite this requirement, the documentation in the file indicates a rent Free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-10/01/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-08 07:51 | 2025-10-17 11:47 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/16/2025 <br>Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require ap payment history to reflect no more than 1x30 in the most recent 12 months, no late payments in the previous 90 days and that the loan must be current at close. Despite this requirement, the payment history provided reflects a date last paid of 11/2024. - Due Diligence Vendor-10/08/2025 |  | Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-08 08:01 | 2025-10-08 08:03 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer/mortgage accounts. Despite this requirement, the credit report reflects 0 current/active accounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/08/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer/mortgage accounts. Despite this requirement, the credit report reflects 0 current/active accounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/08/2025<br>|  |  | Seasoned Investor<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 11:13 | 2025-10-08 06:33 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no mortgage payment has been made on subject property since XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no mortgage payment has been made on subject property since XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025 |  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 12:22 | 2025-10-08 06:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025 |  | Waived-Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 12:35 | 2025-10-08 06:33 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, 0 active tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, 0 active tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:52 | 2025-10-01 10:14 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, 0 active tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer credit accounts. Despite this requirement, 0 active tradeline was reported on the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 14:53 | 2025-10-01 10:13 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025 |  | Waived-Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/26/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-09-26 13:27 | 2025-10-01 10:13 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no mortgage payment has been made on subject property since XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br>- Due Diligence Vendor-09/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no mortgage payment has been made on subject property since XX/XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br>- Due Diligence Vendor-09/26/2025 |  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-20 13:15 | 2025-10-28 09:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-Duplicative to the prior exception for reserves. - Buyer-10/24/2025 <br>Open-Audited Reserves of 1.31 month(s) are less than Guideline Required Reserves of 3 month(s) - Due Diligence Vendor-10/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025<br>|  |  | Low LTV<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-20 13:14 | 2025-10-28 09:25 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/24/2025 <br>Open-Total Qualified Assets for Reserves Post-Close of $10306.65 is less than Total Required Reserve Amount of $23628.66 - Due Diligence Vendor-10/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-10/28/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-12 10:41 | 2025-10-20 13:19 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.781 is below guideline minimum of 1.20. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.781 is below guideline minimum of 1.20. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-10/12/2025<br>|  |  | Low LTV<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-27 17:27 | 2025-11-19 09:00 | Acknowledged | 2 - Non-Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-11/19/2025 <br>Open-Property Damage Present. Average condition based on completion of rehab, executed escrow holdback agreement with bid included in the loan file. At the time of inspection, the subject was in the process of being rehabbed and had received new flooring, several windows, updated electrical and plumbing systems, new water lines, new water heaters, updated drywall, and new kitchen cabinets in Unit 1. Items still incomplete include kitchen cabinets in Units 2 and 3, kitchen countertops, appliances, all furnaces, air conditioning systems, some floor and window trim, and portions of flooring. The exterior of the building is deteriorated, with areas of damaged masonry and peeling paint. - Due Diligence Vendor-11/19/2025 <br>Resolved-Documentation received, finding resolved. - Due Diligence Vendor-11/11/2025 <br>Ready for Review-Document Uploaded. Repair holdback and security agreement uploaded - Buyer-11/10/2025 | 50% LTV. 90- day escrow holdback in file for $79,987.50 to cover the installation of caabinets, countertops, exterior security doors, windows, electrical wires and plumbing. - 11/19/2025 <br>| Acknowledged- - Due Diligence Vendor-11/19/2025 <br>Resolved-Documentation received, finding resolved. - Due Diligence Vendor-11/11/2025<br>| Repair Holdback and Security Instrument (1).pdf |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-13 13:10 | 2025-10-22 08:18 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Lender provided approved exception dated post consummation to use the appraised value vs purchase price and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/22/2025 <br> Ready for Review- - Due Diligence Vendor-10/22/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval for use of current value. - Buyer-10/20/2025 <br> Open-Audited LTV of 118.16% exceeds Guideline LTV of 50% based on the original purchase price of $XXXXXX. - Due Diligence Vendor-10/14/2025 <br> Open-Audited LTV of 113.1% exceeds Guideline LTV of 50% Audited CLTV of 113.1% exceeds Guideline CLTV of 50%. Lender guidelines require that the value estimate is limited to the lessor of the original purchase price or the current appraised value on cash out refinance with less than 12 months seasoning. NO lender exception was noted. - Due Diligence Vendor-10/13/2025 |  | Waived-Lender provided approved exception dated post consummation to use the appraised value vs purchase price and all lender compensating factors have been documented and validated - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-05 04:21 | 2025-10-22 08:04 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing rent comparable schedule form 1007 | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Counter-Please upload the referenced Loan Approval with noted exception - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-10/20/2025 <br>Open-Missing rent comparable schedule for 2–4-unit subject property - Due Diligence Vendor-10/05/2025 |  | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-06 07:25 | 2025-11-18 14:05 | Acknowledged | 2 - Non-Material | Credit | Insurance | Hazard Insurance Effective Date is after the Note Date | Acknowledged-We grade the finding non-material when the effective date is after closing but before funding. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-this is OK. the effective date is prior to the fund date of XX/XX/XXXX - Buyer-11/15/2025 <br> Open-Hazard Insurance Effective Date of XX/XX/XXXX is after the Note Date of XX/XX/XXXX Hazard Insurance Effective Date of XX/XX/XXXX is before Disbursement date of XX/XX/XXXX - Due Diligence Vendor-11/06/2025 |  | Acknowledged-We grade the finding non-material when the effective date is after closing but before funding. - Due Diligence Vendor-11/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-10 05:46 | 2025-11-19 15:07 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-10/20/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.944 is below guideline minimum of 1.00. The lender failed to accurately calculate based on the verified HOI premium. - Due Diligence Vendor-10/10/2025 |  | Waived-Lender provided approved exception dated post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/22/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Property equity | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-10-14 07:14 | 2025-10-14 07:14 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. A letter of explanation was provided; however, evidence of payment is partial and not provided complete 12-months, last check provided was for the month of XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. A letter of explanation was provided; however, evidence of payment is partial and not provided complete 12-months, last check provided was for the month of XX/XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-10-14 06:54 | 2025-10-14 06:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-10/14/2025<br>|  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 15:37 | 2025-11-21 10:10 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 11th month housing history for subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/07/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 11th month housing history for subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/07/2025<br>|  |  | High Fico<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-11 13:22 | 2025-11-11 13:22 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Documentation in the file indicated the property does not meet the minimum 12 months seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-11/11/2025 |  | Waived-Documentation in the file indicated the property does not meet the minimum 12 months seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-11/11/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-06 12:32 | 2025-11-19 15:08 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Photo ID is expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-11/15/2025 <br> Open-Borrower photo ID expiration date is 10-17-2025 and note is dated XX/XX/XXXX. - Due Diligence Vendor-11/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-06 13:25 | 2025-11-06 13:25 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 639 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/06/2025 |  | Waived-Audited FICO of 639 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/06/2025<br>|  |  | FICO <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-14 01:51 | 2025-11-14 15:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM Is private - processor cert in document, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-11/14/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM Is private - processor cert in document, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-11/14/2025<br>|  |  | VOM | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-14 05:32 | 2025-11-14 15:25 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Notice of default - lates on subject due to loan maturity XX/XXXX, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-11/14/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Notice of default - lates on subject due to loan maturity 10/2025, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-11/14/2025<br>|  |  | Strong<br> Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-13 14:29 | 2025-11-18 12:13 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/18/2025 <br>Ready for Review-Document Uploaded. secondary valuation within tolerance - Buyer-11/16/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/13/2025 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-07 06:42 | 2025-11-18 10:33 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Photo ID is expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-Document Uploaded. Exception noted om uploaded approval - Buyer-11/17/2025 <br> Open-Borrower photo ID expiration date is 10-17-2025 and note is dated XX/XX/XXXX. - Due Diligence Vendor-11/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-07 06:59 | 2025-11-07 06:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 639 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 639. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/07/2025 |  | Waived-Audited FICO of 639 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 639. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/07/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 09:04 | 2025-11-13 12:21 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require borrower to exhibit at least two active major consumer credit and/or mortgage accounts to be eligible for the programs. Despite this requirement only 1 revolving account is reported in credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025 |  | Waived-Lender guidelines require borrower to exhibit at least two active major consumer credit and/or mortgage accounts to be eligible for the programs. Despite this requirement only 1 revolving account is reported in credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 10:07 | 2025-11-14 17:09 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the Primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the Primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 10:11 | 2025-11-14 17:09 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require borrower to exhibit at least two active major consumer credit and/or mortgage accounts to be eligible for the programs. Despite this requirement only 1 revolving account is reported in credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025 |  | Waived-Lender guidelines require borrower to exhibit at least two active major consumer credit and/or mortgage accounts to be eligible for the programs. Despite this requirement only 1 revolving account is reported in credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025<br>|  |  | Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 17:25 | 2025-11-21 10:11 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 643 is less than Guideline FICO of 650 Audited FICO of 643 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025 |  | Waived-Audited FICO of 643 is less than Guideline FICO of 650 Audited FICO of 643 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/07/2025<br>|  |  | Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-15 05:43 | 2025-11-15 05:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 72.86% exceeds Guideline LTV of 70% Lender GL require maximum LTV of 70% for a loan amount greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/15/2025 |  | Waived-Audited LTV of 72.86% exceeds Guideline LTV of 70% Lender GL require maximum LTV of 70% for a loan amount greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/15/2025<br>|  |  | Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-11 13:29 | 2025-11-11 13:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. As per guideline, cancelled checks from the borrower for the past 12 months is required for private party VOM. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. As per guideline, cancelled checks from the borrower for the past 12 months is required for private party VOM. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/11/2025<br>|  |  | Property Condition<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-07 18:45 | 2025-11-21 10:12 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/08/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/08/2025 |  |  | High Fico<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 11/7/2025 18:25 | 11/18/2025 14:19 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Open-Property Condition Does Not Meet Requirements. Appraisal reflects C5 condition as not habitable in current state. The loft is missing flooring and has some drywall damage evident in the pictures. The main become is missing flooring and light fixtures in the kitchen are hanging down showing exposed wires. - Due Diligence Vendor-11/25/2025 <br>Acknowledged-Unable to Resolve- - Due Diligence Vendor-11/18/2025 <br>Unable to Resolve-Unable to Resolve-Seller commentary - Purchase transaction. Appraisal made as-is and current property condition reflected in value/LTV. Property needs some work, but XXX expects the borrower to complete the necessary repairs to bring the property to rentable condition. <br> - Buyer-11/17/2025 |  | Acknowledged-Unable to Resolve- - Due Diligence Vendor-11/18/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-13 06:21 | 2025-11-18 14:13 | Acknowledged | 2 - Non-Material | Credit | Insurance | Master Policy Expiration Date is Prior To the Transaction Date | Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-11/17/2025 <br> Open-Master Policy Expiration Date of XX/XX/XXXXX is Prior To the Transaction Date of XX/XX/XXXX - Due Diligence Vendor-11/13/2025 |  | Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-11/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO<br> Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-14 04:46 | 2025-11-21 10:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/14/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/14/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-14 17:23 | 2025-11-18 12:35 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/18/2025 <br>Ready for Review-Document Uploaded. secondary val within tolerance attached - Buyer-11/16/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. I initial BPO out of tolerance. - Due Diligence Vendor-11/14/2025 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-11/18/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  |  | Closed | 2025-11-08 06:16 | 2025-11-08 06:16 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 641 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 641. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/08/2025 |  | Waived-Audited FICO of 641 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 641. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/08/2025<br>|  |  | Seasoned Business<br> Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-08 05:45 | 2025-11-08 05:45 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/08/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/08/2025<br>|  |  | Seasoned Business<br> Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  |  | Closed | 2025-11-11 13:37 | 2025-11-15 05:59 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Documentation in the file indicated the property does not meet the minimum 12 months seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-11/11/2025 |  | Waived-Documentation in the file indicated the property does not meet the minimum 12 months seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-11/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |

---

## Exhibit 99.14

**Exhibit 99.14**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXXX |  | 955641 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 642732 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 573444 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 774754 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 687386 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 133394 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 589786 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 764196 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 141213 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 796862 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 604459 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 887207 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 199516 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 599671 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 323150 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 828448 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 224498 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 356484 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 669187 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 280322 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 874928 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 223269 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 729291 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 278055 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 485932 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 913961 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 910431 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 253072 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 716515 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 282037 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 433953 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 858470 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 245785 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 715111 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 476860 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 278636 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 322762 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 301121 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 253512 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 142749 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 911702 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 644604 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 245306 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 860698 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 403158 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 732115 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 349520 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 301552 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 194160 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 419736 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 203251 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 309181 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 760784 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 338402 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 609927 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 841543 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 791763 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 806987 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 122358 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 906798 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 750702 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 321836 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 772787 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 982425 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 401889 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 311664 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 356908 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 630210 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 979480 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 149501 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 941063 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 787193 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 390629 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 827059 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 984473 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 568591 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 282423 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 166585 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 584097 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 262015 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 622816 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 604702 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 183929 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 801735 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 999793 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 406982 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 442824 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 792550 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 327884 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 899997 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 536716 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 983284 | $XXX,XXX.XX B |  |  |  |  | - C |
| XXXXX |  | 413202 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 884238 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 501362 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 864608 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 228072 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 714166 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 138034 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 948476 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 931087 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 411120 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 692210 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 827383 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 463551 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 781081 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 587367 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 406726 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 763724 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 970171 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 719227 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 592424 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 516926 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 227670 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 477886 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 767595 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 263679 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 691224 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 132727 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 961066 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 857298 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 900061 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 279583 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 800391 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 319802 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 579397 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 617981 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 626042 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 581725 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 594659 | $XXX,XXX.XX B |  |  |  |  | - C |
| XXXXX |  | 760090 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 959786 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 204765 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 913309 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 136835 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 296881 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 690563 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 389466 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 811326 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 109374 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 655283 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 791337 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 626557 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 625082 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 638328 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 496071 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 611143 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 810399 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 424748 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 155541 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 482346 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 388365 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 279914 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 952741 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 898647 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 716836 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 327592 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 981049 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 367678 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 359288 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 643208 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 393435 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 905517 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 249192 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 714238 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 652055 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 582809 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 888238 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 477758 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 424363 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 475799 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 383881 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 356686 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 465610 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 316182 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 867191 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 808012 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 932228 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 347687 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 708321 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 719011 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 602131 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 717136 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 433209 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 574199 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 780215 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 181407 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 578756 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 323246 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 858271 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 651367 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 473405 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 570776 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 575854 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 388806 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 623121 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 286262 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 630241 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 646240 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 610327 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 504740 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 820335 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 172102 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 702073 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 126815 | $XXX,XXX.XX A |  |  |  |  | - B |
| XXXXX |  | 425343 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 142380 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 448517 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 775497 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 427666 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 793407 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 443293 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 645240 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 797522 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 906261 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 477355 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 575995 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 940026 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 223370 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 507758 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 407456 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 664818 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 607511 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 191729 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 446023 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 264203 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 399007 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 118013 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 597028 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 593543 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 328624 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 154100 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 681431 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 334072 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 756170 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 604507 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 306228 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 489423 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 345115 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 983014 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 559498 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 876668 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 559530 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 230417 | $XXX,XXX.XX A |  |  |  |  | - C |
| XXXXX |  | 139354 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 631700 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 395333 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 154173 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 769558 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 209437 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 936687 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 289086 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 723544 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 168791 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 836203 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 329978 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 883256 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 396761 | $XXX,XXX.XX A |  |  |  |  | - B |
| XXXXX |  | 415127 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 555645 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 996256 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 176295 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 897010 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 136674 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 940617 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 893342 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 612963 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 969608 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 661478 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 650669 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 396806 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 582051 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 534954 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 288343 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 376322 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 109727 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 693237 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 958175 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 830261 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 554352 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 628765 | $XXX,XXX.XX B |  |  |  |  | - B |
| XXXXX |  | 121354 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 310780 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 935997 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 185692 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 826007 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 194767 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 845035 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 881487 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 474369 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 365698 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 899271 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 520089 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 298008 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 277513 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 732275 | $XXX,XXX.XX A |  |  |  |  | - A B |
| XXXXX |  | 278070 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 650604 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 547272 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 957683 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 372236 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 370611 | $XXX,XXX.XX B |  |  |  |  | - C |
| XXXXX |  | 490065 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 458550 | $XXX,XXX.XX A |  |  |  |  | - A |
| XXXXX |  | 444037 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 935350 | $XXX,XXX.XX B |  |  |  |  | - A B |
| XXXXX |  | 310015 | $XXX,XXX.XX B |  |  |  |  | - A B |

---

## Exhibit 99.15

**Exhibit 99.15**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Transaction ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXXX |  | 774754 | XXXXXXX | Number of Units | propertyValuationPage | 1 | 22 | Methodology Difference |
| XXXXX |  | 604507 | XXXXXXX | Amortization Term | notePage | 360 | 240 | Methodology Difference |
| XXXXX |  | 897010 | XXXXXXX | Amortization Term | notePage | 360 | 300 | Methodology Difference |

---

## Exhibit 99.16

**Exhibit 99.16**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Loan ID | Seller Loan ID | Investor Loan ID | Note Date | Original Loan Amount | Sales Price | Total Adjusted Prior Purchase Price | Primary Appraised Value | Primary Appraisal Date | Primary Appraisal Type | Primary Appraisal Company | Primary Appraiser Name | Primary Appraiser License Number | Value for LTV | LTV | CLTV | Loan Reviewed Property Value | Loan Reviewed Variance Amount | Loan Reviewed Variance Percent | Loan Reviewed Product Type | Loan Post-Close Reviewed Property Value | Loan Post-Close Reviewed Variance Amount | Loan Post-Close Reviewed Variance Percent | Loan Post-Close Reviewed Product Type | Second Appraisal Value | Second Appraisal Variance Amount | Second Appraisal Variance Percent | Second Appraisal Date | Second Appraisal Type | AVM Appraised Value | AVM Variance Amount | AVM Variance Percent | AVM Confidence Score | FSD Score | AVM Company Name | AVM Product Name | AVM Appraisal Date | Desk Review Appraised Value | Desk Review Variance Amount | Desk Review Variance Percent | Desk Review Company | Desk Review Risk Score | Desk Review Appraisal Date | Desk Top Appraised Value | Desk Top Variance Amount | Desk Top Variance Percent | Desk Top Company | Desk Top Appraisal Date | BPO Appraised Value | BPO Variance Amount | BPO Variance Percent | BPO Company | BPO Appraisal Date | Field Review Appraised Value | Field Review Variance Amount | Field Review Variance Percent | Field Review Company | Field Review Appraisal Date | 2055 Appraised Value | 2055 Variance Amount | 2055 Variance Percent | 2055 Company | 2055 Appraisal Date | AVE/CMA Appraised Value | AVE/CMA Variance Amount | AVE/CMA Variance Percent | AVE/CMA Company | AVE/CMA Appraisal Date | Completion Report (1004D) Date | Other Appraised Value | Other Variance Amount | Other Variance Percent | Other Appraisal Date | Updated Appraised Value | Updated Variance Amount | Updated Variance Percent | Updated Company | Updated Appraisal Date | Updated Appraisal Type | Loan Collateral Advisor Risk Score | Loan Collateral Advisor Risk Score Date | Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor? | Collateral Underwriter Risk Score | Collateral Underwriter Risk Score Date |
| XXXXX |  | 828448 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 100000 | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | .0000 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0000 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 224498 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 267000 | 66.67 | 66.67 | $X,XXX.XX | $X,XXX.XX | .0798 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0798 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 356484 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 270000 | 42.59 | 42.59 | $X,XXX.XX | $X,XXX.XX | -.2120 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2120 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 223269 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 661000 | 49.17 | 49.17 | $X,XXX.XX | $X,XXX.XX | .0255 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0255 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 729291 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 85000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0202 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0202 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 278055 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 365000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0943 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0943 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 913961 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 305000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .2508 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2508 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 253072 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 337000 | 57.12 | 57.12 | $X,XXX.XX | $X,XXX.XX | -.1795 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1795 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 433953 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 110000 | 45.45 | 45.45 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 858470 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 500000 | 64.0 | 64.0 | $X,XXX.XX | $X,XXX.XX | -.0276 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0276 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 245785 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 225000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1285 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1285 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 476860 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 916000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0208 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0208 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 278636 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 270000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0431 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0431 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 301121 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 268000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0107 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0107 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 253512 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 110000 | 43.18 | 43.18 | $X,XXX.XX | $X,XXX.XX | -.2012 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -10000.0 | -.0909 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -10000.0 | -.0909 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2012 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 142749 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 110000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.2274 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2274 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 644604 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 265000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1499 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1499 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 403158 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 320000 | 31.25 | 31.25 | $X,XXX.XX | $X,XXX.XX | .0281 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0281 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 301552 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 925000 | 37.19 | 37.19 | $X,XXX.XX | $X,XXX.XX | -.2561 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -75000.0 | -.0811 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -75000.0 | -.0811 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2561 |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 203251 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 570000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0623 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0623 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 309181 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 375000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0397 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0397 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 609927 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1700000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .2343 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -48000.0 | -.0282 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -48000.0 | -.0282 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2343 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 841543 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 700000 | 60.0 | 60.0 | $X,XXX.XX | $X,XXX.XX | -.0351 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0351 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 791763 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 330000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0737 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0737 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 122358 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 260000 | 57.69 | 57.69 | $X,XXX.XX | $X,XXX.XX | .0487 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0487 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 906798 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 200000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0629 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0629 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 772787 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 150000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1219 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1219 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 982425 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 400000 | 47.5 | 47.5 | $X,XXX.XX | $X,XXX.XX | -.0359 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0359 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 401889 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 260000 | 66.35 | 66.35 | $X,XXX.XX | $X,XXX.XX | -.1248 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1248 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 356908 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 770000 | 50.0 | 50.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 630210 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 280000 | 39.29 | 39.29 | $X,XXX.XX | $X,XXX.XX | -.0618 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0618 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 979480 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 350000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0131 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0131 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 787193 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 124000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0125 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0125 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 827059 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 554000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0098 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0098 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 984473 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 245000 | 51.02 | 51.02 | $X,XXX.XX | $X,XXX.XX | .1150 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1150 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 568591 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 105000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0163 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0163 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 282423 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 370000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0566 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0566 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 166585 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 200000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .2024 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2024 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 584097 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 186000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0423 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0423 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 622816 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 209000 | 60.29 | 60.29 | $X,XXX.XX | $X,XXX.XX | -.0430 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 1000.0 | .0048 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 1000.0 | .0048 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0430 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 604702 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 400000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0736 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0736 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 183929 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 375000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0544 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0544 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 801735 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 750000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0288 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -10000.0 | -.0130 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -10000.0 | -.0130 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0288 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 999793 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 180000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0556 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -10000.0 | -.0556 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -10000.0 | -.0556 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0556 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 406982 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 235000 | 38.3 | 38.3 | $X,XXX.XX | $X,XXX.XX | -.0778 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -15000.0 | -.0638 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -15000.0 | -.0638 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0778 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 442824 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 142000 | 70.0 | 90.0 | $X,XXX.XX | $X,XXX.XX | -.1130 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1130 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 792550 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 198000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0310 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0310 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 327884 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 132000 | 45.45 | 45.45 | $X,XXX.XX | $X,XXX.XX | -.1624 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1624 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 899997 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 312000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0621 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0621 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 536716 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 342000 | 70.0 | 70.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 983284 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 156000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1779 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1779 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 884238 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 306000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0435 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0435 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 501362 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 255000 | 49.02 | 49.02 | $X,XXX.XX | $X,XXX.XX | -.0590 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -15000.0 | -.0588 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -15000.0 | -.0588 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0590 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 864608 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 132000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0149 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0149 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 228072 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 201000 | 49.75 | 49.75 | $X,XXX.XX | $X,XXX.XX | .1222 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1222 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 714166 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 340000 | 46.29 | 46.29 | $X,XXX.XX | $X,XXX.XX | -.0131 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0131 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 138034 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 183300 | 70.65 | 70.65 | $X,XXX.XX | $X,XXX.XX | .1388 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1388 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 948476 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 345000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | .0378 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0378 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 411120 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 253150 | 62.0 | 62.0 | $X,XXX.XX | $X,XXX.XX | -.0599 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -10000.0 | -.0317 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -10000.0 | -.0317 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0599 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 463551 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 245000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0411 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0411 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 781081 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 170000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .2144 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 15000.0 | .0882 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 15000.0 | .0882 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2144 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 763724 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 165000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0478 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0478 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 592424 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 545000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0555 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0555 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 516926 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 835000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0207 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0207 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 227670 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 114000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0367 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0367 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 477886 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 235000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0104 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0104 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 263679 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 130000 | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | -.0720 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0720 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 691224 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 559125 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | .0127 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0127 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 132727 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1150000 | 70.0 | 90.0 | $X,XXX.XX | $X,XXX.XX | .0976 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -20000.0 | -.0167 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -20000.0 | -.0167 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0976 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 857298 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 800000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0471 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0471 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 900061 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 149000 | 38.59 | 38.59 | $X,XXX.XX | $X,XXX.XX | -.3212 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.3212 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 279583 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 622000 | 53.05 | 53.05 | $X,XXX.XX | $X,XXX.XX | -.0198 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0198 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 800391 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 231000 | 43.29 | 43.29 | $X,XXX.XX | $X,XXX.XX | .0288 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0288 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 617981 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 197000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.2084 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2084 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 581725 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 650000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0563 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0563 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 760090 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 427000 | 49.18 | 49.18 | $X,XXX.XX | $X,XXX.XX | .0058 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0058 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 204765 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 360000 | 50.0 | 50.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 136835 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 380000 | 74.01 | 74.01 | $X,XXX.XX | $X,XXX.XX | .2874 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2874 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 296881 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 500000 | 35.0 | 35.0 | $X,XXX.XX | $X,XXX.XX | .0684 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0684 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 690563 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 240000 | 60.0 | 60.0 | $X,XXX.XX | $X,XXX.XX | .0616 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0616 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 389466 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 135000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | .1230 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1230 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 811326 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 2095 Exterior Only Inspection Coop Report | XXXXXX | XXXXXX | XXXXXX | 113000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0065 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0065 | XXXXXX | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 109374 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 825000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0598 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0598 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 791337 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 178000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0375 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0375 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 625082 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 200000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0160 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0160 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 638328 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 420000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0125 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0125 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 496071 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 520000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0023 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0023 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 611143 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 250000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1081 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1081 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 810399 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 183000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | .1098 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1098 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 424748 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 430000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1366 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1366 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 952741 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 340000 | 50.0 | 64.71 | $X,XXX.XX | $X,XXX.XX | -.0118 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0118 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 898647 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 125000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.1689 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1689 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 716836 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 136000 | 55.15 | 55.15 | $X,XXX.XX | $X,XXX.XX | -.2782 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2782 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 327592 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 237000 | 70.0 | 70.0 |  |  |  |  | $XXX,XXX.XX | -22000.0 | -.0928 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -22000.0 | -.0928 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 981049 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 288490 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0111 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0111 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 367678 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 575000 | 23.48 | 23.48 | $X,XXX.XX | $X,XXX.XX | -.2354 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2354 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 359288 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 220000 | 60.0 | 60.0 | $X,XXX.XX | $X,XXX.XX | -.0815 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0815 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 643208 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 540000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0307 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -7000.0 | -.0130 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -7000.0 | -.0130 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0307 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 393435 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 390000 | 73.56 | 73.56 | $X,XXX.XX | $X,XXX.XX | -.0112 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -15000.0 | -.0385 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -15000.0 | -.0385 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0112 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 249192 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 269000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0368 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0368 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 714238 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 241000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0101 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0101 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 652055 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 223000 | 33.63 | 33.63 | $X,XXX.XX | $X,XXX.XX | -.0612 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0612 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 582809 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 550000 | 40.0 | 40.0 | $X,XXX.XX | $X,XXX.XX | .0943 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0943 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 477758 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 140000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0748 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0748 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 424363 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 134000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .2345 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .2345 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 475799 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 225000 | 48.89 | 48.89 | $X,XXX.XX | $X,XXX.XX | -.0675 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0675 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 356686 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 373000 | 50.0 | 50.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 465610 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 445000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0062 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0062 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 316182 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 255000 | 36.27 | 36.27 | $X,XXX.XX | $X,XXX.XX | -.2931 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2931 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 867191 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 300000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0197 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0197 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 808012 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 520000 | 43.27 | 43.27 | $X,XXX.XX | $X,XXX.XX | -.0592 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0592 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 932228 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 105000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0834 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0834 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 347687 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 805000 | 31.06 | 31.06 | $X,XXX.XX | $X,XXX.XX | -.2045 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2045 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 708321 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 170000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0456 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0456 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 719011 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 835000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1549 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1549 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 717136 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 72000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0825 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0825 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 574199 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 355000 | 49.3 | 49.3 | $X,XXX.XX | $X,XXX.XX | -.0830 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0830 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 780215 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 310000 | 52.26 | 52.26 | $X,XXX.XX | $X,XXX.XX | -.0042 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0042 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 181407 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 1925000 | 69.16 | 69.16 | $X,XXX.XX | $X,XXX.XX | .0873 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -175000.0 | -.0909 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -175000.0 | -.0909 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0873 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 323246 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 610000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0166 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0166 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 858271 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 325000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0838 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -30000.0 | -.0923 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -30000.0 | -.0923 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0838 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 473405 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 825000 | 42.42 | 42.42 | $X,XXX.XX | $X,XXX.XX | -.0270 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0270 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 388806 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 138000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0658 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -13000.0 | -.0942 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -13000.0 | -.0942 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0658 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 623121 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 251000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0705 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0705 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 286262 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 1000000 | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | -.0053 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0053 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 630241 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 1050000 | 68.64 | 68.64 | $X,XXX.XX | $X,XXX.XX | -.1413 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1413 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 646240 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 345300 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 345300 | 49.96 | 49.96 | $X,XXX.XX | $X,XXX.XX | -.0561 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0561 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 504740 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 815000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0153 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0153 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 820335 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 625000 | 67.2 | 67.2 | $X,XXX.XX | $X,XXX.XX | -.0908 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -50000.0 | -.0800 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -50000.0 | -.0800 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0908 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 172102 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 440000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0264 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -5000.0 | -.0114 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -5000.0 | -.0114 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0264 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 702073 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 385000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0121 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0121 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 126815 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 237000 | 31.65 | 31.65 | $X,XXX.XX | $X,XXX.XX | -.2186 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2186 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 425343 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 470000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0347 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0347 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 142380 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 245000 | 47.76 | 47.76 | $X,XXX.XX | $X,XXX.XX | .0402 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0402 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 448517 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 110000 | 60.0 | 60.0 | $X,XXX.XX | $X,XXX.XX | .1106 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1106 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 427666 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 310000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1460 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1460 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 793407 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 280000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0157 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 20000.0 | .0714 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 20000.0 | .0714 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0157 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 645240 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 405000 | 40.74 | 40.74 | $X,XXX.XX | $X,XXX.XX | -.0625 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0625 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 797522 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 244000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0786 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0786 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 906261 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 130000 | 75.0 | 90.0 | $X,XXX.XX | $X,XXX.XX | .0587 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0587 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 477355 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 600000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0054 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0054 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 575995 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 132000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1315 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1315 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 940026 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 235000 | 55.0 | 55.0 | $X,XXX.XX | $X,XXX.XX | .0188 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0188 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 223370 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 245000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0610 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -15000.0 | -.0612 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -15000.0 | -.0612 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0610 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 407456 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 218000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0785 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0785 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 607511 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 259000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.1036 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1036 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 191729 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 378000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0273 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0273 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 446023 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 200000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0232 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0232 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 264203 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 1150000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0342 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0342 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 399007 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 240000 | 41.67 | 41.67 | $X,XXX.XX | $X,XXX.XX | -.0146 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0146 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 118013 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 238000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0080 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0080 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 593543 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 3300000 | 68.03 | 68.03 | $X,XXX.XX | $X,XXX.XX | -.0168 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0168 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 328624 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 120000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0863 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0863 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 154100 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 900000 | 11.11 | 11.11 | $X,XXX.XX | $X,XXX.XX | -.1366 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -50000.0 | -.0556 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -50000.0 | -.0556 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1366 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 681431 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 148000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0900 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0900 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 334072 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 107000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0256 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0256 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 756170 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 185000 | 64.86 | 64.86 | $X,XXX.XX | $X,XXX.XX | -.1235 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1235 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 604507 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1100000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1049 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1049 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 489423 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 630000 | 39.68 | 39.68 | $X,XXX.XX | $X,XXX.XX | .0601 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 20000.0 | .0317 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 20000.0 | .0317 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0601 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 345115 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 675000 | 47.41 | 47.41 | $X,XXX.XX | $X,XXX.XX | -.0261 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0261 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 983014 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 160000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0251 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0251 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 559498 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 468000 | 68.38 | 68.38 | $X,XXX.XX | $X,XXX.XX | -.0306 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0306 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 876668 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 940000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0384 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -40000.0 | -.0426 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -40000.0 | -.0426 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0384 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 559530 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 865000 | 48.06 | 48.06 | $X,XXX.XX | $X,XXX.XX | .0826 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0826 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 230417 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 495000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0534 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0534 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 139354 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 160000 | 46.88 | 46.88 | $X,XXX.XX | $X,XXX.XX | .0316 | Broker Price Opinion (BPO) Internal | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0316 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 631700 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 650000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1035 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1035 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 395333 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 590000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0209 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0209 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 154173 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 249000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1896 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1896 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 769558 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 800000 | 46.13 | 46.13 | $X,XXX.XX | $X,XXX.XX | -.0098 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0098 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 209437 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 185000 | 43.24 | 43.24 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 936687 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 620000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | -.0011 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0011 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 723544 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 330000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0020 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0020 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 168791 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 680000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.1155 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1155 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 836203 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 221000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0664 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0664 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 329978 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 324000 | 49.38 | 49.38 | $X,XXX.XX | $X,XXX.XX | .0925 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0925 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 883256 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 305000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0036 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0036 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 396761 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 180000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0151 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0151 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 415127 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 415000 | 72.29 | 72.29 | $X,XXX.XX | $X,XXX.XX | .0118 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0118 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 555645 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 320000 | 59.06 | 59.06 | $X,XXX.XX | $X,XXX.XX | -.0383 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0383 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 996256 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 475000 | 50.0 | 90.0 | $X,XXX.XX | $X,XXX.XX | -.0624 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0624 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 176295 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 395000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0399 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0399 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 897010 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 2880000 | 76.39 | 76.39 | $X,XXX.XX | $X,XXX.XX | -.0403 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 120000.0 | .0417 | Desk Review | 3000000.0 | $XXX,XXX.XX | .0417 | XX/XX/XXXX | 1004 URAR |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 120000.0 | .0417 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0403 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 136674 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 307000 | 75.0 | 90.0 | $X,XXX.XX | $X,XXX.XX | .0880 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0880 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 940617 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 123000 | 46.75 | 46.75 | $X,XXX.XX | $X,XXX.XX | .1601 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1601 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 893342 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 675000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0085 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0085 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 612963 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 280000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0676 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0676 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 969608 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 300000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0209 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0209 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 661478 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 590000 | 46.61 | 46.61 | $X,XXX.XX | $X,XXX.XX | .0313 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0313 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 650669 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 270000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | -.0326 | Broker Price Opinion (BPO) | $XXX,XXX.XX | -22000.0 | -.0809 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -22000.0 | -.0809 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0326 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 396806 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 365000 | 47.95 | 47.95 | $X,XXX.XX | $X,XXX.XX | .1189 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1189 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 582051 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 200000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0509 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0509 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 958175 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 275000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0456 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0456 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 628765 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 475000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1086 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1086 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 121354 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 160000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1600 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1600 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 310780 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 2550000 | 43.63 | 43.63 | $X,XXX.XX | $X,XXX.XX | -.0083 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0083 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 935997 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 260000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .3029 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .3029 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 185692 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 216000 | 50.0 | 50.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 826007 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1525000 | 45.9 | 45.9 | $X,XXX.XX | $X,XXX.XX | -.0313 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0313 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 194767 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 510000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0931 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0931 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 474369 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 525000 | 57.14 | 57.14 | $X,XXX.XX | $X,XXX.XX | .1440 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1440 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 365698 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 346000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0283 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0283 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 899271 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 285000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0597 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0597 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 520089 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 110000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0303 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0303 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 298008 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 144000 | 56.67 | 56.67 | $X,XXX.XX | $X,XXX.XX | -.0778 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0778 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 277513 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 168000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0348 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0348 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 732275 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | XXXXXX | 220000 | 34.09 | 34.09 | $X,XXX.XX | $X,XXX.XX | -.4725 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.4725 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 278070 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 136000 | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | .1068 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .1068 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 650604 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 381000 | 68.24 | 68.24 | $X,XXX.XX | $X,XXX.XX | -.0275 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0275 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 547272 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 589000 | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | -.0056 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0056 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 957683 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 420000 | 50.0 | 50.0 |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 372236 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1750000 | 72.86 | 72.86 | $X,XXX.XX | $X,XXX.XX | -.0298 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0298 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 370611 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 76000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0359 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0359 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 490065 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 190000 | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0390 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0390 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 458550 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 355000 | 28.17 | 28.17 | $X,XXX.XX | $X,XXX.XX | .0012 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0012 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 444037 | XX/XX/XXXX | $XXX,XXX.XX | $XXX,XXX.XX | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | XXXXXX | 1200000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.1487 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1487 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 935350 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 1280000 | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0015 | Broker Price Opinion (BPO) | $XXX,XXX.XX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0015 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 310015 | XX/XX/XXXX | $XXX,XXX.XX | 0 | 0 | $XXX,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | XXXXXX | 815000 | 75.0 | 75.0 |  |  |  |  | $XXX,XXX.XX | -65000.0 | -.0798 | Desk Review | .0 |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | -65000.0 | -.0798 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0090 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.17

**Exhibit 99.17**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

Rating Agency Multi-Property Valuation Report v10.22

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Property ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Total Adjusted Prior Purchase Price** | **Primary Appraised Value** | **Primary Appraisal Date** | **Primary Appraisal Type** | **Primary Appraisal Company** | **Primary Appraiser Name** | **Primary Appraiser License Number** | **Value for LTV** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Second Appraisal Value** | **Second Appraisal Variance Amount** | **Second Appraisal Variance Percent** | **Second Appraisal Date** | **Second Appraisal Type** | **AVM Appraised Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Confidence Score** | **FSD Score** | **AVM Company Name** | **AVM Product Name** | **AVM Appraisal Date** | **Desk Review Appraised Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Appraisal Date** | **Desk Top Appraised Value** | **Desk Top Variance Amount** | **Desk Top Variance Percent** | **Desk Top Company** | **Desk Top Appraisal Date** | **BPO Appraised Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Appraisal Date** | **Field Review Appraised Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Appraisal Date** | **2055 Appraised Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Appraisal Date** | **AVE/CMA Appraised Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Appraisal Date** | **Updated Appraised Value** | **Updated Variance Amount** | **Updated Variance Percent** | **Updated Company** | **Updated Appraisal Date** | **Updated Appraisal Type** | **Loan Collateral Advisor Risk Score** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** | **Completion Report (1004D) Date** |
| XXXXX |  | 716515 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX |  |  |  | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 716515 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -21703.0 | -.2107 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.2107 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 626557 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -12619.0 | -.1328 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1328 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 626557 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 3989.0 | .0443 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0443 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 349520 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -6258.0 | -.0773 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0773 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 349520 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 3958.0 | .0514 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0514 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 413202 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -8886.0 | -.1307 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1307 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 413202 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -17085.0 | -.1743 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.1743 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 959786 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 2458.0 | .0393 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0393 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 959786 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 5047.0 | .0577 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0577 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 959786 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 688.0 | .0106 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0106 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 959786 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -1082.0 | -.0166 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0166 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 959786 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | 5047.0 | .0577 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | .0577 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 534954 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -14942.0 | -.0712 | $XXX,XXX.XX | $XXX,XXX.XX | -.0905 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0905 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0712 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 534954 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -14928.0 | -.0711 | $XXX,XXX.XX | $XXX,XXX.XX | -.0857 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0857 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0711 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 534954 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -12887.0 | -.0614 | $XXX,XXX.XX | $XXX,XXX.XX | -.0857 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0857 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0614 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 288343 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -14174.0 | -.0675 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0675 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 288343 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -15084.0 | -.0718 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0718 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 288343 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -13991.0 | -.0666 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0666 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 376322 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -13390.0 | -.0638 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0638 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 376322 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX | $XXX,XXX.XX | -19969.0 | -.0951 | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXX,XXX.XX | $XXX,XXX.XX | -.0951 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXX |  | 376322 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 |  | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXXXXX | XXXXXX | XXXXXX | $XXX,XXX.XX |  |  |  | $XXX,XXX.XX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX,XXX.XX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.18

**Exhibit 99.18**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXX | XXXX |  | 411550 | Closed | 2025-10-29 14:28 | 2025-11-19 19:52 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged-The finding is acknowledged. - Due Diligence Vendor-11/20/2025 <br>Open-Environmental, Health, or Safety Issues Present. The appraiser noted the subject is considered to be a health and safety hazard. - Due Diligence Vendor-10/29/2025 |  | Acknowledged-The finding is acknowledged. - Due Diligence Vendor-11/20/2025<br>|  |  |  |  |  |  |  | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 411550 | Closed | 2025-10-28 13:04 | 2025-11-19 19:51 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-The finding is acknowledged. - Due Diligence Vendor-11/20/2025 <br>Open-Property Condition Does Not Meet Requirements. The appraiser listed the condition as C5. - Due Diligence Vendor-11/20/2025 |  | Acknowledged-The finding is acknowledged. - Due Diligence Vendor-11/20/2025<br>|  |  |  |  |  |  |  | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 411550 | Closed | 2025-10-29 14:28 | 2025-11-19 19:51 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged-The subject is in process of converting the second flood attic into a livable area, however due to the low sloping ceilings the area does not qualify as a livable space. The property has deteriorating wood siding due to rot with no insulation behind it. The interior space has no flooring, trim, or paint. The showers are torn out in both bathrooms. - Due Diligence Vendor-11/20/2025 <br>Open-Property Damage Present. The subject is in process of converting the second flood attic into a livable area, however due to the low sloping ceilings the area does not qualify as a livable space. The property has deteriorating wood siding due to rot with no insulation behind it. The interior space has no flooring, trim, or paint. The showers are torn out in both bathrooms. - Due Diligence Vendor-10/29/2025 |  | Acknowledged-The subject is in process of converting the second flood attic into a livable area, however due to the low sloping ceilings the area does not qualify as a livable space. The property has deteriorating wood siding due to rot with no insulation behind it. The interior space has no flooring, trim, or paint. The showers are torn out in both bathrooms. - Due Diligence Vendor-11/20/2025<br>|  |  |  |  |  |  |  | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 454853 | Closed | 2025-11-14 09:30 | 2025-11-19 19:53 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-Unable to Resolve-The finding is acknowledged. - Due Diligence Vendor-11/20/2025 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 50% LTV Purchase transaction. Borrower is in process of renovating subject and photos of the installed electrical outlet covers have been provided to XXX. XXX hasn't further confirmed the status of repairs, but expects the borrower to continue repairing the subject to bring it to a rentable condition. Building is weather tight. - Buyer-11/17/2025 <br> Open-Property Condition Does Not Meet Requirements. The subject property is condition C5. - Due Diligence Vendor-11/14/2025 |  | Acknowledged-Unable to Resolve-The finding is acknowledged. - Due Diligence Vendor-11/20/2025<br>|  |  |  |  |  |  |  | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 454853 | Closed | 2025-11-14 16:35 | 2025-11-19 19:53 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged-Unable to Resolve-The finding is acknowledged. - Due Diligence Vendor-11/20/2025 <br>Unable to Resolve-Unable to Resolve-Purchase transaction, 50% LTV. Appraisal made as-is and property condition considered in value/LTV. Borrower sent in photos showing that all of the missing outlet covers had been replaced throughout the property. Borrower is expected to continue the renovations to bring the property to a rentable condition. Building is weathertight. - Buyer-11/17/2025 <br>Open-Property Damage Present. The subject has damaged exterior siding, damaged gutters, damaged flooring, missing transition, damaged ceiling, missing outlet <br> covers throughout, damaged walls, damaged window trim, missing bath mirrors, damaged kitchen, and primary bath in need of complete remodel. Cost to cure +/-$20,000. - Due Diligence Vendor-11/14/2025 |  | Acknowledged-Unable to Resolve-The finding is acknowledged. - Due Diligence Vendor-11/20/2025<br>|  |  |  |  |  |  |  | XXXXXXX | Originator Post-Close | No |

---

## Exhibit 99.19

**Exhibit 99.19**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXX |  | 971674 | A |  |  |  |  | - A |
| XXXX |  | 188574 | A |  |  |  |  | - A |
| XXXX |  | 399211 | A |  |  |  |  | - A |
| XXXX |  | 200447 | A |  |  |  |  | - A |
| XXXX |  | 138303 | A |  |  |  |  | - A |
| XXXX |  | 783679 | A |  |  |  |  | - A |
| XXXX |  | 808767 | A |  |  |  |  | - A |
| XXXX |  | 235060 | A |  |  |  |  | - A |
| XXXX |  | 389818 | A |  |  |  |  | - A |
| XXXX |  | 934087 | A |  |  |  |  | - A |
| XXXX |  | 486491 | A |  |  |  |  | - A |
| XXXX |  | 893311 | A |  |  |  |  | - A |
| XXXX |  | 355808 | A |  |  |  |  | - A |
| XXXX |  | 619806 | A |  |  |  |  | - A |
| XXXX |  | 590860 | A |  |  |  |  | - A |
| XXXX |  | 184378 | A |  |  |  |  | - A |
| XXXX |  | 545993 | A |  |  |  |  | - A |
| XXXX |  | 117625 | A |  |  |  |  | - A |
| XXXX |  | 745142 | A |  |  |  |  | - A |
| XXXX |  | 871231 | A |  |  |  |  | - A |
| XXXX |  | 230473 | A |  |  |  |  | - A |
| XXXX |  | 167010 | A |  |  |  |  | - A |
| XXXX |  | 390601 | A |  |  |  |  | - A |
| XXXX |  | 947022 | A |  |  |  |  | - A |
| XXXX |  | 527704 | A |  |  |  |  | - A |
| XXXX |  | 169813 | A |  |  |  |  | - A |
| XXXX |  | 869785 | A |  |  |  |  | - A |
| XXXX |  | 345309 | A |  |  |  |  | - A |
| XXXX |  | 639127 | A |  |  |  |  | - A |
| XXXX |  | 625691 | A |  |  |  |  | - A |
| XXXX |  | 150168 | A |  |  |  |  | - A |
| XXXX |  | 975203 | A |  |  |  |  | - A |
| XXXX |  | 582982 | A |  |  |  |  | - A |
| XXXX |  | 774591 | A |  |  |  |  | - A |
| XXXX |  | 180532 | A |  |  |  |  | - A |
| XXXX |  | 174158 | A |  |  |  |  | - A |
| XXXX |  | 411550 | A |  |  |  |  | - C |
| XXXX |  | 678135 | A |  |  |  |  | - A |
| XXXX |  | 410020 | A |  |  |  |  | - A |
| XXXX |  | 971866 | A |  |  |  |  | - A |
| XXXX |  | 198447 | A |  |  |  |  | - A |
| XXXX |  | 592529 | A |  |  |  |  | - A |
| XXXX |  | 652915 | A |  |  |  |  | - A |
| XXXX |  | 824283 | A |  |  |  |  | - A |
| XXXX |  | 396057 | A |  |  |  |  | - A |
| XXXX |  | 621773 | A |  |  |  |  | - A |
| XXXX |  | 252926 | A |  |  |  |  | - A |
| XXXX |  | 675275 | A |  |  |  |  | - A |
| XXXX |  | 755565 | A |  |  |  |  | - A |
| XXXX |  | 275383 | A |  |  |  |  | - A |
| XXXX |  | 473508 | A |  |  |  |  | - A |
| XXXX |  | 291751 | A |  |  |  |  | - A |
| XXXX |  | 579276 | A |  |  |  |  | - A |
| XXXX |  | 910712 | A |  |  |  |  | - A |
| XXXX |  | 398540 | A |  |  |  |  | - A |
| XXXX |  | 491795 | A |  |  |  |  | - A |
| XXXX |  | 315407 | A |  |  |  |  | - A |
| XXXX |  | 735315 | A |  |  |  |  | - A |
| XXXX |  | 916305 | A |  |  |  |  | - A |
| XXXX |  | 451258 | A |  |  |  |  | - A |
| XXXX |  | 436161 | A |  |  |  |  | - A |
| XXXX |  | 469239 | A |  |  |  |  | - A |
| XXXX |  | 640612 | A |  |  |  |  | - A |
| XXXX |  | 318103 | A |  |  |  |  | - A |
| XXXX |  | 104623 | A |  |  |  |  | - A |
| XXXX |  | 922722 | A |  |  |  |  | - A |
| XXXX |  | 212406 | A |  |  |  |  | - A |
| XXXX |  | 119849 | A |  |  |  |  | - A |
| XXXX |  | 391644 | A |  |  |  |  | - A |
| XXXX |  | 128027 | A |  |  |  |  | - A |
| XXXX |  | 477883 | A |  |  |  |  | - A |
| XXXX |  | 964623 | A |  |  |  |  | - A |
| XXXX |  | 724320 | A |  |  |  |  | - A |
| XXXX |  | 355059 | A |  |  |  |  | - A |
| XXXX |  | 408099 | A |  |  |  |  | - A |
| XXXX |  | 284137 | A |  |  |  |  | - A |
| XXXX |  | 827707 | A |  |  |  |  | - A |
| XXXX |  | 703601 | A |  |  |  |  | - A |
| XXXX |  | 731829 | A |  |  |  |  | - A |
| XXXX |  | 538594 | A |  |  |  |  | - A |
| XXXX |  | 743737 | A |  |  |  |  | - A |
| XXXX |  | 563692 | A |  |  |  |  | - A |
| XXXX |  | 140549 | A |  |  |  |  | - A |
| XXXX |  | 124872 | A |  |  |  |  | - A |
| XXXX |  | 910601 | A |  |  |  |  | - A |
| XXXX |  | 759800 | A |  |  |  |  | - A |
| XXXX |  | 396911 | A |  |  |  |  | - A |
| XXXX |  | 249425 | A |  |  |  |  | - A |
| XXXX |  | 787014 | A |  |  |  |  | - A |
| XXXX |  | 205705 | A |  |  |  |  | - A |
| XXXX |  | 356635 | A |  |  |  |  | - A |
| XXXX |  | 592433 | A |  |  |  |  | - A |
| XXXX |  | 965003 | A |  |  |  |  | - A |
| XXXX |  | 298064 | A |  |  |  |  | - A |
| XXXX |  | 514877 | A |  |  |  |  | - A |
| XXXX |  | 827362 | A |  |  |  |  | - A |
| XXXX |  | 329190 | A |  |  |  |  | - A |
| XXXX |  | 142022 | A |  |  |  |  | - A |
| XXXX |  | 600593 | A |  |  |  |  | - A |
| XXXX |  | 180333 | A |  |  |  |  | - A |
| XXXX |  | 802166 | A |  |  |  |  | - A |
| XXXX |  | 871889 | A |  |  |  |  | - A |
| XXXX |  | 392051 | A |  |  |  |  | - A |
| XXXX |  | 393065 | A |  |  |  |  | - A |
| XXXX |  | 313834 | A |  |  |  |  | - A |
| XXXX |  | 255606 | A |  |  |  |  | - A |
| XXXX |  | 858451 | A |  |  |  |  | - A |
| XXXX |  | 304622 | A |  |  |  |  | - A |
| XXXX |  | 551360 | A |  |  |  |  | - A |
| XXXX |  | 852098 | A |  |  |  |  | - A |
| XXXX |  | 831951 | A |  |  |  |  | - A |
| XXXX |  | 712121 | A |  |  |  |  | - A |
| XXXX |  | 411930 | A |  |  |  |  | - A |
| XXXX |  | 706107 | A |  |  |  |  | - A |
| XXXX |  | 146117 | A |  |  |  |  | - A |
| XXXX |  | 917147 | A |  |  |  |  | - A |
| XXXX |  | 719196 | A |  |  |  |  | - A |
| XXXX |  | 177037 | A |  |  |  |  | - A |
| XXXX |  | 501849 | A |  |  |  |  | - A |
| XXXX |  | 253895 | A |  |  |  |  | - A |
| XXXX |  | 257063 | A |  |  |  |  | - A |
| XXXX |  | 695124 | A |  |  |  |  | - A |
| XXXX |  | 494320 | A |  |  |  |  | - A |
| XXXX |  | 651544 | A |  |  |  |  | - A |
| XXXX |  | 830231 | A |  |  |  |  | - A |
| XXXX |  | 666059 | A |  |  |  |  | - A |
| XXXX |  | 486643 | A |  |  |  |  | - A |
| XXXX |  | 902379 | A |  |  |  |  | - A |
| XXXX |  | 258965 | A |  |  |  |  | - A |
| XXXX |  | 587777 | A |  |  |  |  | - A |
| XXXX |  | 646519 | A |  |  |  |  | - A |
| XXXX |  | 807021 | A |  |  |  |  | - A |
| XXXX |  | 448042 | A |  |  |  |  | - A |
| XXXX |  | 331702 | A |  |  |  |  | - A |
| XXXX |  | 528969 | A |  |  |  |  | - A |
| XXXX |  | 349087 | A |  |  |  |  | - A |
| XXXX |  | 941128 | A |  |  |  |  | - A |
| XXXX |  | 782617 | A |  |  |  |  | - A |
| XXXX |  | 236663 | A |  |  |  |  | - A |
| XXXX |  | 382278 | A |  |  |  |  | - A |
| XXXX |  | 931702 | A |  |  |  |  | - A |
| XXXX |  | 839649 | A |  |  |  |  | - A |
| XXXX |  | 931692 | A |  |  |  |  | - A |
| XXXX |  | 806729 | A |  |  |  |  | - A |
| XXXX |  | 123757 | A |  |  |  |  | - A |
| XXXX |  | 234119 | A |  |  |  |  | - A |
| XXXX |  | 286508 | A |  |  |  |  | - A |
| XXXX |  | 917613 | A |  |  |  |  | - A |
| XXXX |  | 265104 | A |  |  |  |  | - A |
| XXXX |  | 917911 | A |  |  |  |  | - A |
| XXXX |  | 689847 | A |  |  |  |  | - A |
| XXXX |  | 634896 | A |  |  |  |  | - A |
| XXXX |  | 688943 | A |  |  |  |  | - A |
| XXXX |  | 814807 | A |  |  |  |  | - A |
| XXXX |  | 395555 | A |  |  |  |  | - A |
| XXXX |  | 105835 | A |  |  |  |  | - A |
| XXXX |  | 550945 | A |  |  |  |  | - A |
| XXXX |  | 713377 | A |  |  |  |  | - A |
| XXXX |  | 359877 | A |  |  |  |  | - A |
| XXXX |  | 380083 | A |  |  |  |  | - A |
| XXXX |  | 394140 | A |  |  |  |  | - A |
| XXXX |  | 223044 | A |  |  |  |  | - A |
| XXXX |  | 975601 | A |  |  |  |  | - A |
| XXXX |  | 501145 | A |  |  |  |  | - A |
| XXXX |  | 640179 | A |  |  |  |  | - A |
| XXXX |  | 598616 | A |  |  |  |  | - A |
| XXXX |  | 944722 | A |  |  |  |  | - A |
| XXXX |  | 589126 | A |  |  |  |  | - A |
| XXXX |  | 797800 | A |  |  |  |  | - A |
| XXXX |  | 575005 | A |  |  |  |  | - A |
| XXXX |  | 538252 | A |  |  |  |  | - A |
| XXXX |  | 601046 | A |  |  |  |  | - A |
| XXXX |  | 271156 | A |  |  |  |  | - A |
| XXXX |  | 855635 | A |  |  |  |  | - A |
| XXXX |  | 931178 | A |  |  |  |  | - A |
| XXXX |  | 416795 | A |  |  |  |  | - A |
| XXXX |  | 475683 | A |  |  |  |  | - A |
| XXXX |  | 691537 | A |  |  |  |  | - A |
| XXXX |  | 153405 | A |  |  |  |  | - A |
| XXXX |  | 472086 | A |  |  |  |  | - A |
| XXXX |  | 943370 | A |  |  |  |  | - A |
| XXXX |  | 115493 | A |  |  |  |  | - A |
| XXXX |  | 162440 | A |  |  |  |  | - A |
| XXXX |  | 457362 | A |  |  |  |  | - A |
| XXXX |  | 454853 | A |  |  |  |  | - C |
| XXXX |  | 279536 | A |  |  |  |  | - A |
| XXXX |  | 745342 | A |  |  |  |  | - A |
| XXXX |  | 994473 | A |  |  |  |  | - A |
| XXXX |  | 824088 | A |  |  |  |  | - A |
| XXXX |  | 978237 | A |  |  |  |  | - A |
| XXXX |  | 983330 | A |  |  |  |  | - A |
| XXXX |  | 819593 | A |  |  |  |  | - A |
| XXXX |  | 477277 | A |  |  |  |  | - A |
| XXXX |  | 470311 | A |  |  |  |  | - A |
| XXXX |  | 754628 | A |  |  |  |  | - A |
| XXXX |  | 864543 | A |  |  |  |  | - A |
| XXXX |  | 241694 | A |  |  |  |  | - A |
| XXXX |  | 956398 | A |  |  |  |  | - A |
| XXXX |  | 598628 | A |  |  |  |  | - A |
| XXXX |  | 325014 | A |  |  |  |  | - A |
| XXXX |  | 670830 | A |  |  |  |  | - A |
| XXXX |  | 879016 | A |  |  |  |  | - A |
| XXXX |  | 770627 | A |  |  |  |  | - A |
| XXXX |  | 101605 | A |  |  |  |  | - A |
| XXXX |  | 214959 | A |  |  |  |  | - A |
| XXXX |  | 202755 | A |  |  |  |  | - A |
| XXXX |  | 466430 | A |  |  |  |  | - A |
| XXXX |  | 841380 | A |  |  |  |  | - A |
| XXXX |  | 308103 | A |  |  |  |  | - A |
| XXXX |  | 120143 | A |  |  |  |  | - A |
| XXXX |  | 573929 | A |  |  |  |  | - A |
| XXXX |  | 470749 | A |  |  |  |  | - A |

---

## Exhibit 99.20

**Exhibit 99.20**

[VCC Mortgage Securities, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Number** | **Alt Loan ID** | **Appraisal Type** | **Property Type** | **Appraisal Completed** | **Appraisal Property Condition** | **Is there property damage?** | **Property Damage Notes** | **Are there any apparent environmental health or safety issues noted by the appraiser or visible in the photos?** | **Environmental Health or Safety Issue Notes** | **Number of Properties** |
| XXXXXX | 955641 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 642732 | Commercial Appraisal | Industrial | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 573444 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 774754 | Commercial Appraisal | Hotel | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 687386 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 133394 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 589786 | Commercial Appraisal | Mixed Use | As Is | Fair | Yes | Dry rot noticed throughout, $10,000 estimate to fix | No |  | 1 |
| XXXXXX | 764196 | Commercial Appraisal | Commercial | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 141213 | Commercial Appraisal | Industrial | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 796862 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 604459 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 887207 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 199516 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 599671 | Commercial Appraisal | Industrial | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 505579 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 323150 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 828448 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 224498 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 356484 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 669187 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 280322 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 874928 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 223269 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 729291 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 278055 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 485932 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 913961 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 910431 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 253072 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 716515 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXXXX | 282037 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 433953 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 858470 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 245785 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 715111 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 476860 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 278636 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 322762 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 301121 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 253512 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 142749 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 911702 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 644604 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 245306 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 860698 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 403158 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 732115 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 349520 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 301552 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 194160 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 419736 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 203251 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 309181 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 760784 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 338402 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 609927 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 841543 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 791763 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 806987 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 122358 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 906798 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 750702 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 321836 | Commercial Appraisal | Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 772787 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 982425 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 401889 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 311664 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 356908 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 630210 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 979480 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 149501 | 1004 URAR | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 941063 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 787193 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 390629 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 827059 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 984473 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 568591 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 282423 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 166585 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 584097 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 262015 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 622816 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 604702 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 183929 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 801735 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 999793 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 406982 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 442824 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 792550 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 327884 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 899997 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 536716 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 983284 | 1004 URAR | Investor 1-4 | As Is | C5 – Major Deferred Maintenance:<br> Subject is a 1950 one-story bungalow that currently reflects "C5" condition with deferred maintenance and items impacting safety / soundness / security: rotted front porch posts; damaged/missing exterior trim with peeling paint; damaged bedroom window; obsolete/damaged exterior doors; peeling paint on porch/trim; possible crawlspace settlement with rotted kitchen subfloor (~250 SF); peeling paint/mold at bath ceiling (~50 SF); and a damaged vanity. The appraiser estimates a cost of $11,000 (allowance) to cure the observed deferred maintenance. | No |  | No |  | 1 |
| XXXXXX | 413202 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 884238 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 501362 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 864608 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 228072 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 714166 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 138034 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 948476 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 931087 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 411120 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 692210 | 1004 URAR | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 827383 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 463551 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 781081 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 587367 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 406726 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 763724 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 970171 | Commercial Appraisal | Mixed Use | As Is Expired | Average | No |  | No |  | 1 |
| XXXXXX | 719227 | Commercial Appraisal | Office | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 592424 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 516926 | 1004 URAR | Investor 1-4 | As Is Expired | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 227670 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 477886 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 767595 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 263679 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 691224 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 132727 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 961066 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 857298 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 900061 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 279583 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 800391 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 319802 | Commercial Appraisal | Commercial Condo | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 579397 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 617981 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 626042 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 581725 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 971674 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 594659 | Commercial Appraisal | Automotive | As Is | Fair:<br> There is nothing evident in the pictures and the appraiser did not go into detail of why he graded the property in fair condition. The subject is 73-year-old and looks to have limited to no updates since being built. It is being used in an automotive capacity, which tend to look very messy compared to other types of businesses. The metal siding around the sides and rear of the building appears to be fading and pulling up from the main structure. There does not appear to be anything wrong with the interior of the building from the pictures provided. | No |  | No |  | 1 |
| XXXXXX | 760090 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 959786 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 5 |
| XXXXXX | 204765 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 913309 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 136835 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 188574 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 296881 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 690563 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 389466 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 811326 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 109374 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 655283 | Commercial Appraisal | Office | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 791337 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 626557 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXXX | 625082 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 638328 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 496071 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 611143 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 810399 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 424748 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 155541 | 1004 URAR | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 482346 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 2 |
| XXXXXX | 388365 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 279914 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 952741 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 898647 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 716836 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 327592 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 981049 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 367678 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 359288 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 643208 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 393435 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 905517 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 249192 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 714238 | Commercial Appraisal | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 652055 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 582809 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 888238 | 1004 URAR | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 477758 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 424363 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 475799 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 383881 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 356686 | 1004 URAR | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 465610 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 399211 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 316182 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 867191 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 808012 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 932228 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 347687 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 708321 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 200447 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 719011 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 602131 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 717136 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 138303 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 433209 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 574199 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 780215 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 181407 | 1073 Individual Condo Report | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 578756 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 323246 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 858271 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 651367 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 473405 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 570776 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 575854 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 388806 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 623121 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 286262 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 630241 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 646240 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 610327 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 504740 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 820335 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 172102 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 702073 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 126815 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 425343 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 142380 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 448517 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 775497 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 427666 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 783679 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 808767 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 793407 | 1004 URAR | Investor 1-4 | As Is | Excellent | No |  | No |  | 1 |
| XXXXXX | 443293 | Commercial Appraisal | Warehouse | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 645240 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 797522 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 906261 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 477355 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 575995 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 940026 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 235060 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 389818 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 223370 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 934087 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 507758 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 486491 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 407456 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 664818 | 1004 URAR | Automotive | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 607511 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 191729 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 446023 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 893311 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 355808 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 619806 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 536447 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | Yes | Pipes with possible Asbestos Containing Materials. | 1 |
| XXXXXX | 679015 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 264203 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 399007 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 590860 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 118013 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 184378 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 597028 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 545993 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 593543 | 1004 URAR | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 328624 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 154100 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 681431 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 562090 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 325162 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 117625 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 334072 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 405166 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 756170 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 745142 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 871231 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 604507 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 306228 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 457064 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 489423 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 345115 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 983014 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 559498 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 167943 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 876668 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 559530 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 230417 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | Yes | Per the owner roof is under repair and the work will be completed by 9/6/25; unit 7 has a cracked windowpane, but no jagged edges or broken glass is exposed. | No |  | 1 |
| XXXXXX | 230473 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 167010 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 390601 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 947022 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 527704 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 169813 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 139354 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 563808 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 869785 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 345309 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 639127 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 625691 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 150168 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 975203 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 582982 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 774591 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 180532 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 4 |
| XXXXXX | 631700 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 395333 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 174158 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 411550 | 1004 URAR | Investor 1-4 | As Is | C5 – Major Deferred Maintenance | Yes | The subject is in process of converting the second flood attic into a livable area, however due to the low sloping ceilings the area does not qualify as a livable space. The property has deteriorating wood siding due to rot with no insulation behind it. The interior space has no flooring, trim, or paint. The showers are torn out in both bathrooms. | Yes | The appraiser noted "the subject is considered to be a health and safety hazard." | 1 |
| XXXXXX | 678135 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 410020 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 818313 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 971866 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 154173 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 769558 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 198447 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 592529 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXXX | 652915 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 209437 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 936687 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 289086 | Commercial Appraisal | Automotive | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 469659 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 115856 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 723544 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 824283 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 396057 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 168791 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 836203 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 621773 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 329978 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 700249 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 883256 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 396761 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 630084 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 415127 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 252926 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 555645 | 1073 Individual Condo Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 675275 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 324526 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 996256 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 176295 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 755565 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 275383 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 658628 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 897010 | 1004 URAR | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 136674 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 940617 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 266058 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 573912 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 473508 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 291751 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 579276 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 434114 | Commercial Appraisal | Multi-Family | As Is | Average | Yes | Drywall damage in basement. Unit 3F is not considered leasable and requires approximately $13,000.00 in capital improvements to render it leasable. | No |  | 1 |
| XXXXXX | 893342 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 910712 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 398540 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 491795 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 315407 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 735315 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 916305 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 451258 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 436161 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 469239 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 612963 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 969608 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 661478 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 640612 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 650669 | 1004 URAR | Investor 1-4 | As Is Expired | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 318103 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 104623 | 1025 Small Residential Income Report | Investor 1-4 (Multiple) | As Is | Average | No |  | No |  | 2 |
| XXXXXX | 396806 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 582051 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 922722 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 534954 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 288343 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 376322 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXX | 109727 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 212406 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 693237 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 958175 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 119849 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 391644 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 128027 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 477883 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 728236 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 830261 | Commercial Appraisal | Day Care | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 964623 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 724320 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 355059 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 408099 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 284137 | 1004 URAR | Investor 1-4 | Subject to Completion per Plans and Specs | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 584358 | Commercial Appraisal | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 827707 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 554352 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 703601 | 1025 Small Residential Income Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 731829 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 628765 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | Yes | Average condition based on completion of rehab, executed escrow holdback agreement with bid included in the loan file | No |  | 1 |
| XXXXXX | 538594 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 743737 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 170282 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 563692 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 140549 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 124872 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 121354 | 1073 Individual Condo Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 910601 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 759800 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 396911 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXXXX | 249425 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 787014 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 205705 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 356635 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 310780 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 592433 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 965003 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 298064 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 514877 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 102699 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 333360 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 935997 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 700132 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 827362 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 329190 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 142022 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 755440 | Commercial Appraisal | Mixed Use | As Is | Average | Yes | Absence of siding along the second floor with exposed sheathing. Given the exposure of the sheathing and the potential that additional repairs or replacements may be required, reliance is placed on the high end of this range ($7.80/SF). Applied to the subject's estimated wall area of approximately 1,089 sq. ft, the indicated cost to cure is about $8,580., rounded conservatively to $10,000. | No |  | 1 |
| XXXXXX | 600593 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 614234 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 180333 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 223760 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 471782 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 802166 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 871889 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 392051 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 106494 | 1025 Small Residential Income Report | Multi-Family | As Is | Good | Yes | Areas of worn/damage exterior paint, fascia, and storage shed door. Unit F is currently demolished down to the studs for renovations and would require a kitchen, bathroom, drywall, flooring, paint, etc. Approx. cost $35,000.00.The stabilization costs for unit F were deducted from the stabilized value indication. | No |  | 1 |
| XXXXXX | 393065 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 313834 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 185692 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 255606 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 826007 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 858451 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 194767 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 697452 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 974372 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 304622 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 845035 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 551360 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 350142 | 1025 Small Residential Income Report | Multi-Family | As Is | Average | Yes | Per appraiser - Unit 3 needs complete rehab. | No |  | 1 |
| XXXXXX | 852098 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 831951 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 712121 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 411930 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 380818 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 881487 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 443246 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 162153 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 706107 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 146117 | 1025 Small Residential Income Report | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXXX | 258506 | Commercial Appraisal | Mixed Use | As Is | Average | Yes | Commercial unit restroom is missing drywall and has plywood flooring. | No |  | 1 |
| XXXXXX | 917147 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 415364 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 543188 | 1025 Small Residential Income Report | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 719196 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 177037 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 501849 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 253895 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 257063 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 474369 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No | Damage to walls between flooring and kitchen, no usable kitchen at this time, in need of flooring, plumbing rework and drywall/electric, cost to cure $40,000.<br> Escrow holdback page 156 for kitchen remodel | No |  | 1 |
| XXXXXX | 458539 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 695124 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 494320 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 651544 | 1073 Individual Condo Report | Investor 1-4 (Multiple) | As Is | C3 – Well-Maintained | No |  | No |  | 5 |
| XXXXXX | 830231 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 666059 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 365698 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 486643 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 902379 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 519437 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 258965 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 587777 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 646519 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 807021 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 448042 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 331702 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 627437 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 637331 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 528969 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 667607 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 349087 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 941128 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 782617 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 899271 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No | Kitchen-not updated; Bathrooms-updated-six to ten years ago; Per the owner, the subject has been updated to include: bathroom, HVAC, water heater, refinished hardwood floors, Lvp flooring, some light fixtures, interior painting and upgraded electrical panel. | No |  | 1 |
| XXXXXX | 236663 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 382278 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 931702 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 839649 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 6 |
| XXXXXX | 931692 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 806729 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 372035 | Commercial Appraisal | Retail | As Is | Average | No |  | Yes | Pictures show ceiling tile missing/falling down. power outlets with no covers. | 1 |
| XXXXXX | 123757 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 234119 | 1073 Individual Condo Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 597110 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 286508 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 995032 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 917613 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 265104 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 520089 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 917911 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 183113 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 689847 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 634896 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 688943 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 696798 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 814807 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 395555 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 105835 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 550945 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 713377 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 359877 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 380083 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 394140 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 223044 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 975601 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 501145 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 972191 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 298008 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 640179 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 598616 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 224081 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 634437 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 277513 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 944722 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 589126 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 336672 | 1025 Small Residential Income Report | Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 797800 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 231959 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 967265 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 575005 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 538252 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 601046 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 271156 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 855635 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 812148 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 931178 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 732275 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 416795 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 475683 | 1073 Individual Condo Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 691537 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 153405 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 278070 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 472086 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 943370 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 115493 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 162440 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 650604 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 457362 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 454853 | 1004 URAR | Investor 1-4 | As Is | C5 – Major Deferred Maintenance | Yes | The subject has damaged exterior siding, damaged gutters, damaged flooring, missing transition, damaged ceiling, missing outlet <br> covers throughout, damaged walls, damaged window trim, missing bath mirrors, damaged kitchen, and primary bath in need of complete remodel. Cost to cure +/-$20,000. | No |  | 1 |
| XXXXXX | 279536 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 323260 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 745342 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 994473 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 824088 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 978237 | 1004 URAR | Investor 1-4 | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXX | 547272 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 983330 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 480097 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 819593 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 477277 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 470311 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 754628 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 957683 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 864543 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 823287 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 969208 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 241694 | 1004 URAR | Investor 1-4 (Multiple) | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 956398 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 598628 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 325014 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 906915 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 372236 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 670830 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 370611 | 1073 Individual Condo Report | Investor 1-4 | As Is | C5 – Major Deferred Maintenance | No | Per appraisal stated deferred maintenance, no flooring in bedroom or loft, light fixtures hanging, sheetrock damage in loft. Not habitable in current state | No |  | 1 |
| XXXXXX | 879016 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 227089 | Commercial Appraisal | Warehouse | As Is | Good | No |  | No |  | 1 |
| XXXXXX | 770627 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 101605 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 327169 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 214959 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 202755 | 1025 Small Residential Income Report | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 490065 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 466430 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 841380 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 458550 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 444037 | 1004 URAR | Investor 1-4 | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 308103 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXX | 120143 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 573929 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 935350 | 1004 URAR | Investor 1-4 | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXX | 470749 | 1025 Small Residential Income Report | Investor 1-4 | As Is | Average | No |  | No |  | 1 |
| XXXXXX | 310015 | 1004 URAR | Investor 1-4 | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |

---