# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-26-009597
**Filing Date:** 2026-4
**Character Count:** 1647507
**Document Hash:** f08e9d46829c6cf19b3b297c7644cf9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-009597.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001999371-26-009597

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

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260430

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

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**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:** 26927012

**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 2026-2</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 Limited Appraisal Report |
| [99.04](ex99-04.htm) | AMC Valuation Summary Report |
| [99.05](ex99-05.htm) | AMC Multi-Property Valuation Report |
| [99.06](ex99-06.htm) | AMC NOO Exception and Grades Report |
| [99.07](ex99-07.htm) | AMC GL Exception and Grades Report |
| [99.08](ex99-08.htm) | AMC GL Exception Grades Report |
| [99.09](ex99-09.htm) | Opus Capital Markets Consultants, LLC ("**Opus**") Narrative |
| [99.10](ex99-10.htm) | Opus Standard Findings Report |
| [99.11](ex99-11.htm) | Opus Rating Agency Grades Report |
| [99.12](ex99-12.htm) | Opus Data Compare Report |
| [99.13](ex99-13.htm) | Opus Valuation Report |
| [99.14](ex99-14.htm) | Opus Multi-Property Valuation Report |
| [99.15](ex99-15.htm) | Opus NOO Rating Agency Grades Report |
| [99.16](ex99-16.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: April 30, 2026

<u>/s/ Jeff Taylor</u>

Name: Jeff Taylor

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

## Exhibit 99.01

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

 **Exhibit 99.01**

![](amc-logo.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 February 2026 and April 2026 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 seven hundred twenty-five (725) 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;211 | &nbsp;&nbsp;335 | &nbsp;&nbsp;62.99% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;221 | &nbsp;&nbsp;390 | &nbsp;&nbsp;56.67% |
|  | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**725** | &nbsp;&nbsp;**59.59%** |

---

The six (6) 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;6 | &nbsp;&nbsp;6 | &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;**6** | &nbsp;&nbsp;**6** | &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.

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![](amc-logo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** |  |  | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam (not included in Guideline Review) | &nbsp;&nbsp;169 | &nbsp;&nbsp;390 | &nbsp;&nbsp;43.33% |
| &nbsp;&nbsp;Total Non-Owner Occupancy ("NOO") |  | &nbsp;&nbsp;169 | &nbsp;&nbsp;390 | &nbsp;&nbsp;43.33% |

---

**(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;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;13 | &nbsp;&nbsp;601 | &nbsp;&nbsp;2.16% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;4 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |

---

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![](amc-logo.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;601 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;601 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**25242** | &nbsp;&nbsp;**0.07%** | &nbsp;&nbsp;**25242** |

---

**(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 |  |

---

3 \| Page

![](amc-logo.jpg)

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.

▪ 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.

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▪ 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 two hundred twenty-one (221) 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.

**(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 (601 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>Limited Appraisal Review (293 Mortgage Loans, 338 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.

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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 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:**

Four hundred thirty-one (431) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 30.79% of the mortgage loans by number have a Credit grade of "A.". Two hundred forty-six (246) of the Credit grade "B" correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of four hundred sixty-six (466) waived (and downgraded) credit exceptions affecting those two hundred forty-six (246) mortgages loans. Some mortgage loans received multiple waivers, and one mortgage loans had waived and downgraded credit exceptions but resulted in a Credit C grade due to other credit exceptions.

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| | | |
|:---|:---|:---|
| &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;133 | &nbsp;&nbsp;30.79% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;298 | &nbsp;&nbsp;68.98% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** |

---

**Non-Owner Occupancy Review Credit Results**

All one hundred sixty-nine (169) mortgage loans reviewed by AMC have a Credit grade of "A".

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;169 | &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;**169** | &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 two hundred twenty-one (221) 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:**

Three hundred fifty-seven (357) of the mortgage loans received a Property grade "A", seven (7) of the mortgage loans received a Property grade "B", and sixty-eight (68) of the mortgage loans received a Property grade "C". The sixty-eight (68) mortgage loans with the Property grade "C" corresponds to the sixty-nine (69) (one (1) multi property loan with exceptions on two properties) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo and eight (8) "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;357 | &nbsp;&nbsp;82.64% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;7 | &nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;68 | &nbsp;&nbsp;15.74% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** |

---

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**OVERALL RESULTS SUMMARY** 

**Guideline Review Overall Results:**

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, three hundred sixty-three (363) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 25.69 % of the mortgage loans by number have an Overall grade of "A." Sixty-nine (69) 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;111 | &nbsp;&nbsp;25.69% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;252 | &nbsp;&nbsp;58.33% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;69 | &nbsp;&nbsp;15.97% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** |

---

In the Guideline Review Population there are six (6) SBA mortgage loans. SitusAMC conducted a review of the six 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-nine (169) 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;169 | &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;**169** | &nbsp;&nbsp;**100.00%** |

---

**SitusAMC Limited Appraisal Review Summary (293 Mortgage Loans, 338 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 ninety-three (293) mortgage loans representing three hundred thirty-eight (338) 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;Average | &nbsp;&nbsp;104 | &nbsp;&nbsp;30.77% |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;C3 | &nbsp;&nbsp;108 | &nbsp;&nbsp;31.95% |
| &nbsp;&nbsp;C4 | &nbsp;&nbsp;88 | &nbsp;&nbsp;26.04% |
| &nbsp;&nbsp;C5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;Fair | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;Good | &nbsp;&nbsp;19 | &nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;Very Good | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**338** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;290 | &nbsp;&nbsp;85.80% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;48 | &nbsp;&nbsp;14.20% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**338** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;290 | &nbsp;&nbsp;85.80% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;48 | &nbsp;&nbsp;14.20% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**338** | &nbsp;&nbsp;**100.00%** |

---

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

All items are relevant for the four hundred thirty-two (432) 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;432 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$191074583.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$191074583.00** | &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;432 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$191074583.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$191074583.00** | &nbsp;&nbsp;**100.00%** |
| &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;276 | &nbsp;&nbsp;63.89% | &nbsp;&nbsp;$120593729.00 | &nbsp;&nbsp;63.11% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;100 | &nbsp;&nbsp;23.15% | &nbsp;&nbsp;$44372904.00 | &nbsp;&nbsp;23.22% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;56 | &nbsp;&nbsp;12.96% | &nbsp;&nbsp;$26107950.00 | &nbsp;&nbsp;13.66% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$191074583.00** | &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;0-120 Months | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.23% | &nbsp;&nbsp;$99000.00 | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;431 | &nbsp;&nbsp;99.77% | &nbsp;&nbsp;$190975583.00 | &nbsp;&nbsp;99.95% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**432** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$191074583.00** | &nbsp;&nbsp;**100.00%** |

---

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## Exhibit 99.02

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.02**

**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 2026-2-100724- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2026-2-100659- |  |  | DCR UW VCC | 1.39 | 1.29 | Verified | methodology difference, tape calc is noi/pi\*12 |
| XXXX | XXXX | VCC 2026-2-100626- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2026-2-100534- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100524- |  |  | DCR UW VCC | 6.75 | 6.62 | Verified | methodology difference, tape calc is noi/pi\*12 |
| XXXX | XXXX | VCC 2026-2-100523- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100453- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100349- |  |  | DCR UW VCC | 4.37 | 3.26 | Verified | methodology difference, tape calc is noi/pi\*12 |
| XXXX | XXXX | VCC 2026-2-100346- |  |  | DCR UW VCC | 1.32 | 1.55 | Verified | methodology difference, tape calc is noi/pi\*12 |
| XXXX | XXXX | VCC 2026-2-100216- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100189- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100315- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100314- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100304- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100303- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100297- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2026-2-100294- |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |

---

## Exhibit 99.03

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.03**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** | **VCC Limited Appraisal Report** |
| **AMC Loan ID** | **Customer Loan ID** | **Seller Loan ID** | **EDGAR LoanID** | **Investor Loan Number** | **Street** | **City** | **State** | **Zip** | **Valuation Status** | **Property Condition** | **Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos?** | **Is there property damage?** | **Does the valuation reference an Unpermitted Addition?** | **Comments** |
| XXXX | XXXX | XXXX | VCC 2026-2-100292- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal indicates kitchen appliances are not installed. |
| XXXX | XXXX | XXXX | VCC 2026-2-100291- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100290- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal notes peeling exterior paint, a non-functional bathroom (appears to be missing toilet), damaged/broken windows, boarded sliding glass door, damaged garage door, missing exterior crawl-space access panel, damaged bathroom ceiling, and damaged siding. |
| XXXX | XXXX | XXXX | VCC 2026-2-100289- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100288- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100287- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100286- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100285- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100284- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100283- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect an elevated rear entry door with no stairs to access it. |
| XXXX | XXXX | XXXX | VCC 2026-2-100282- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100281- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100280- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | Yes | Appraisal photos reflect an elevated rear deck without railings. |
| XXXX | XXXX | XXXX | VCC 2026-2-100279- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100278- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100277- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100276- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100275- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100274- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100273- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal photo does not support a functioning toilet for primary bathroom. Appraiser commentary suggests porch was deficient with no further details provided. Additionally, appraiser commentary is inconsistent on p3 whereas states... property electrical system and plumbing seems to be in average working conditions the electrical seemed to not to be functioning correctly. |
| XXXX | XXXX | XXXX | VCC 2026-2-100272- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100271- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Appraisal notes health and or safety problems; base of fire escape in rear is unstable. Appraisal also notes the rear door has exposed wood framing. Spaces for pull up doors to basement is boarded up. |
| XXXX | XXXX | XXXX | VCC 2026-2-100270- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100269- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100268- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100267- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100266- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100265- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100264- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100263- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100262- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100261- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | Yes | No | Appraisal notes multiple property condition issues that require attention to include; HVAC modifications, wiring deficiencies, inadequate lighting, outdated electrical fixtures, flooring repairs, interior paint and general clean up. Appraiser further notes the total estimated repair cost for the subject building's interior space ranges from approximately $22,315 to $28,000. ...a repair allowance of $25,000 has been applied in this analysis. |
| XXXX | XXXX | XXXX | VCC 2026-2-100260- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal notes damage to one units kitchen requiring new cabinets and kitchen components, Estimated cost $20,000. On site garage is at the end of its economic life & uninsurable per appraiser. Demolition recommended. |
| XXXX | XXXX | XXXX | VCC 2026-2-100259- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100258- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100257- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100256- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100255- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal notes in commercial unit damaged worn vinyl and plywood flooring, old acoustic tile and exposed ceilings. Also notes rear section has exposed wood joist ceiling. Estimated that approximately $15,000 would be required to refurbish at least the front section of the unit. |
| XXXX | XXXX | XXXX | VCC 2026-2-100254- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal notes exterior moisture damage, storage room peeling paint, small section of damaged wall board, and ceiling damage. The appraisers estimate the cost to cure this damage at $15,000-20,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100253- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100252- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100251- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100250- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal states electrical is turned off for repair due to fire to an adjacent building. Remove existing 200A single-phase feeder, bring in mew 400A, 120/20 SV, three-phase, 4-wire electrical service, furnish and install 1 new 400A. 3-phase meter base, furnish and install 1 new 400A, 250V, 3P outdoor disconnect with 3-400A fuses, furnish and install all bonding and grounding, furnish and install 1 new 400A, 120/208v, 3PH, 4W, MLO, main distribution panel, install the existing panel feeders for panel A. B. D located in the electrical room into the new 400A electrical panel, existing electrical panel C is feed from panel A, existing electrical panel E is feed from Panel B, RTU-1 and RTU-2 have existing feeders in the electric room (being demolished)-install both feeders into the new 400A electrical panel, obtain electrical permit, coordinate electrical drop with local provider, and final inspection. Total cost $30,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100249- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | Yes | No | Appraiser states property is in fair condition with broken residential garage window, unstrapped water heater, worn/damaged plaster, damaged paint/wood siding, unworkmanlike roofing, damaged ceiling, worn/damaged paving. Appraiser does not provide further details on the unworkmanlike roof, label is under picture of roof with material used for a flat roof on a slanted roof and seams are separating and buckling which can lead to leaking/water damage. |
| XXXX | XXXX | XXXX | VCC 2026-2-100248- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100247- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100246- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | No | No | Appraisal photo reflects basement stairwell is missing handrails. |
| XXXX | XXXX | XXXX | VCC 2026-2-100245- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100244- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100243- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100242- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100241- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100240- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraiser notes there is some exterior concrete/masonry block gaps/cracking, photos suggest that cracks have been filed. |
| XXXX | XXXX | XXXX | VCC 2026-2-100239- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100238- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100237- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100236- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100235- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100234- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100233- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | No | No | Appraiser comments condition is average to below average for current use. Photos reflect missing ceiling tiles and drywall. Appraiser comments some items of deferred maintenance including exterior painting and damaged interior walls but did not notes adjustments considered in condition. |
| XXXX | XXXX | XXXX | VCC 2026-2-100232- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100231- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | No | No | Appraisal photo reflects water-stained ceiling tile on 2nd floor interior. |
| XXXX | XXXX | XXXX | VCC 2026-2-100230- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Per appraiser subject property is below average/fair condition; no specific instances of deferred maintenance or damage noted. Appraiser states condition is based on age of the property. |
| XXXX | XXXX | XXXX | VCC 2026-2-100229- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100228- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100227- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | No | No | Appraisal photos reflect residential unit kitchen is missing floor tiles and in need of repair/replacement, water damage on ceiling of bathroom and a hole in ceiling in tub area. Appraiser list deferred maintenance as residential unit interior finishes, ceiling damage, existing appliances, etc. Cost to cure estimated at $10,000 to $14,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100226- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal notes one unit has wall penetrations and exposed areas where prior structural/mechanical elements have been removed. One unit is in shell condition. No cost to repair provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100225- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100224-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | Appraisal notes missing health and safety issue: missing electrical panel cover. Appraisal notes damage ceiling on back porch. Also, noted is non-functioning A/C unit. |
| XXXX | XXXX | XXXX | VCC 2026-2-100224-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal notes no permanent heating/cooling source for the home. Window A/C unit only. Signed Holdback agreement for installation of permanent heat source provided and reflected on HUD. Holdback is for 365 days. |
| XXXX | XXXX | XXXX | VCC 2026-2-100223-1 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100223-2 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100223-3 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100223-4 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100223-5 |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Subject is under-going renovations. Photos reveal several instances of exposed wires/uncovered walls in unit xxx. Garage door was detached at time of inspection. |
| XXXX | XXXX | XXXX | VCC 2026-2-100222- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | Yes | Appraisal reflects unpermitted non-conforming addition of storage/office and small kitchen. Appraiser has noted a total cost to cure of $237,500 considering conversion to SFR from church. At time of inspection property was being utilized as a church. Client Comment: Property is still functioning as a church |
| XXXX | XXXX | XXXX | VCC 2026-2-100221- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photo reflects window in basement appears to be coved with plywood. |
| XXXX | XXXX | XXXX | VCC 2026-2-100220- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100219- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100218- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | No | No | Appraisal photo reflects stairwell missing handrail at the top of the stairs. Missing railing on second floor landing and missing handrail on top portion of stairs. Client comment: Inside staircase from first to second floor |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-3 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-4 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-5 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-6 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-7 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Appraisal photos reflect broken rear window and missing light fixture covers at cost to cure of $3,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-8 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-9 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100217-10 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100216- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-1 |  | XXXX | XXXX | XX | XXXX | Provided | C5 | No | Yes | No | Property is in overall fair condition. Photos reflect external graffiti. damaged cabinets in kitchen and missing appliances. In-house review indicates flooring throughout needs replacing, kitchen counters are chipped, wood paneling in the kitchen is water stained, interior needs paint, bath has no wainscot, and roof and siding in fair condition. |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-2 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Missing carbon monoxide detectors. Unit has a wall mounted ventless space heater. In-house review indicates this type of heater is known for safety issues. |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-3 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-4 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-5 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-6 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-7 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100215-8 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100214- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect hole in exterior, settling cracks, wall missing exterior finish, roof damage, gap between exterior materials, exterior separating from window and shed floor bulges in middle. Additionally, crack in living room wall, crack in dining room wall and ceiling, crack in laundry room wall, crack in kitchen wall, crack in bedroom 3 wall and ceiling, water damaged ceiling and crack in wall in bedroom 2, crack in wall in bedroom 1, crack in bathroom bath 1 and tape used to seal shower and hole in wall in bath 2. |
| XXXX | XXXX | XXXX | VCC 2026-2-100213- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100212- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100211- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100210- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | In-house revie notes interior paint and flooring is worn with an estimated cost to cure of $9,000. Property is in an I-H heavy industrial zone. If property is damaged > 75%=1477 or more square feet of home leaving < 500 square feet undamaged, it cannot be rebuilt as a residential home. |
| XXXX | XXXX | XXXX | VCC 2026-2-100209-1 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100209-2 |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100209-3 |  | XXXX | XXXX | XX | XXXX | Provided | C5 | Yes | Yes | No | Appraisal photos reflect significant, extensive deferred maintenance, ceiling damage, missing appliances, damaged bathroom vanity, damaged/worn flooring. In-house review states damage to ceiling in several areas, the interior is in need of paint, flooring needs replacing throughout, bathroom vanity separating from wall, appears to be possible mold at bottom of widow in bedroom 2. |
| XXXX | XXXX | XXXX | VCC 2026-2-100209-4 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100209-5 |  | XXXX | XXXX | XX | XXXX | Provided | C5 | No | Yes | No | C5 Condition with Appraisal photos reflect significant deferred maintenance. Wall/door punctures, a broken/boarded-up window, worn/damaged flooring, damaged cabinets in kitchen & bath. |
| XXXX | XXXX | XXXX | VCC 2026-2-100208- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100207- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100206- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal photos reflect electrical service panel in basement is missing door and side porch is in need of repair. Photos show second floor porch with out railing and support columns appear damaged. |
| XXXX | XXXX | XXXX | VCC 2026-2-100205- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect bars on windows, no evidence of quick release latches provided. In-house review has PTD rear stucco in poor condition and requires replacement with apparent leak., rear xxx door is in poor condition and require replacement, additionally there is apparent steel place bolted into brick covering exposed area. Potential structural issue. Secure and certify electrical wires throughout rear structure. Illegal 5th unit in basement with kitchen-cost to remove stove and cap line $500. Missing pictures of basement bedrooms. |
| XXXX | XXXX | XXXX | VCC 2026-2-100204- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100203-1 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100203-2 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal photos reflect damaged fencing. In-house review notes that side railing missing on open staircase and visible in appraisal pictures. |
| XXXX | XXXX | XXXX | VCC 2026-2-100202- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100201- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100200- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100199- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Kitchen missing appliances. Evidence of sink being installed provided, no appliances installed. |
| XXXX | XXXX | XXXX | VCC 2026-2-100198- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100197- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100196- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect signs of water leak on ceiling in bedrooms 2 and 3 and green/dark spots on ceiling in bedroom 3. Holdback per HUD in amount of $10,000. Repair agreement for $10,000 executed by borrower. |
| XXXX | XXXX | XXXX | VCC 2026-2-100195- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100194- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100193- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100192- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100191- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal photo reflects security bars on window; no evidence of quick release latch provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100190- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100189- |  | XXXX | XXXX | XX | XXXX | Provided | C5 | Yes | No | No | Subject condition is C5 - appraisal reflects there is no functional kitchen; cost to cure is $15,000 and contractor bid is for $12,474. Holdback per HUD in amount of $18,711. Repair agreement for $18,711 executed by borrower. |
| XXXX | XXXX | XXXX | VCC 2026-2-100188- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100187- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100186- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | Yes | Appraisal photos reflect roof is missing trim, damaged gutters/soffit and missing siding trim. Property has a 3rd detached unit-deemed illegal and no value given by appraiser. No cost to cure provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100185- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100184- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100183- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100182- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100181- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Appraisal notes missing external trim and cracks in ceiling (may have been from prior repair, not natural occurring crack)/ |
| XXXX | XXXX | XXXX | VCC 2026-2-100180- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Appraisal photo reflects exterior settlement cracks and broken window. |
| XXXX | XXXX | XXXX | VCC 2026-2-100179- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100178- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100177- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100176- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100175- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100174- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100173- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100172- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100171- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No | Appraisal photos reflect external chipped/peeling paint. Rear of subject has overgrown vegetation attached to the building. |
| XXXX | XXXX | XXXX | VCC 2026-2-100170- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal photo reflets missing electrical panel cover. |
| XXXX | XXXX | XXXX | VCC 2026-2-100169- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100168- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100167- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100166- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100165- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100164- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100163- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal notes barred exterior windows without quick release latches, photo reflects crawl space with no access, and notes several instances of settlement cracks throughout the property. Holdback per HUD in amount of $5,250. Repair agreement for $5,250 executed by borrower for foundation work. |
| XXXX | XXXX | XXXX | VCC 2026-2-100162- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes shingle damage and several instances of exterior damage/wood rot. |
| XXXX | XXXX | XXXX | VCC 2026-2-100161- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100160- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100159- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100158- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100157-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | Appraisal notes several instances of health/safety concerns: Dampness/mold like substance in basement, buckled flooring in dining room, no handrail in basement stairwell, missing electrical outlet cover in bathroom. Appraisal notes several areas of damage/excessive ware; Damaged downspouts, roof at end of economic life, worn flooring, missing kitchen drawers. Water damaged floor covering noted in dining room, kitchen, and nook. |
| XXXX | XXXX | XXXX | VCC 2026-2-100157-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100156- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100155- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100154- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes missing bathroom tile, missing thresholds, loose laminate flooring, weathered exterior trim, and fascia. Estimated cost to cure $3,000 -$5,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100153- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100152- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraisal photo reflects water damage to ceiling. An-house review had PTD- roof cert. confirming repair or estimated cost to cure by a licensed professional. Copy of a License for a Home improvement contractor provided but no roof cert or evidence of repairs provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100151- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100150- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100149- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100148- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100147- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100146- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100145- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes worn/damaged carpet & vinyl flooring, cracked/damaged ceilings and possible water damage, bare wood on roof soffits, cracked/peeling paint. Estimated costs $12,500. |
| XXXX | XXXX | XXXX | VCC 2026-2-100144- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100143- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100142- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100141- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100140- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | In-house review notes that there are missing drawer fronts with a cost to cure $250. Storage are located on property has been noted as a health and safety issues and borrower has noted that the building will be demolished. Appraiser gave it no value. |
| XXXX | XXXX | XXXX | VCC 2026-2-100139- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100138- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100137- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100136- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100135- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal notes water damage to wall below window in unit xxx. |
| XXXX | XXXX | XXXX | VCC 2026-2-100134- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Appraiser identified the subject as in fair condition due to discolored shingles, holes in parking lot, dingy paint. Appraiser indicates this has minimal impact on value but negatively impacts the overall curb appeal. |
| XXXX | XXXX | XXXX | VCC 2026-2-100133- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Appraiser identifies the subject as fair to average however no specific deficiencies noted. Appraiser states condition is due to age and location. |
| XXXX | XXXX | XXXX | VCC 2026-2-100132- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100131- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100130- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100129- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Health & safety issue noted by appraiser; unstrapped hot water heater in one unit. Appraiser notes chipped/cracked exterior stucco. Also, cracked sink in one of the units. |
| XXXX | XXXX | XXXX | VCC 2026-2-100128- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal photos reflect walls patched or in need of patching and paint. |
| XXXX | XXXX | XXXX | VCC 2026-2-100127- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100126- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | No | No | Appraisal photos reflect missing handrail on apartment stairs for unit xxx. |
| XXXX | XXXX | XXXX | VCC 2026-2-100125- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100124- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100123- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100122- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100121- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100120- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100119- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal photos reflect damaged garage/garage door. Appraiser states the garage door is in the process of being replaced by the buyer/commercial tenant. No evidence of this provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100118- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100117- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraiser notes apartments not in rentable condition with incomplete flooring and ceiling drywall, as well as bathroom fixtures and finishes in one unit. |
| XXXX | XXXX | XXXX | VCC 2026-2-100116- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100115- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100114- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100113- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Subject identified in fair condition. No specific instance of health/safety or damage to property. Fair condition appears related to overall lack of updates/ wear & tear. |
| XXXX | XXXX | XXXX | VCC 2026-2-100112- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100111- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100110- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal photos reflect missing ceiling tiles. |
| XXXX | XXXX | XXXX | VCC 2026-2-100109- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100108- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100107- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100106- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal photos reflect missing ceiling tiles. |
| XXXX | XXXX | XXXX | VCC 2026-2-100105- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100104- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100103- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100102- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100101- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100100- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100099- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | Yes | No | Property condition is Fair, Appraisal notes numerous items of deferred maintenance; peeling paint, water leaks, a hole in a pull up door which could allow rodent infestation, exposed plywood subflooring, asbestos, exposed wires, leaking drain pipe, missing Smoke/CO detectors, and inoperable heater. Exposed wires, leaking drain pipe, missing smoke/co detectors, and in operable heater are a health and safety issue. Estimated cost to remedy $30,000. From the client: Regarding the mold - VCC Completed a 90-day holdback for $10,000 for the mold remediation and to repair active roof leak in skylight. Regarding the asbestos - The extent of the asbestos isn't confirmed, the appraisal says "potential asbestos wrapping". This is common for a building of this age. |
| XXXX | XXXX | XXXX | VCC 2026-2-100098- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100097- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100096- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | No | No | Missing handrail on attic stairs. Appraiser does not clarify if the attic is finished and part of the living space. Pictures show a portion that appears to have been completed with a treadmill the only item in the room. |
| XXXX | XXXX | XXXX | VCC 2026-2-100095- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100094- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100093- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100092- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100091- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100090- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100089- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100088- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100087- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100086- |  | XXXX | XXXX | XX | XXXX | Provided | Very Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100085- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100084- |  | XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Property condition is Fair-Ceiling tiles appear dropped and damaged. |
| XXXX | XXXX | XXXX | VCC 2026-2-100083- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100082- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Water damage on ceiling. Heaters were not present in all units except unit xxx. Cost to cure approximately $10.000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100081- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100080- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100079- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100078- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100077- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100076- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100075- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100074- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100073- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100072- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100071- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100070- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100069- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100068- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100067- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100066- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100065- |  | XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Appraisal notes backed up sewer system which could pose a health/safety concern. Appraiser further observed two of the units needed cleaning & painting. Cost to cure $16,536 which includes cleaning/painting $1,500 and sewer system repair $15,036. |
| XXXX | XXXX | XXXX | VCC 2026-2-100064- |  | XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100063- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100062- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | Yes | Appraisal notes three kitchens, 1 in the basement,. 1 on the main floor, and 1 on the second floor. Cost to remove kitchen from basement and 2nd floor $7,500. Copies of Notice of Violations from the City in file indicating property was being used as a boarding house illegally. Legal use is single family home. Violation order issued 3/8/2024 with a fine for each day of $1,000 until property is returned to SFR status (occupant of 2nd floor illegal unit is evicted). Client comment: We're working with attorney to verify if this is released and if not the cost to release. Client will remediate as necessary |
| XXXX | XXXX | XXXX | VCC 2026-2-100061- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | In-house review notes that the roof is nearing the end of its useful life and that there is some cracked/worn flooring. No cost to cure provided. |
| XXXX | XXXX | XXXX | VCC 2026-2-100060- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100059- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100058- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100057- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100056- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100055- |  | XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100054- |  | XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100053- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect missing cover on electrical panel. |
| XXXX | XXXX | XXXX | VCC 2026-2-100052- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100051- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100050- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100049- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100048- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100047- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal notes mold and ceiling damage in kitchen and bathroom as well as roach infestation. Cost to cure $4,150. Evidence of pest remediation in file. Signed Holdback agreement in file and reflected on HUD for mold remediation of $5,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100046- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100045- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100044- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100043- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100042- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100041- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100040- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100039- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100038- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100037- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraiser notes an off-line oil tank that could be compromise posing a potential health/safety concern. In-house review mentions deferred maintenance noted in dark stains on the floor and corrosion on the oil tank, , recommend inspection by a qualified professional. |
| XXXX | XXXX | XXXX | VCC 2026-2-100036- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100035- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | Yes | Appraisal notes added bath to storage without permits with owner stating bonus room added with permits. No record of permits found. Appraiser did not provide a cost to convert back. |
| XXXX | XXXX | XXXX | VCC 2026-2-100034- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal completed subject to installing hand rails for the steps as shown in subject left side rear photo. Missing 442 showing this completed. |
| XXXX | XXXX | XXXX | VCC 2026-2-100033- |  | XXXX | XXXX | XX | XXXX | Provided | C5 | No | Yes | No | Property Condition C5 due to no updates and Appraisal notes furnace not working at time of inspection. Additionally, water was not on due to a broken water line. In-house review has PTD furnace should be in working order and broken water line repaired. Borrower stated that the water line was repaired. They were waiting on a new ail tank to be installed to restore the heat. Pictures in file of a new oil tank. No evidence provided that the water was back on and that the furnace is working. |
| XXXX | XXXX | XXXX | VCC 2026-2-100032- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100031- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100030- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100029- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100028- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100027- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100026- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Appraisal photos reflect multiple instances of bare exterior wood, peeling paint, missing/damage threshold transitions |
| XXXX | XXXX | XXXX | VCC 2026-2-100025- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100024- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100023- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Missing working permanent heat source (HVAC system not working properly) which is required by state for property to be habitable. |
| XXXX | XXXX | XXXX | VCC 2026-2-100022- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100021- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100020- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Section of subject is missing drywall with cost to cure of $5,000. |
| XXXX | XXXX | XXXX | VCC 2026-2-100019- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | Yes | Appraisal photos reflect an empty in-ground pool that has not been secured or fenced off which that could pose a health/safety issue, Photos reflect exterior mildew, damaged drywall & flooring. Second floor has an additional kitchen that needs to be removed-not permitted. |
| XXXX | XXXX | XXXX | VCC 2026-2-100018- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100017- |  | XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100016- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraisal photos reflect damaged dining room ceiling, bedroom ceiling needs painting and has electrical hanging down, basement staircase missing drywall (no evidence of railing), and missing electrical plate covers. Evidence of drywall installed in ceilings and basement stairway (railing installed), electrical fixtures and plates installed. Taping and painting still to be completed. |
| XXXX | XXXX | XXXX | VCC 2026-2-100015- |  | XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100014- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100013- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal photos reveal stained flooring, dented front door, rear deck in disrepair, rotted wood above entry, damaged kitchen cabinets, broken garage door, and broken windows. |
| XXXX | XXXX | XXXX | VCC 2026-2-100012- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100011- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100010- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100009- |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100008- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100007- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100006- |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100005-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | Appraisal notes non-functional/broken garage door and hole in garage roof. Missing railing on front porch. |
| XXXX | XXXX | XXXX | VCC 2026-2-100005-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100004-1 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect missing electrical panel cover. |
| XXXX | XXXX | XXXX | VCC 2026-2-100004-2 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect missing handrail for stairwell to basement for unit xxx Missing kitchen appliances for both units. |
| XXXX | XXXX | XXXX | VCC 2026-2-100004-3 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100003-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100003-2 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100003-3 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100003-4 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100002-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraisal photos reflect health/safety concerns; missing electrical panel cover. |
| XXXX | XXXX | XXXX | VCC 2026-2-100002-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | In-house review has PTD install door on porch. Note to u/w,. driveway is in poor condition and potential tripping hazard rear yard. |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-1 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-3 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-4 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-5 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-6 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-7 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-8 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-9 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100001-10 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100000-1 |  | XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100000-2 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | VCC 2026-2-100000-3 |  | XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |

---

## Exhibit 99.04

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.04**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| **Valuation Report** | **Valuation Report** | **Valuation Report** | **Valuation Report** | **Valuation Report** | **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 2026-2-100723- |  | 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 2026-2-100722- |  | 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 2026-2-100721- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.500% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.500% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100720- |  | 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 2026-2-100719- |  | 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 2026-2-100718- |  | 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 2026-2-100717- |  | 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 2026-2-100716- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 56.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 56.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100715- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -8.470% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100714- |  | 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 2026-2-100713- |  | 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 2026-2-100712- |  | 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 2026-2-100711- |  | 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 2026-2-100710- |  | 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 2026-2-100709- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.310% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.310% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100708- |  | 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 2026-2-100707- |  | 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 2026-2-100706- |  | 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 2026-2-100705- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 11.430% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.710% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100704- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 53.330% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 53.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100703- |  | 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 2026-2-100702- |  | 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 2026-2-100701- |  | 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 2026-2-100700- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 30.430% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 26.960% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100699- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.500% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -2.500% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100698- |  | 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 2026-2-100697- |  | 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 2026-2-100696- |  | 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 2026-2-100695- |  | 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 2026-2-100658- |  | 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 2026-2-100657- |  | 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 2026-2-100656- |  | 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 2026-2-100655- |  | 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 2026-2-100654- |  | 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 2026-2-100653- |  | 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 2026-2-100652- |  | 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 2026-2-100651- |  | 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 2026-2-100650- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100649- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 5.680% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100648- |  | 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 2026-2-100647- |  | 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 2026-2-100646- |  | 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 2026-2-100645- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 17.470% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 11.390% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100644- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 17.600% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 17.600% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100643- |  | 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 2026-2-100641- |  | 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 2026-2-100640- |  | 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 2026-2-100639- |  | 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 2026-2-100637- |  | 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 2026-2-100636- |  | 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 2026-2-100635- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -7.780% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100634- |  | 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 2026-2-100633- |  | 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 2026-2-100632- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.280% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100631- |  | 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 2026-2-100630- |  | 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 2026-2-100629- |  | 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 2026-2-100628- |  | 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 2026-2-100626- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 5.820% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 5.820% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | $XXX | 21.820% | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100625- |  | 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 2026-2-100624- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 57.890% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 57.890% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100623- |  | 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 2026-2-100622- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -8.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100621- |  | 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 2026-2-100620- |  | 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 2026-2-100619- |  | 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 2026-2-100618- |  | 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 2026-2-100617- |  | 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 2026-2-100616- |  | 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 2026-2-100615- |  | 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 2026-2-100614- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.780% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.780% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100613- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 7.140% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.790% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100612- |  | 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 2026-2-100611- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 14.440% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 14.440% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100610- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.010% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.010% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100609- |  | 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 2026-2-100608- |  | 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 2026-2-100606- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -9.620% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100605- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 2.440% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.440% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100604- |  | 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 2026-2-100603- |  | 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 2026-2-100602- |  | 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 2026-2-100601- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.550% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100600- |  | 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 2026-2-100599- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 4.190% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 4.190% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100598- |  | 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 2026-2-100597- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 16.130% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 16.130% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100596- |  | 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 2026-2-100595- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 65.220% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100594- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -8.840% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100593- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 18.750% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 18.750% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100592- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -9.870% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100591- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.290% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100590- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 25.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100588- |  | 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 2026-2-100587- |  | 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 2026-2-100586- |  | 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 2026-2-100584- |  | 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 2026-2-100583- |  | 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 2026-2-100582- |  | 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 2026-2-100581- |  | 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 2026-2-100580- |  | 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 2026-2-100579- |  | 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 2026-2-100578- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 21.050% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 21.050% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100577- |  | 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 2026-2-100576- |  | 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 2026-2-100575- |  | 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 2026-2-100574- |  | 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 2026-2-100573- |  | 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 2026-2-100572- |  | 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 2026-2-100571- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 11.110% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 11.110% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100569- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 12.200% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 12.200% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100568- |  | 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 2026-2-100567- |  | 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 2026-2-100566- |  | 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 2026-2-100522- |  | 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 2026-2-100521- |  | 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 2026-2-100520- |  | 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 2026-2-100519- |  | 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 2026-2-100518- |  | 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 2026-2-100517- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 13.210% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 13.210% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100515- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 15.150% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 15.150% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100514- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.080% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.080% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100513- |  | 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 2026-2-100512- |  | 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 2026-2-100511- |  | 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 2026-2-100510- |  | 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 2026-2-100509- |  | 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 2026-2-100508- |  | 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 2026-2-100506- |  | 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 2026-2-100505- |  | 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 2026-2-100504- |  | 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 2026-2-100503- |  | 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 2026-2-100502- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 6.250% | $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 2026-2-100501- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 37.600% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 37.600% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100500- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 14.120% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 14.120% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100499- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.330% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100498- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 11.110% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 11.110% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100497- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $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 2026-2-100496- |  | 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 2026-2-100495- |  | 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 2026-2-100494- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 2.730% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.730% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100493- |  | 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 2026-2-100492- |  | 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 2026-2-100491- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.020% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.020% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100490- |  | 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 2026-2-100450- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -9.570% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100449- |  | 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 2026-2-100448- |  | 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 2026-2-100447- |  | 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 2026-2-100446- |  | 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 2026-2-100445- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 3.640% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 3.640% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100444- |  | 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 2026-2-100443- |  | 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 2026-2-100442- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 4.170% | $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 2026-2-100441- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 11.140% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 11.140% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100440- |  | 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 2026-2-100439- |  | 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 2026-2-100438- |  | 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 2026-2-100437- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 40.170% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 40.170% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100436- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 21.620% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.700% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100435- |  | 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 2026-2-100434- |  | XX/XX/XXXX | $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 2026-2-100433- |  | 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 2026-2-100432- |  | 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 2026-2-100431- |  | 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 2026-2-100429- |  | 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 2026-2-100428- |  | 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 2026-2-100427- |  | 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 2026-2-100426- |  | 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 2026-2-100425- |  | 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 2026-2-100424- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 13.730% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 5.880% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100423- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 61.110% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 61.110% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100422- |  | 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 2026-2-100421- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.290% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.290% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100419- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 17.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 17.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100418- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 18.750% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 18.750% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100417- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 5.410% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 5.410% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100416- |  | 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 2026-2-100293- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.820% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.820% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100415- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.330% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100414- |  | 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 2026-2-100413- |  | 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 2026-2-100411- |  | 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 2026-2-100410- |  | 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 2026-2-100409- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 2.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100408- |  | 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 2026-2-100407- |  | 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 2026-2-100405- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 15.850% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 15.850% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100404- |  | 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 2026-2-100403- |  | 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 2026-2-100402- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 11.760% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 11.760% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100401- |  | 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 2026-2-100400- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 8.330% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 8.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100399- |  | 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 2026-2-100398- |  | 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 2026-2-100336- |  | 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 2026-2-100335- |  | 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 2026-2-100334- |  | 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 2026-2-100333- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.920% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100312- |  | 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 2026-2-100311- |  | 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 2026-2-100310- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 20.590% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 20.590% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100309- |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -3.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-2-100308- |  | 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 2026-2-100306- |  | 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 2026-2-100296- |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -7.550% | XX/XX/XXXX | XX/XX/XXXX | BPO | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.05

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.05**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **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 2026-2-100642-2 |  | 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 2026-2-100642-3 |  | 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 2026-2-100638-1 |  | 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 2026-2-100638-2 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 30.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 30.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100638-3 |  | 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 2026-2-100627-1 |  | 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 2026-2-100627-2 |  | 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 2026-2-100627-3 |  | 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 2026-2-100607-2 |  | 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 2026-2-100607-7 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 16.438% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 16.44% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100607-6 |  | 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 2026-2-100607-5 |  | 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 2026-2-100607-4 |  | 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 2026-2-100607-3 |  | 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 2026-2-100607-1 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 18.667% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 18.67% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100589-1 |  | 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 2026-2-100589-6 |  | 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 2026-2-100589-5 |  | 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 2026-2-100589-4 |  | 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 2026-2-100589-3 |  | 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 2026-2-100589-2 |  | 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 2026-2-100585-1 |  | 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 2026-2-100585-2 |  | 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 2026-2-100570-1 |  | XX/XX/XXXX | $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 2026-2-100570-2 |  | 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 2026-2-100516-11 |  | 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 2026-2-100516-2 |  | 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 2026-2-100516-10 |  | 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 2026-2-100516-9 |  | 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 2026-2-100516-8 |  | 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 2026-2-100516-7 |  | 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 2026-2-100516-5 |  | 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 2026-2-100516-4 |  | 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 2026-2-100516-3 |  | 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 2026-2-100516-1 |  | 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 2026-2-100516-6 |  | 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 2026-2-100507-1 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | -8.93% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100507-2 |  | 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 2026-2-100507-3 |  | 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 2026-2-100430-1 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 26.250% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 26.25% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100430-2 |  | 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 2026-2-100430-3 |  | 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 2026-2-100420-1 |  | 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 2026-2-100420-4 |  | 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 2026-2-100420-3 |  | 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 2026-2-100420-2 |  | 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 2026-2-100412-1 |  | 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 2026-2-100412-2 |  | 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 2026-2-100406-1 |  | 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 2026-2-100406-2 |  | 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 2026-2-100406-3 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 40.000% | XXXX | XXXX | XXXX | XXXX | XXXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXX | $XXX | 40.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-2-100307-1 |  | 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 2026-2-100307-2 |  | 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 |  |

---

## Exhibit 99.06

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.06**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **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** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **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** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC 2026-2-100292- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100291- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100290- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100289- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100288- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100287- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100286- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100285- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100284- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100283- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100282- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100281- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100280- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100279- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100278- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100277- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100276- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100275- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100274- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100273- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100224- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100223- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100222- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100221- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100220- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100219- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100218- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100217- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100216- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100215- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100214- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100213- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100212- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100211- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100210- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100209- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100208- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100207- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100206- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100205- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100204- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100203- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100202- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100201- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100200- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100199- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100198- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100197- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100196- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100195- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100194- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100193- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100192- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100191- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100190- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100189- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100188- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100187- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100186- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100185- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100184- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100183- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100182- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100181- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100180- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100179- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100178- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100177- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100176- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100175- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100174- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100173- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100172- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100171- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100170- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100169- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100168- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100167- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100166- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100165- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100164- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100163- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100162- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100161- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100160- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100159- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100158- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100157- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100156- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100155- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100154- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100153- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100152- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100151- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100150- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100149- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100148- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100147- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100146- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100145- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100144- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100143- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100142- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100141- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100140- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100005- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100063- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100062- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100061- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100060- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100059- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100058- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100057- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100056- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100055- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100004- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100054- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100053- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100052- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100051- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100050- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100049- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100003- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100048- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100047- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100046- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100045- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100044- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100043- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100042- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100041- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100040- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100039- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100038- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100037- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100036- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100002- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100035- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100034- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100033- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100032- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100031- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100030- | XXXX XXXX | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100029- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100028- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100027- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100026- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100025- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100024- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100023- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Miscellaneous A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100022- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100001- |  | XXXX | $XXX | XX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100021- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100020- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100019- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100018- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100017- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100016- |  | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100015- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100014- | XXXX XXXX | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100013- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100012- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100011- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100000- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100010- | XXXX XXXX | XXXX | $XXX | XX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100009- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100008- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100007- | XXXX XXXX | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100006- |  | XXXX | $XXX | XX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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## Exhibit 99.07

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.07**

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| **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **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 2026-2-100724- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - LTV does not meet guidelines<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XX,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for DSCR < 1.15x on investor lite doc refinance. Comp factor: guarantor support/liquidity.<br> Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factor: guarantor support/liquidity.<br> Approved exception at origination for LTV > 70% on investor refinance. Comp factor: guarantor support/liquidity.<br> Loan amount > $5,000,000. | REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for DSCR < 1.15x on investor lite doc refinance. Comp factor: guarantor support/liquidity.<br> REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factor: guarantor support/liquidity.<br> REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for LTV > 70% on investor refinance. Comp factor: guarantor support/liquidity.<br> BUYER - GENERAL COMMENT (2026-02-17): Change Memo that address this attached.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Exception waived. Update to approval provided in trailing documents approving exception for loan amount. Comp factors. principals extensive property management experience and net worth. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100723- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for missing wind & hail coverage. Comp factor: FICO.<br> Approved exception at origination for rural property. Comp factors; seasoned investor and FICO. | BUYER - GENERAL COMMENT (2026-02-25): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for missing wind & hail coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for rural property. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100722- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing wind & hail coverage. Comp factor: FICO. | BUYER - GENERAL COMMENT (2026-02-25): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for missing wind & hail coverage. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100721- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] Credit Documentation - Purchase contract date not provided. | Seller contribution > 3% ($XXK seller credit on estimated settlement statement equates to $XXK).<br> Approved exception at origination for FICO below 650. Comp factors: seasoned investor and reserves which is not supported as actual post closing reserves(based on estimated statement as Final HUD is not provided) are ~1 month p&I.<br> Rural property (rurality check failure per analyst review)<br> Missing contract addendum modifying seller credit amount of XX% per contract to $XXK as indicated per final HUD. | BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for seller contribution > 3%. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for FICO below 650. Comp factors: seasoned investor and reserves which is not supported as actual post closing reserves(based on estimated statement as Final HUD is not provided) are ~1 month p&I.<br> BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for rural property. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for missing purchase contract addendum for seller contribution > 3%. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100720- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for missing HOA cert. Comp factor: LTV<br> Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> Approved exception at origination for missing/incomplete lease. Comp factor: LTV<br> Approved exception at origination for cash out on property listed within 6 months. Comp factor: LTV | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for missing HOA cert. Comp factor: LTV<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for missing/incomplete lease. Comp factor: LTV<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100719- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100718- |  | XXXX | $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<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for <2 active major tradelines on credit. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for 100% vacancy. Comp factor, seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for <2 active major tradelines on credit. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-03-30): Approved exception at origination for 100% vacancy. Comp factor, seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100717- |  | XXXX | $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 below 650. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100716- |  | XXXX | $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<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO below 650. Comp factor: seasoned investor.<br> Missing VOR-primary and VOM for rental properties listed on application.<br> Approved exception at origination for 100% vacancy / missing lease on SFR refinance. Comp factor: seasoned investor.<br> Approved exception at origination for loan < $75k. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-25): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-25): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR/VOMs. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for 100% vacancy / missing lease on SFR refinance. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for loan < $75k. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100715- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for homeowner's policy form without rental endorsement. Comp factor: seasoned investor.<br> Approved exception at origination for credit report aged >60 days. Comp factor: LTV.<br> 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 cash out on property held < 6 months using valuation exceeding original purchase price. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for homeowner's policy form without rental endorsement. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for credit report aged >60 days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for cash out on property held < 6 months using valuation exceeding original purchase price. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100714- |  | XXXX | $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 credit report aged > 60 Days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for credit report aged > 60 Days. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100713- |  | XXXX | $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] 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 below 650. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for 2XX.XX%vacancy/ missing lease for 1 of 4 units being refinanced. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free. and 2) incomplete VOM-subject; missing recent monthly pay history (matured note). Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for FICO below 650. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for 2XX.XX%vacancy/ missing lease for 1 of 4 units being refinanced. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free. and 2) incomplete VOM-subject; missing recent monthly pay history (matured note). 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100712- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO below 650. Comp factor: LTV.<br> Approved exception at origination for deductible >$10k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for deductible >$10k. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100711- | XXXX | XXXX | $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/ missing lease on refinance. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: LTV and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance of $25,000. Currently home is not habitable. Appraisal and in-house review reflected gutted kitchen and 1/2 bathroom, missing handrail on staircase and railing around stairs, missing toilet in full bathroom. missing/damaged siding, and broken fencing. Estimated cost to cure $25,000. Comp factors, LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for deferred maintenance of $25,000. Currently home is not habitable. Appraisal and in-house review reflected gutted kitchen and 1/2 bathroom, missing handrail on staircase and railing around stairs, missing toilet in full bathroom. missing/damaged siding, and broken fencing. Estimated cost to cure $25,000. Comp factors, LTV and DSCR.<br> SELLER - GENERAL COMMENT (2026-04-24): Property condition is considered in the value and LTV (including the deferred maintenance). Property vacant at origination as the borrower was actively renovating. Per borrower LOE, cash-out proceeds to be used towards completing the repairs so they can rent out the property. Borrower has also provided photo proof of the handrail being installed. VCC hasn't confirmed the status of the remaining repairs, but expects the borrower to fulfill their commitment to complete them. | 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 | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100710- |  | XXXX | $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] 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] General - Property has been listed for sale in the past 12 months.<br> [2] General - The property is ineligible. | Approved exception at origination for FICO below 650. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for Cash out on property purchased within 12 months and using valuation in excess of purchase price. Comp factors. seasoned business and marketing trends which cannot be substantiated.<br> Approved exception for rural property. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for FICO below 650. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> BUYER - GENERAL COMMENT (2026-02-25): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for Cash out on property purchased within 12 months and using valuation in excess of purchase price. Comp factors. seasoned business and marketing trends which cannot be substantiated.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception for rural property. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100709- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100708- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100707- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100706- |  | XXXX | $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 photos reflect standing water in the basement. Basement stairs lack proper baluster to prevent fall hazard. No kitchen appliances noted for XXX. Signed Holdback Agreement and hold back amount reflected on HUD for the basement stairs baluster/railing. Holdback does not address the standing water or missing kitchen appliances. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary:xx% LTV. Appraisal made as-is and property condition considered in value/LTV. VCC completed a 60 day holdback for $5,000 to remedy the health and safety issue with the basement stairs. The appraiser didn't cite missing kitchen appliances, and from the photos in the appraisal, there appears to be stove in the unit. Since the appraiser didn't cite missing appliances, this was not viewed as material. No leak/intrustion identified for the standing water in the basement. VCC was further comforted by the low LTV.<br> SELLER - GENERAL COMMENT (2026-04-24): Seller commentary: xx% LTV. Appraisal made as-is and property condition considered in value/LTV. VCC completed a 60 day holdback for $5,000 to remedy the health and safety issue with the baluster for the basement stairs. The appraiser didn't cite missing kitchen appliances, and from the photos in the appraisal, there appears to be stove in the unit. Since the appraiser didn't cite missing appliances, this was not viewed as material. No leak/intrustion identified for the standing water in the basement, so it was not deemed as material. VCC was further comforted by the low LTV. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100705- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100704- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100703- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100702- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for >2x30 days late on mortgages within 24 months, and foreclosure proceedings initiated within 24 months. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for >2x30 days late on mortgages within 24 months, and foreclosure proceedings initiated within 24 months. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100701- |  | XXXX | $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 factor: seasoned business. | BUYER - GENERAL COMMENT (2026-02-25): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100700- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100699- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100698- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 57.XX.XX%vacancy/missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for 57.XX.XX%vacancy/missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100697- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing special/broad form policy type/ no rental endorsement. Comp factor; LTV. | BUYER - GENERAL COMMENT (2026-02-25): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for missing special/broad form policy type/ no rental endorsement. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100696- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception for first time investor purchase of a 1 unit SFR. Comp factor: reserves.<br> Approved exception at origination for loan <$75k. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception for first time investor purchase of a 1 unit SFR. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-24): 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100695- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100694- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100693- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on Investor traditional II refinance. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for LTV > 70% on Investor traditional II refinance. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100692- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - The property is ineligible. | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. Comp factor FICO. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-25): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. Comp factor FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100691- |  | XXXX | $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 (2026-02-17): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100690- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for seller contribution > 3%. Comp factors: seasoned business and reserves.<br> Approved exception at origination for first time investor with LTV > 6XX.XX%on owner-user traditional II. Comp factors: seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for seller contribution > 3%. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for first time investor with LTV > 6XX.XX%on owner-user traditional II. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100689- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | VOM for subject reflects > 1X30 days late within 12 months and currently past due/not currently in 'good standing' with lending institution.<br> Underwritten verified funds ($68.9k) are < funds to close per final settlement statement ($86.6k), and file does not contain a wire receipt for funds due at closing.<br> Incomplete VOM- subject; missing most recent monthly payment.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-19): Copy of closing funds uploaded along with an exception on uploaded approval for the 20K from XXX not validated<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing VOD. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM-subject. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100688- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100687- |  | XXXX | $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] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exception at origination for 1x30 day late on mortgage within 3 months. Comp factor: seasoned business.<br> Approved exception at origination for override of statewide exclusion for Trad property type located in XXX. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for 1x30 day late on mortgage within 3 months. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-26): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for override of statewide exclusion for Trad property type located in XXX. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100686- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [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] 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 > $500k. Comp factor: LTV.<br> Approved exception at origination for 'credit' (< 2 major active tradelines on credit report). Comp factor: LTV.<br> Approved exception at origination for > 1X30 days late on subject within 12 months. Comp factor: LTV.<br> Approved exception at origination for Credit report aged > 60 days. Comp factor, LTV.<br> Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for 'credit' (< 2 major active tradelines on credit report). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for > 1X30 days late on subject within 12 months. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for Credit report aged > 60 days. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100685- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | 1)All perils deductible of 3% is > $10k, 2)Wind deductible of XX.XX%is > $25k | BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-02-26): Exception remains. Updated approval does not mention deductibles.<br> BUYER - GENERAL COMMENT (2026-02-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for deductible. 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 missing railing on 2nd floor walkway for the apartments. Property inspection reflects exposed wiring as deferred maintenance/missing breaker box cover. First floor below apartments not considered in value due to poor condition. Apartments have no heat source. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary:XX.XXLTV. Appraisal made as-is and property condition considered in value/LTV. VCC's internal value was more conservative and our internal LTV is XX.XX. Given the low LTV and minumal cost to cure, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs to the subject property.<br> SELLER - GENERAL COMMENT (2026-04-24): Seller commentary:XX.XXLTV. Regarding the exposted wires - electrical box located on the property exterior in the gated side yard. Wires considered "exposed" since the electrical panel cover was lifted up, so wires were visible and hanging out at the time of inspection. The appraisal dated one-month after the inspection report, did not identify the electrical box as a health and safety issue. This was not material to underwriting, as the issue is easily remedied by closing the electrical box cover. The appraisal did not provide an estimate on repair cost; however, the appraisal was made as-is and property condition considered in value/LTV. VCC's internal value was more conservative and our internal LTV is XX.XX. Given the low LTV and assumed minumal cost to cure, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs to the subject property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100684- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II. Comp factor: FICO. | 2 | [2] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair<br> [2] 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 Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. Comp factor, signed Holdback agreement provided with amount reflected on HUD.<br> Approved exception at origination for Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. comp factor, signed Holdback Agreement provided with amount reflected on HUD. | BUYER - GENERAL COMMENT (2026-02-26): Is this exception duplicate to the Property exception? Same verbiage.<br> REVIEWER - GENERAL COMMENT (2026-02-26): Exception remains. This is an exception for Property condition being fair and comment is stating why property is considered fair. It will have the same comment as the health and safety issues.<br> BUYER - GENERAL COMMENT (2026-04-08): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 365 day holdback for $21,000 to cover the following repairs, "Repair flooring, finish walls, replace windows, clean debri, add bathroom fixtures and surfaces.". With the holdback in place, VCC felt comfortable proceeding. With the holdback in place, this should be downgraded to a B.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Missing exhibit to holdback agreement with breakdown of $7,000. Exhibit A provides work to be preformed for $14,000 of the $21,000 reference on page 1 and reflected on HUD.<br> BUYER - GENERAL COMMENT (2026-04-15): Required repairs are covered in the holdback amount with a surplus. This should be downgraded.<br> REVIEWER - WAIVED COMMENT (2026-04-15): Approved exception at origination for Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. Comp factor, signed Holdback agreement provided with amount reflected on HUD.<br> BUYER - GENERAL COMMENT (2026-04-08): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 365 day holdback for $21,000 to cover the following repairs, "Repair flooring, finish walls, replace windows, clean debri, add bathroom fixtures and surfaces.". With the holdback in place, VCC felt comfortable proceeding. With the holdback in place, this should be downgraded to a B.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Missing exhibit to holdback agreement for work to be completed in the amount of $7,000. Exhibit A provided only covers $14,000 of the $21,000 referenced on page 1 and on the HUD.<br> BUYER - GENERAL COMMENT (2026-04-15): XXX will usually hold back an excess to cover any additional or unforeseen costs. The required repairs are covered in the SOI so this exception should be downgraded, the holdback amount was in excess not deficit.<br> REVIEWER - WAIVED COMMENT (2026-04-15): Approved exception at origination for Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. comp factor, signed Holdback Agreement provided with amount reflected on HUD. | 1 |  |  |  |  | Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100683- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Guideline issue: Property type is not allowed per credit guidelines. | Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-30): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100682- |  | XXXX | $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] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan amount > $500,000. Comp factor: LTV.<br> 1) Wind/deductible of 10% is > XX.XX%and also >$25,000, 2) missing occurrence/gen aggregate liability details, 3) missing bus income/ loss of rents coverage.<br> 2 of 6 Leases are unsigned D0073 & 75) | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan amount > $500,000. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for deductibles and missing coverage. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception cleared. Updated approval provided in trailing documents approving exception for missing lease. Comp factor., LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100681- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided<br> [2] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided | Approved exception at origination for missing wind/hail coverage. Comp factors: seasoned investor and "other" which reviewer is unable to decipher intended meaning.<br> Missing BP disclosure for mixed use property. (1 of 2 subject structures is mixed use residential/commercial). Guarantor does not occupy as evidenced by VOR and payments to third party.<br> Missing BP certificate for mixed use property (1 of 2 subject structures is mixed use residential/commercial). Guarantor does not occupy as evidenced by VOR and payments to third party.<br> Approved exception at origination for inconsistency in DOB on driver's license versus credit report (off by 1 digit). Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for missing wind/hail coverage. Comp factors: seasoned investor and "other" which reviewer is unable to decipher intended meaning.<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-12): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, seasoned investor.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC confirmed via the verification of rent (VOR) and borrower rental payments to a third-party. Borrowers drivers license/checkbook and mailing address (provided on loan application) all tie back to their rental payment address. Borrower provided 12 months of rental payment history<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-12): Exception waived. Updated approval provided in trailing documents approving exception for missing BP certification. Comp factor, seasoned investor.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC confirmed via the verification of rent (VOR) and borrower rental payments to a third-party. Borrowers drivers license/checkbook and mailing address (provided on loan application) all tie back to their rental payment address. Borrower provided 12 months of rental payment history<br> BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for inconsistency in DOB on driver's license (off by 1 digit). Comp factor; seasoned investor.<br> SELLER - GENERAL COMMENT (2026-04-24): The date of birth on the VCC credit report was one digit off of the borrower's drivers license. The date of birth isn't a required field on the credit report, as the data is pulled off of the social. Despite the inconsistency, VCC was able to pull an accurate credit report at origination (verified through borrower social/addresses/prior addressses all being accurate). VCC uploaded a corrected loan approval which reflected an exception for the DOB being off. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100680- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Wind deductible of XX.XX%is > $25k. | BUYER - GENERAL COMMENT (2026-02-26): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible/ Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100679- |  | XXXX | $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] Application / Processing - Missing Document: Purchase Agreement / Sales Contract not provided | Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II property. Comp factor: reserves.<br> Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: reserves.<br> Exhibit B Bill of sale is blank/not executed. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II property. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-03-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-31): Exception waived. Updated approval provided in trailing documents approving exception for missing exhibit to purchase contract. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100678- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for credit report aged > 60 days. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100677- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100676- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $500,000. Comp factors, seasoned investor and LTV.<br> Approved exception at origination for >1x60 days late on mortgage accounts within 24 months. Comp factors, seasoned investor and LTV. | BUYER - GENERAL COMMENT (2026-02-26): corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $500,000. Comp factors, seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2026-02-26): corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for >1x60 days late on mortgage accounts within 24 months. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100675- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [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 | DSCR < 1.20x on investor traditional I mixed-use purchase with loan amount < $500,000.<br> Approved exception at origination for FICO < 650. Comp factor: reserves.<br> Missing wind/hail coverage.<br> Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100674- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.00x on owner-user traditional II refinance with loan amount > $500,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for DSCR < 1.00x on owner-user traditional II refinance with loan amount > $500,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100673- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Missing XXX account for foreign national.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing 1 XXX account. Comp factor, seasoned business.<br> SELLER - GENERAL COMMENT (2026-04-24): Borrower is fromXXXXXXXXXXXXXXtransaction is a refinance; however, guidelines require evidence of a XXX account for foreign nationals. No bank statements in file. Funds were sent to XXXXXXXXXXXXXX, unable to determine where title sent the funds.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for < 2 active major tradelines. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100672- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | 1) Wind/hail exclusion ('wind/hail not required' in comments), 2) Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location, 3) Missing business income/interruption coverage for owner-user borrower. | BUYER - GENERAL COMMENT (2026-02-26): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100671- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-02-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factor: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100670- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20 on investor traditional I mixed use refinance with loan > $500,000. Comp factor: FICO.<br> Missing leases for 2 units which are under verbal agreement (D0272) for investor traditional 1 property with loan > $500k. | REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for DSCR < 1.20 on investor traditional I mixed use refinance with loan > $500,000. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease agreements. 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 | In-house review indicates a structure behind the main structure a single story residential building which is not reflected in county assessor records. Contact with the City who confirmed that no permits exist for this structure but noted in satellite mapping imagery its presence on-site as early as XXXX. Building has separate utilities and does not resemble a converted garage or storage shed, given these findings the structure was included in the value. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for unpermitted addition. Comp factor, FICO.<br> SELLER - GENERAL COMMENT (2026-04-24): The unpermitted addition is included in the value. VCC confirmed with the city that permits don't exist for the structure, but sattelite imates indicate the presence on-site as early as XXXX. Based on appraiser information and photos, the building appears to be a 2bd/2ba unit with separate utilities, average-quality construction, and does not resemble a converted garage or storage shed. An electric meter is visible on the north side of the building. Given these findings, the VCC RE analyst and the appraiser included this 960 SF detached unit in their analysis. The appraised LTV is XX.XXand VCC's internal LTV was more conservative at XX.XX. VCC was comforted by the length of time that the structure has been on the property. Additionally, the borrower is a seasoned investor who has owned the subject sinceXXXX. In the event of default, VCC will handle as necessary. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100669- |  | XXXX | $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 | Approved exception at origination for first time investor with LTV > 6XX.XX%on owner-user traditional II. Comp factor: reserves.<br> Approved exception at origination for incomplete VOR-primary; missing 10 of 12 months deposit receipts; (guarantor lived rent free prior to current lease). Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for first time investor with LTV > 6XX.XX%on owner-user traditional II. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for incomplete VOR-primary; missing 10 of 12 months deposit receipts; (guarantor lived rent free prior to current lease). Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100668- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for first time investor with LTV > 6XX.XX%on investor Traditional II. Comp factors: reserves and FICO.<br> Approved exception at origination for 'credit' (< 2 active major tradelines on credit report). Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for first time investor with LTV > 6XX.XX%on investor Traditional II. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception at origination for 'credit' (< 2 active major tradelines on credit report). 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100667- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100666- | XXXX | XXXX | $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: Proof of Residency Status not provided<br> [2] General - The property is ineligible. | Approved exception at origination for seller credit > 3%. Comp factors: reserves and FICO.<br> Approved exception at origination for first time investor as foreign national borrower with LTV > 6XX.XX%on investor traditional II. Comp factors: FICO and reserves.<br> Approved exception at origination for foreign investor borrower with no provided proof of address outside of the US (driver's license and VOR show US address). Comp factors: FICO and reserves. OFAC provided with credit report was clear.<br> Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for seller credit > 3%. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for first time investor as foreign national borrower with LTV > 6XX.XX%on investor traditional II. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for foreign investor borrower with no provided proof of address outside of the US. Comp factors: FICO and reserves.<br> SELLER - GENERAL COMMENT (2026-04-24): There is proof of residence within the US. The borrower provided their mortgage statement for their primary residence in the US.<br> REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100665- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV > 6XX.XX%on owner user traditional II. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for first time investor with LTV > 6XX.XX%on owner user traditional II. Comp factors: FICO and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100664- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.20 on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor.<br> Approved exception at origination for Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor. FICO. | REVIEWER - WAIVED COMMENT (2026-02-19): Approved exception at origination for DSCR < 1.20 on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor. FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100663- | XXXX | XXXX | $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 | Approved exception at origination for deferred maintenance > $55,000. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for deferred maintenance > $55,000. Comp factors: FICO and seasoned investor.<br> SELLER - GENERAL COMMENT (2026-04-24): Purchase transaction. Property condition is considered in the value/LTV (including deferred maintenance). The deferred maintenance is for: interior painting and floor covering and exterior repairs (not listed, but assumed to be cosmetic in nature, not structural or health and safety) The appraiser deternined a $20/sqft price for interior repairs, $25/sqft price for exterior repairs plus an additional $5,000 for entrepreneurial profit which came out to $55,000. As this was factored into the appraised value and the borrower is a seasoned investor, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but does expect the borrower to complete any necessary updates at the property. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100662- |  | XXXX | $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 - Missing Document: Lease Agreement not provided | Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor.<br> Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location.<br> Missing leases for 6 of 12 units being refinanced | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception written<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived Updated approval provided in trailing documents approving exception for blanket liability. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception written<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100661- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.20 on a Trad I investment refinance with loan amount > $500,000. Comp factor: LTV and reserves.<br> Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, FICO. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for DSCR < 1.20 on a Trad I investment refinance with loan amount > $500,000. Comp factor: LTV and reserves.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. 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 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100660- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100659- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100658- |  | XXXX | $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: FICO. | REVIEWER - WAIVED COMMENT (2026-02-18): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100657- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 missing wind/hail coverage. Comp factor: seasoned investor.<br> Approved exception for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and marketing trends, which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and 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>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100656- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 missing wind/hail coverage. Comp factor: seasoned investor.<br> Approved exception for incomplete VOM-subject; missing 2 of the most recent months payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception for incomplete VOM-subject; missing 2 of the most recent months payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100655- |  | XXXX | $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 complete VOM-subject; missing 2 most recent mortgage payments; Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for complete VOM-subject; missing 2 most recent mortgage payments; Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100654- |  | XXXX | $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 incomplete VOM-subject; missing 2 most recent mortgage payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception for incomplete VOM-subject; missing 2 most recent mortgage payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100653- |  | XXXX | $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 incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and strong marketing trends, which is unable to be validated as a non-quantifiable trait. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and strong marketing trends, which is unable to be validated as a non-quantifiable trait. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100652- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for 100% vacancy on a refi. Comp factor: FICO.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for 100% vacancy on a refi. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for loan amount < $75,000. 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100651- | XXXX | XXXX | $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: LTV. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for FICO < 650. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100650- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 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 factor: LTV.<br> Approved exception at origination for unpaid delinquent interest paid at closing. Comp factor: LTV.<br> Approved exception at origination for missing VOM-primary and subject. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for unpaid delinquent interest paid at closing. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for missing VOM-primary and 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 | Appraisal photos reflect standing water on basement floor and basement stairs missing handrails. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTV. Appraisal made as is and the property condition is considered in value/LTV. Per borrower LOE, water intrusion concerns and railing installation would be addressed and rectified post-close. VCC hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment. VCC is further comforted by the low 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100649- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate peeling pain on the door, missing facia boards and damage to window. No permanent heat source. Cost to cure of $50,000 has been made as a line item adjustment. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. The borrower provided photos showing proof that a permanent heat source had been installed which cleared the health and safety issue. VCC hasn't confirmed the status of the remaining repairs; however, the borrower is expected to complete any necessary remaining repairs. VCC is further comforted by the low LTV. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100648- | XXXX | XXXX | $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 listed for sale within 6 months. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): 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. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100647- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 63.1% vacancy/missing lease for 1 off 2 units being refinanced. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for 63.1% vacancy/missing lease for 1 off 2 units being refinanced. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100646- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100645- |  | XXXX | $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 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business.<br> Approved exception at origination for incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary and processor cert from private lender. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary and processor cert from private lender. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100644- | XXXX | XXXX | $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 - Missing Hazard Insurance<br> [2] General - The property is ineligible. | Incomplete VOR-primary; missing 12 months deposit receipts.<br> 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 rural property. Comp factor: FICO. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-02-27): Exception remains. Updated approval does not have a comp factor for this exception.<br> BUYER - GENERAL COMMENT (2026-03-12): Apologies. Looks at this one again. The VOM is not private party and therefore Bank statements are not needed.<br> REVIEWER - GENERAL COMMENT (2026-03-12): Exception remains. No VOR from private or business provided. Four months bank statements in file, missing 8 months.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for rural property. Comp factor: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100643- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing leases on refinance (LOE in file indicates borrower claims sharing leases would be a HIPAA violation) | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Waived exception. Updated approval provided in trailing documents approving exception for missing leases. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100642- | XXXX | XXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 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 policy maturity/ coverage term < 12 months . 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 (2026-02-26): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for policy maturity/ coverage term < 12 months . Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate missing handrail and railing with spindles (LOE in file(D0223) indicates borrower intent to cure but no evidence of completion provided). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTV property condition considered in value/LTV. Borrower provided an LOE committing to install the handrail and while VCC hasn't confirmed the status of repairs, the borrower is expected to fulfill their commitment. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100641- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-22): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect drywall damage, missing light fixture, water stain on ceiling and missing floor coverings. No cost to repair provided by appraiser; however, in-house review estimate is $7.500. | BUYER - GENERAL COMMENT (2026-03-12): Items cited are cosmetic in nature and do not pose an Health and safety risk. The cost to cure is < VCC maximum for deferred maintenance.<br> REVIEWER - GENERAL COMMENT (2026-03-12): Exception remains. The missing light fixtures has exposed electrical wiring which is a safety hazard.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX.XX LTV, appraisal made as-is and property condition considered in value/LTV. Deferred maintance within VCC guidelines and given the low cost-to-cure and LTV, VCC felt comfortable proceeding. Per borrower LOE in file, cash-out proceeds to be used towards renovating the subject. While VCC hasn't confirmed the status of repairs, the borower is expected to fulfill their commitment. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100640- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for collections over $25k. Comp factor: reserves.<br> Approved exception at origination to allow insurance premium to be paid on payment plan, wind/hail deductibles > $10k. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for collections over $25k. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination to allow insurance premium to be paid on payment plan, wind/hail deductibles > $10k. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100639- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Missing Document: Comparable Rent Schedule not provided<br> [2] General - The property is ineligible. | Approved exception at origination for VCC analyst review indicates Comparable Rent Schedule was waived due to lack of rental data . Comp factor, LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-12): Exception remains Approval provided does not have this as an exception.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-19): Approved exception at origination for VCC analyst review indicates Comparable Rent Schedule was waived due to lack of rental data . Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100638- |  | XXXX | $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.: Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | XXXX- Subject photos indicate repairs needed for stairwell to second floor, drywall and sink installation needed for bathroom. Cost to cure is $3,000. No proof of repair/completion provided. UW PTD: Licensed professional to repair bathroom and ensure fully functional.<br> XXXX - Subject photos indicate overgrown tree, front porch masonry repairs needed, missing handrail to basement and dampness in the basement. Cost to cure to remove tree and repair masonry is $3,000. No proof of removal of tree/repair provided.<br> XXXX - Appraisal indicates replacement of gutter run and down spout at the right side of dwelling is needed and taped window in bedroom. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTV. Deferred maintenance within VCC's guideline allowance and borrower provided an LOE stating cash-out proceeds will be used towards repairing/updating the subject. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. VCC is further comforted by the low LTV and relatively minimal cost-to-cure | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100637- | XXXX | XXXX | $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] Credit Documentation - Missing Document: Credit Report not provided | Appraisal aged > 6 months.<br> Approved exception at origination for Credit report is aged > 60 days. Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for Credit report is aged > 60 days. 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 photos reflect settlement cracks on the exterior corners of foundation. Appraiser states cracks appear superficial but they are not a structural engineer, any concerns they should have a structural engineer inspect the property. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTV, appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did note cracks in the settlement that appeared to be superficial. There was no water intrusion in the basement, and cracks did appear to be superficial so VCC did not deem further inspection necessary. Borrower has owned and maintained the subject since XXXX and is expected to address any necessary repairs. VCC was further comforted by the low LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100636- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100635- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Property has been listed for sale in the past 12 months.<br> [2] General - The property is ineligible. | Approved exception at origination for 100% vacancy/missing lease on SFR refinance (subject will be listed as a ST rental per LOE in file {D0230}). Comp factor: LTV.<br> Approved exception at origination for Cash out on property listed within 6 months. Comp factor, LTV.<br> Approved exception at origination for Rural property . Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for 100% vacancy/missing lease on SFR refinance (subject will be listed as a ST rental per LOE in file {D0230}). Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for Cash out on property listed within 6 months. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for Rural property . Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate full bath #2 needing repair, mold in bath #2 and ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): XX.XX LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The mold and repair appear minor in nature, appraisal report was written as-is with no call out for health/safety, remediation, or cost to cure. While VCC hasn't confirmed the status of repairs, it is expected that the borrower will remedy any issues at the property. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100634- |  | XXXX | $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, LTV. | BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for premium 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100633- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for loan < $75,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100632- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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. | BUYER - GENERAL COMMENT (2026-03-12): Corrected Uplaoded<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos indicate basement bathroom is under renovation. No proof of completion provided. | BUYER - GENERAL COMMENT (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Basement bathroom under renovation (shower is only partially installed); however, there are multiple functional bathrooms in the property, so this was not considered as material. No CTC was assigned by the appraiser, but this is assumed to be minimal and within VCC's guidelines.<br> REVIEWER - GENERAL COMMENT (2026-04-09): Exception remains. Client added comment about additional bathroom being under renovation being immaterial with other bathrooms available in home. Appraiser is showing the bathroom as 1/2 bathroom in the room count and while under renovation is missing sheetrock and has exposed plumbing without fixtures. This is an assistant care facility with two residence paying for private room and private bathroom which leaves 1/2 bath for the two other residence and the bathroom under renovation is the only one in that level of the home.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Basement bathroom under renovation (shower is only partially installed); however, there are multiple functional bathrooms in the property, so this was not considered as material. No CTC was assigned by the appraiser, but this is assumed to be minimal and within VCC's guidelines. The bathroom that is currently under renovation is located in the basement, and the basement is an unoccupied portion of the property which is being used for storage. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100631- | XXXX | XXXX | $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 Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance | Missing XXX stmt for Foreign national borrower.<br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> Approved exception at origination for expired credit report. Comp factor, FICO.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing XXX account. Comp factor. FICO.<br> SELLER - GENERAL COMMENT (2026-04-24): Borrower is fromXXXXXXXXXXXXXXXXXX-transaction is a refinance; however, guidelines require evidence of a XXX account for foreign nations. No bank statement in file. Funds were sent toXXXXXXXXXXXXXXXXXX. Unable to determine where they sent the funds.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for expired credit report. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-03): 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<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100630- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100629- | XXXX | XXXX | $XXX | XX | 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 | Approved exception at origination for credit report aged > 60 days. Comp factor; LTV.<br> Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and DSCR. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for credit report aged > 60 days. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-26): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and DSCR. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100628- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100627- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXX | Payment history reflects > 1X30 days late on mortgage accounts within 12 months. (D0156 and 167).<br> Approved exception at origination for 100% vacancy per appraisal for 2 of 3 subject properties (subsequently executed lease provided for 1 of 3) and missing lease for 1 of 3 subject properties being refinanced. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-13): Exception remains. Updated approval reflects exception being waived with a comp factor of LTV. LTV is not valid for a foreign national with no FICO<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for 1x30 on mortgage. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 100% vacancy per appraisal for 2 of 3 subject properties (subsequently executed lease provided for 1 of 3) and missing lease for 1 of 3 subject properties being refinanced. 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.: Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects a temporary support to structure of the 1 car detached garage with cost to cure of $1000 for XXXXXXXXXXXXXXXXXX. No proof of repair. No kitchen appliances provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary:XX.XX% LTV. Appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards making repairs to the subject properties where necessary. Given the minimal cost-to-cure for the garage it was not viewed as material to underwriting. Missing kitchen appliances will be installed in the vacant property prior to tenants moving in. VCC hasn't confirmed the status of the repairs/installation, but the borrower is expected to fulfill their commitment.<br> SELLER - GENERAL COMMENT (2026-04-24): Appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards making repairs to the subject properties where necessary. Given the minimal cost-to-cure for the garage it was not viewed as material to underwriting. Garage is detached and secured from accessing while repairs are being made. Missing kitchen appliances will be installed in the vacant property prior to tenants moving in. VCC hasn't confirmed the status of the repairs/installation, but the borrower is expected to fulfill their commitment. | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100626- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months.<br> [2] General - The property is ineligible. | Approved exception at origination for missing lease on SFR refinance- subject is listed as a ST rental. Comp factors, seasoned investor and LTV.<br> Approved exception at origination for 1) Cash out on property listed within 6 months and 2) Rural property. Comp factors, seasoned investor and LTV.<br> Approved exception at origination for rural property. Comp factors: seasoned investor and LTV. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for missing lease on SFR refinance- subject is listed as a ST rental. Comp factors, seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for 1) Cash out on property listed within 6 months and 2) Rural property. Comp factors, seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for rural property. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100625- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for foreclosure on REO within the last 24 months. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated.<br> Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br> Approved exception at origination for rural property. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for foreclosure on REO within the last 24 months. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Salad<br> REVIEWER - WAIVED COMMENT (2026-03-19): Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for rural property. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100624- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100623- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | HOA blanket policy is missing subject property unit #.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uplaoded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing unit # and borrower name on HOA master policy. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for loan amount < $75,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100622- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR.<br> Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser notes that garage is in poor condition with damaged siding and overgrowth blocking access to garage-no value given, missing drywall in 1/2 bath under sink-appraiser considered cosmetic and dampness in basement. | BUYER - GENERAL COMMENT (2026-04-09): Seller commentary: XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. Appraiser didn't give value to the garage, and the missing drywall was considered cosmetic so neither of those items were considered material to underwriting. Per appraiser, the dwelling is in average condition with no functional inadequacies .No health and safety issues or deferred maintenance items present. Property vacant and being upgraded at the time of inspection. Further, the appraiser didn't cite dampness in the basement. This doesn't seem like it should be a C grade property exception.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Condition of the 2 story garage poses a safety risk. Appraiser gave it no value; however, that does not mitigate the safety issue.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): Seller commentary: XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. Appraiser didn't give value to the garage, and the missing drywall was considered cosmetic so neither of those items were considered material to underwriting. Per appraiser, the dwelling is in average condition with no functional inadequacies .No health and safety issues or deferred maintenance items present. Property vacant and being upgraded at the time of inspection. Further, the appraiser didn't cite dampness in the basement. This doesn't seem like it should be a C grade property exception. | 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 | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100621- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided<br> [2] General - Missing Hazard Insurance<br> [2] General - The property is ineligible. | Missing HOA questionnaire.<br> Approved exception at origination for missing legal proof of residency for foreign national/nonpermanent resident alien (Driver's license and VOR show US address). Comp factor: LTV. OFAC provided with credit report was clear.<br> Missing HOA blanket insurance policy.<br> Approved exception at origination for rural property. Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA documents. Comp Factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for missing legal proof of residency for foreign national/nonpermanent resident alien. Comp factor: LTV.<br> SELLER - GENERAL COMMENT (2026-04-24): There is proof of residence within the US. The borrower provided their rental payment statements and utility bills.<br> BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA documents. Comp Factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100620- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: DSCR and strong marketing trends which is a non-qualitative trait and cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factor: DSCR and strong marketing trends which is a non-qualitative trait and cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate broken/damaged/missing windows in basement and XXX, loose/uncovered electrical wires in XXX, kitchen appliances in unit not hooked up/missing and gutters in poor condition. Cost to cure is $3,200; however, no proof of repair/completion provided. Property currently vacant. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX% LTV purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. Per borrower LOE they will remedy the loose electrical wires post-close. Given the minimal cost-to-cure for the remaining deferred maintenance, which is within VCC's guidline allowance (XX.XX%of the loan amount or 20,000) VCC felt comofortable proceeding, and is further comforted by the Low LTV. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment.<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. Per borrower LOE they will remedy the loose electrical wires post-close. Given the minimal cost-to-cure for the remaining deferred maintenance, which is within VCC's guidline allowance (XX.XX%of the loan amount or 20,000) VCC felt comfortable proceeding, and is further comforted by the Low LTV. Property vacant at origination. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment prior to tenants moving-in. | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100619- |  | XXXX | $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 incomplete VOM-subject; <12 months pay history. Comp factor: reserves and FICO<br> Cash out on property listed within 6 months. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for incomplete VOM-subject; <12 months pay history. Comp factor: reserves and FICO<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor. FICO. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100618- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 100% vacancy/missing lease agreement. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100617- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100616- | XXXX | XXXX | $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<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor: seasoned investor and DCR.<br> Missing wind/hail coverage.<br> 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 < $75,000. Comp factor: seasoned investor and DCR. | BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for FICO < 650. Comp factor: seasoned investor and DCR.<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor. seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor and DCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100615- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100614- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - The property is ineligible. | Rural property. | BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor. LTV. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate damaged front door, damaged fence gate, spray paint on interior walls and cabinets and drywall damaged. Estimated cost $4,000. | REVIEWER - GENERAL COMMENT (2026-04-14): Exception added. Changed exception from health and safety to damaged which is a grade 2 exception.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary: Purchase transaction. XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. This minimal cost-to-cure is within VCC's guidelines. Given that the appraiser and real estate review did not deem these as major items or health and safety issues VCC was comfortable proceeding. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100613- |  | XXXX | $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 .<br> [2] General - Insufficient Hazard Insurance | Approved exceptions at origination for First Time Buyer and First Time Investor purchase of an out-of-state 1-unit property. Comp factors: FICO and reserves which is unable to be validated as verified funds are < funds required to close.<br> First time investor with verified reserves < 3 mos P&I.<br> HOA master policy is missing subject property unit #. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exceptions at origination for First Time Buyer and First Time Investor purchase of an out-of-state 1-unit property. Comp factors: FICO and reserves which is unable to be validated as verified funds are < funds required to close.<br> BUYER - GENERAL COMMENT (2026-03-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Waived exception. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor. LTV.<br> BUYER - GENERAL COMMENT (2026-03-12): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master HOA policy. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100612- |  | XXXX | $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] General - Insufficient Hazard Insurance | Approved exception at origination for subject mortgage currently in forbearance. Comp factors: LTV and seasoned business.<br> Approved exception at origination for all perils deductible > $10,000. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for subject mortgage currently in forbearance. Comp factors: LTV and seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for all perils deductible > $10,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100611- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 44% vacancy/missing lease. Comp factor: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 44% vacancy/missing lease. Comp factor: LTV and marketing trends which is unable to be validated as a non-quantitative 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 | Appraisal photos reflect 1st floor bedroom door and ground floor secondary entrance door are damaged. No proof of replacement provided. | BUYER - GENERAL COMMENT (2026-03-12): Damage shown is cosmetic in nature and does not pose a H&S risk. the cost to repair would fall with VCC guides for deferred maintenance<br> REVIEWER - GENERAL COMMENT (2026-03-13): Exception remains. Ground floor secondary entrance door is damaged and not secure. This is a safety issue.<br> BUYER - GENERAL COMMENT (2026-04-13): Disagree, the door is damaged but nowhere is it stated that the door is not secure or that this is a health and safety by the appraiser or internal real estate analyst. Given that the licensed experts did not deem these as health and safety items, they were considered to be deferred maintenance. This is a XX.XX LTVloan which further comforted VCC.<br> REVIEWER - GENERAL COMMENT (2026-04-13): Exception remains. Ground floor - secondary entrance door is missing approximately half of the door, cannot be secured unless repaired. Page 18 and 24 show damaged door to XXX/ground floor. This is a safety issues visible in appraisal pictures.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): XX.XX LTV, appraisal made as-is and property condition is considered in the value/LTV. These items were not called out as health and safety issues from the appraisal or internal reviewer so VCC did not view as material to underwriting. The borrower is still expected to complete any necessary repairs/updates to the subject. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100610- |  | XXXX | $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] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and reserves.<br> Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and reserves. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factors: DSCR 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 qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100609- | XXXX | XXXX | $XXX | XX | 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 (subsequently executed lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantifiable 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100608- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 33.33% vacancy/ missing lease(s). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 33.33% vacancy/ missing lease(s). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100607- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXX<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 factors: seasoned investor and LTV.<br> Missing Lease Agreement for 1 of 7 subject properties on mortgage .<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing 12 months pay history receipts. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV/<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing 12 months pay history receipts. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): 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.: Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address:XXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Basement stairwell missing handrails and titles missing from basement shower - XXXXXXXXXXXXXXXXXX Roof is missing tiles, garage is missing roof and door and stairwell to second floor is missing handrails for XXXXXXXXXXXXXXXXXX. Garage is missing roof and door - XXXXXXXXXXXXXXXXXX. <br> Basement stairwell is missing handrails - XXXXXXXXXXXXXXXXXX. Roof is missing tiles, garage is missing roof and door and stairwell to second floor is missing handrails for XXXXXXXXXXXXXXXXXX. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. Per borrower LOE, they will tear down the garage located at XXXXXXXn and build a new one. They will also repair the garage at XXXXXXX Regarding the missing handrails, given the low LTV these weren't deemed as material to underwriting. However, it is VCC's expectation that the borrower will complete any necessary repairs/installations at the subject property. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100606- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100605- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for First Time Investor with LTV > 70%. Comp factor: reverses | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for First Time Investor with LTV > 70%. Comp factor: reverses | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100604- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100603- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<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<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for Borrower is on title< 12 months and the higher appraised value versus the lower of the sales price was used. Comp factors, LTV and FICO.<br> Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV and property condition which is unable to be validated as a non-quantitative subjective trait..<br> Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors, LTV and FICO. | BUYER - GENERAL COMMENT (2026-03-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for Borrower is on title< 12 months and the higher appraised value versus the lower of the sales price was used. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2026-03-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV and property condition which is unable to be validated as a non-quantitative subjective trait..<br> BUYER - GENERAL COMMENT (2026-03-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100602- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100601- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100600- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100599- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100598- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Incomplete- lease provided in file (D0175) is missing pages 1-5 and 7-9. | BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for incomplete 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100597- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Insurance carrier rating is < minimum guideline requirement of A or better. (D0110) Comp factor. seasoned investor. | BUYER - GENERAL COMMENT (2026-03-13): Uploaded<br> REVIEWER - GENERAL COMMENT (2026-03-16): Exception remains. Rate provided has a B++ and guidelines require A or better.<br> BUYER - GENERAL COMMENT (2026-03-19): Exception for the rating was provided at origination. Approval uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for Insurance carrier rating is < minimum guideline requirement of A or better. (D0110) 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 photo reflects standing water on floor of closet with disconnected shower. (Additional observation- significant tree root heaving on front sidewalk visible in appraisal photo poses tripping hazard). | BUYER - GENERAL COMMENT (2026-04-10): Seller commentary: XX.XX LTV. Property condition considered in value/LTV. The water on the floor is not a source of an active leak and is just drippage from the disconnected shower head. Neither the water or the tree trunk were called out by the appraiser of the VCC real estate analyst as health and safety issues or deferred maintenance. This doesn't seem like a C grade exception.<br> REVIEWER - GENERAL COMMENT (2026-04-13): Exception remains. Items were visible in appraisal pictures and do not need to be called out by appraiser. The disconnected shower head dripping is a health issue if not repaired. And tree roots pushing up front walk way is a tripping hazard. Please note, property is being used as a multifamily property which is not permitted (2 kitchen to be removed and walls opened back up). Converting back to SFR is taken into consideration in VCC's value.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): XX.XX LTV. Property condition considered in value/LTV. The water on the floor is not a source of an active leak. After further review, appears to be a standing squeegee dripping water onto the floor, not a disconnected showerhead. <br> Property is being used as an elder-care home. Cost to convert back to SFR taken into consideration in the value. No major changes were made to the property - tub in one bathroom removed and dining room being used as a bedroom/office. Cost to convert back to typical use is estimated at $5,000. VCC further comforted by the low LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100596- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for rural property. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100595- | XXXX | XXXX | $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 $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for loan < $75,000. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp Factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for loan < $75,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100594- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - The property has been listed for sale in the last 12 months.<br> [2] General - The property is ineligible. | Missing XXX account for foreign national.<br> Approved exception at origination for Borrower on title< 12 months and the higher appraised value was used in lieu of the lesser purchase price on a cash out refinance. Comp factor, LTV.<br> Approved exception at origination for rural property. Comp factor; LTV. | BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for missing XXX account for foreign national. Comp factor, LTV.<br> SELLER - GENERAL COMMENT (2026-04-24): Borrower is fromXXXXXXXXXXXXXX transaction is a refinance; however, guidelines require evidence of a XXX account for foreign nations. No bank statement in file. Funds were sent toXXXXXXXXXXX., unable to determine where they sent the funds.<br> BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-16): Exception remains. Exception not listed on updated approval.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for Borrower on title< 12 months and the higher appraised value was used in lieu of the lesser purchase price on a cash out refinance. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-04): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100593- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100592- | XXXX | XXXX | $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 at origination for >1X30 days late within 12 months on subject (defaulted since XXXX. Comp factor: LTV.<br> Approved exception at origination for incomplete VOM-primary; missing 11 of 12 payment receipts (matured note). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for >1X30 days late within 12 months on subject (defaulted since XXXX. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for incomplete VOM-primary; missing 11 of 12 payment receipts (matured note). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100591- |  | XXXX | $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 | Approved exception at origination for cash out refinance on property currently listed for sale using the higher appraised value in lieu of the lesser list price. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for cash out refinance on property currently listed for sale using the higher appraised value in lieu of the lesser list price. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100590- | XXXX | XXXX | $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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors: LTV.<br> Approved exception at origination for missing VOR/VOM- primary 12 month pay history- Comp factors., LTV and marketing trends which cannot be verified and is subjective.<br> Approved exception at origination for <br> "VOM" (incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary from private lender {D0040}). Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | BUYER - GENERAL COMMENT (2026-03-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: LTV.<br> BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing VOR/VOM- primary 12 month pay history- Comp factors., LTV and marketing trends which cannot be verified and is subjective.<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for "VOM" (incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary from private lender {D0040}). Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100589- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXX<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXX. Comp factor: FICO.<br> Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXX Comp factor: FICO. | BUYER - GENERAL COMMENT (2026-03-13): Duplicate exception<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXX. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-03-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXX 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.: Address: XXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX/ Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for security bars on windows and doors without quick releases. Comp factor, signed holdback agreement and amount reflected on HUD. No time period for repairs listed. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for security bars on windows and doors without quick releases. Comp factor, signed holdback agreement and amount reflected on HUD.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC completed a 180-day holdback for $5,000 to install quick releases on the security bars on the windows/doors. VCC expects the borrower to complete the work within the 180 day holdback period, not necessarily prior to occupancy. | 1 |  |  |  |  | Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100588- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect signs of moisture, warped paneling and mold along portions of the baseboard, as well as attic and basement stairwells are missing handrails. An inspection was recommended to determine the source of the moisture, cost of repair and cost to remediate mold issues; however, no inspection or proof of repair/remediation provided. Letter from borrower indicates intent to repair. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject property post-close. Borrower provided an additional LOE commiting to repait the handrail/moisture/mold issues with the property. Given the low LTV/strong DCR VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but does expect the borrower to fulfill their commitment. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100587- |  | XXXX | $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 on property held < 6 months. Comp factor DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for cash out on property held < 6 months. Comp factor DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100586- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100585- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Rural properties | BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100584- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> Approved exception at origination for loan < $75,000. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for loan < $75,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-05): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100583- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Cash out on property held < 12 months using valuation > original purchase price (schedule of improvements (D0191) provided). | BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for title vesting. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100582- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - The property is ineligible. | Rural property. (rurality check failure per approval). | BUYER - GENERAL COMMENT (2026-03-13): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-16): Exception remains. Updated approval provided does not list this exception.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100581- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100580- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5<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 | C5 Condition-Appraiser notes water damage to the kitchen and a bedroom and lack of access to the rear of the subject due to kitchen cabinet being placed Infront of the rear door. This is a fire hazard. PTD for signed LOE from licensed contractor and photos of full view of dwellings rear exterior and patio; however, no LOE from licensed contractor provided, pictures of back was provided. Files contains LOE from borrower stating they would address water damage with their own funds. Estimated cost to cure is $15,000. Property is currently vacant.<br> Appraiser notes water damage to the kitchen and a bedroom and lack of access to the rear of the subject due to kitchen cabinet being placed Infront of the rear door. This is a fire hazard. PTD for signed LOE from licensed contractor and photos of full view of dwellings rear exterior and patio; however, no LOE from licensed contractor provided, pictures of back was provided. Files contains LOE from borrower stating they would address water damage with their own funds. Estimated cost to cure is $15,000. Property current vacant. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX.XX LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience.<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX.XX LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Property vacant at origination. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them prior to occupancy. VCC is further comforted by the Low LTV and borrowers investment experience.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX.XX LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience.<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX.XX LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience. Cabinets are not installed in front of the exit, they were placed there (based on the photos, appears cabinets were just moved over to the left temporarily for cleaning purposes). LOE does not address the accessibility to the rear, but this wasn't deemed necessary from VCC UW as it was clear the cabinents were placed there temporarily. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100579- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100578- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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 has been listed for sale in the last 12 months. | Approved exception at origination for recent foreclosure action on subject. Comp factor: seasoned investor<br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOM- primary. Comp factor: seasoned investor.<br> Approved exceptions at origination for cash out on property purchased within 6 months using valuation > original purchase price. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for recent foreclosure action on subject. Comp factor: seasoned investor<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for missing VOM- primary. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exceptions at origination for cash out on property purchased within 6 months using valuation > original purchase price. 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect interior plaster walls are damaged, chipping and peeling paint is noted on subject exterior and missing floor coverings are noted on the 3rd floor. XXX is overall fair condition/unsanitary condition. LOE from borrower provided committing to clean up unsanitary 3rd floor; however, no proof of completion/repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX.XX LTV. Property condition is considered in the value/LTV. VCC is comforted by the low LTV and the borrower's investment experience. Additionally, the borrower provided a commitment to complete repairs. The interior repairs needed for the paint/floor are considered items of deferred maintenance. VCC hasn't 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100577- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100576- |  | XXXX | $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 $XX,XXX 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 (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100575- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | < 2 major active tradelines on credit report. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines reported. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100574- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease(s) on refinance. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for 100% vacancy/ missing lease(s) on refinance. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100573- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease(s). Comp factor: Seasoned business and strong marketing trends with is a non-qualitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for missing lease(s). Comp factor: Seasoned business and strong marketing trends with is a non-qualitative subjective trait which cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100572- | XXXX | XXXX | $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 factors: LTV.<br> Approved exception at origination for liability coverage < $300,000. Comp factor, seasoned investor.<br> Approved exception at origination for Incomplete VOR-primary; missing 12 months' cancelled checks/ bank drafts (paid in cash). Comp factors: LTV. | BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for FICO < 650. Comp factors: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for liability coverage < $300,000. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for Incomplete VOR-primary; missing 12 months' cancelled checks/ bank drafts (paid in cash). Comp factors: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100571- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | 100%vacancy/missing lease on SFR refinance.<br> Approved exception at origination for loan amount < $75,000. Comp factor; LTV (LTV XX%). | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-04-24): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV (LTV XX%).<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected UPloaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100570- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX | Approved exception at origination for missing lease agreement for XXXXXXXXXXXXXX. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for missing lease agreement for XXXXXXXXXXXXXX. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for missing lease agreement for XXXXXXXXXXXXXX. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-05): Approved exception at origination for missing lease agreement for XXXXXXXXXXXXXX. 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.: Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate damage to bathroom window, garage exterior (door, trim, exterior siding/gutters), worn front steps and broken fence in rear. As well as missing kitchen appliances and basement stairwell missing handrails. PTD to replace kitchen window. Breakdown of updates made after sale provided - XXXXXXXXXXXXX. | BUYER - GENERAL COMMENT (2026-04-13): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Property vacant at origination. Borrower provided a checklist of repairs to be completed to the subject property prior to renting. Additionally, borrower provided photos of the installed handrails and repaired broken window. Health and safety items remedied and the remaining issues are items of deferred maintenance which are within VCC guidelines. Exception should not be a C grade as the health and safety items were remedied.<br> REVIEWER - GENERAL COMMENT (2026-04-14): Exception remains. Evidence window has been replaced and basement stairs have handrail installed provided. No evidence kitchen appliances have been installed. No cost for deferred maintenance provided by appraiser to determine if within guidelines.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): XX% LTV. Property vacant and borrower expected to install kitchen appliances prior to tenant moving in. Health and safety items (broken window/missing handrail) have been remedied. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100569- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100568- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 1x30 days late mortgage payment on REO in the last 12 months. Comp factors: reserves and seasoned business.<br> Missing lease agreement. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for 1x30 days late mortgage payment on REO in the last 12 months. Comp factors: reserves and seasoned business.<br> REVIEWER - RE-GRADED COMMENT (2026-03-06): Approved exception at origination for 1x30 days late mortgage payment on REO in the last 12 months. Comp factors: reserves and seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100567- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100566- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100565- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for LTV > 70% for first time investor on a Trad I. Comp factor: FICO and reserves is not supported as stmts provided in file do not reflect sufficient funds to close. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for LTV > 70% for first time investor on a Trad I. Comp factor: FICO and reserves is not supported as stmts provided in file do not reflect sufficient funds to close. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100564- |  | XXXX | $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 < 1.0x on owner user traditional II refinance with loan amount > $500,000. Comp factors: LTV and 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 (2026-02-23): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan amount > $500,000. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 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 The subject is considered in Fair condition with deferred maintenance > $25k (ref D0249). Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. Comp factors, LTV and seasoned business.<br> Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. | BUYER - GENERAL COMMENT (2026-02-27): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for The subject is considered in Fair condition with deferred maintenance > $25k (ref D0249). Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. Comp factors, LTV and seasoned business.<br> SELLER - GENERAL COMMENT (2026-04-24): Property occupied by the borrower's business (XXXX). VCC obtained a roof cert from a licensed roof inspector that confirmed that the roof is free of any damages/leaks and has a remaining economic life of 15+ years. The borrower is expected to complete any necessary repairs. VCC was comforted by the low LTV and the borrower's seasoned business (The borrower has owned the subject property since 2008)<br> BUYER - GENERAL COMMENT (2026-04-07): XX% LTV. Appraisal was made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property is maintained in average condition with no adverse environmental conditions noted. The appraiser did not cite any health and safety issues, flag any environmental concerns, or assign a cost-to-cure for the conditions visible in the photographs. The observed interior characteristics — blackened roof beXXXX, exposed framing, unfinished storage areas, and aged restroom fixtures — are consistent with and expected for a 110-year-old owner-occupied automotive/industrial facility. VCC is further comforted by the low LTV and expects the borrower to maintain the property in its current operating condition<br> REVIEWER - GENERAL COMMENT (2026-04-09): Exception remains. Client comment indicates exception maybe waived or unable to clear but disposition was not indicated or requested. Please provide further instructions or clarification.<br> BUYER - GENERAL COMMENT (2026-04-14): We believe this should be waived. Per the appraisal, this property is in average condition. The appraiser didn't cite health and safety issues or deferred maintenance. <br> No cost-to-cure provided or environmental concerns noted from the physical inspection of the property. The property condition is consistent and expected for the age and property type. Furthermore, VCC received a roof inspection which confirmed any required repairs have been completed and the roof has an economic life of 15+ years.<br> REVIEWER - WAIVED COMMENT (2026-04-15): Exception waived. Updated approval provided in trailing documents approving exception for health and safety issues. Comp factors, LTV and seasoned business. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100563- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan amount > $750,000. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for Wind deductible of XX.XX%is > $25k. Comp factor, FICO.<br> Approved exception at origination got policy term < 12 months. Comp factor; FICO.<br> Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and seasoned business.<br> Insufficient underwritten funds to close- verified funds per approval assets section are < funds required per Final HUD. | BUYER - GENERAL COMMENT (2026-02-27): the intent is $750,000 or greater<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan amount > $750,000. Comp factors: FICO and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination for Wind deductible of XX.XX%is > $25k. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-02-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-27): Approved exception at origination got policy term < 12 months. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived/ Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100562- |  | XXXX | $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 on investor traditional II refinance with loan > $500,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100561- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<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: LTV.<br> <2 active major tradelines on credit report.<br> 1) Missing deductible details for both all perils and wind deductibles, 2) Missing carrier rating documentation.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-04-07): With deductible<br> BUYER - GENERAL COMMENT (2026-04-07): Exception noted for carrier rating b+<br> REVIEWER - WAIVED COMMENT (2026-04-09): Exception waived. Updated approval provided in trailing documents approving exception for insurance rating. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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<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 in fair condition with deferred maintenance > $25k. Comp factor: LTV.<br> Subject contains evidence of mold, damage to roof, siding, drywall, flooring, and standing water in basement of office building, and both warehouses, fallen tree in front year across fencing. Signed Holdback agreement and amount on HUD for mold remediation. Does not cover any repairs. Property is currently vacant. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for subject in fair condition with deferred maintenance > $25k. Comp factor: LTV.<br> SELLER - GENERAL COMMENT (2026-04-24): Deferred maintenace: XX% LTV. cut trees and shrubs piled around grounds as well as trash and debri. The dwelling/interior of the office dated. Basement had partially cut walls for mold treatment. Metal exterior paint peeling, wood roof decking had water stains. Roof work needed. The property vacant at origination and renovations were underway. VCC spoke with the contractor who confirmed roof/electrical repair underway and any necessary permits were in process. Furthermore, mold remediation in process and VCC completed a 365 day holdback for $12,250 to cover the mold remediation and deontamination of basement. The borrower is expected to complete repairs prior to tenants occupying.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTV. VCC completed a 365 day holdback for $12,250 to cover the mold remediation/decontamination of basement, treat & HEPA VC the 1st floor and for post testing. The total deferred maintenance of $32,250 (including mold remediation) was considered in the appraised value/LTV. The remaining items appeared to be cosmetic, and no active leak was confirmed in the property. Building is considered average condition (per appraisal), and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete any necessary repairs. VCC was further comforted by the low LTV.<br> SELLER - GENERAL COMMENT (2026-04-24): Seller commentary: XX% LTV. VCC completed a 365 day holdback for $12,250 to cover the mold remediation/decontamination of basement, treat & HEPA VC the 1st floor and for post testing. The total deferred maintenance of $32,250 (including mold remediation) was considered in the appraised value/LTV. The remaining items appeared to be cosmetic, and no active leak was confirmed in the property. Building is considered average condition (per appraisal), and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete any necessary repairs. VCC was further comforted by the low LTV. Property vacant at origination and the borrower is expected to complete repairs prior to tenants occupying. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100560- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II. Comp factors: FICO and reserves.<br> 1) incomplete all perils deductible details (assuming '5' is XX.XX%then deductible is > $10k guideline maximum), 2) wind deductible of XX.XX%is > $25k. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for first time investor with LTV > 6XX.XX%on investor traditional II. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived Updated approval provided in trailing documents approving exception for deductibles. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100559- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 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 factors: seasoned investor and seasoned business.<br> Approved exception at origination for all perils deductible > $10k. 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 (2026-02-24): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for all perils deductible > $10k. Comp factor: seasoned investor<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100558- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance | Credit report for 1 of 2 guarantors is aged > 60 days<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for expired credit report. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-23): 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<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100557- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Purchase Agreement / Sales Contract not provided | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: seasoned investor and seasoned business.<br> Approved exception at origination for unpaid/outstanding judgements for LLC, reported on business background/credit reports. Comp factors: LTV and seasoned business.<br> Wind deductible of $50k exceeds guideline max of $25k.<br> Approved exception at origination for seller concession >3%. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for unpaid/outstanding judgements for LLC, reported on business background/credit reports. Comp factors: LTV and seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible. Comp factor. FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-23): Approved exception at origination for seller concession >3%. Comp factors: LTV and seasoned business. | 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100556- |  | XXXX | $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 Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for DSCR < 1.0x on owner-user traditional II refinance with loan > $500,000. Comp factors: seasoned business and reserves.<br> Approved exception at origination for FICO < 650. Comp factors: seasoned business and reserves.<br> Approved exception at origination for unpaid outstanding judgements against borrower LLC. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for DSCR < 1.0x on owner-user traditional II refinance with loan > $500,000. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for FICO < 650. Comp factors: seasoned business and reserves.<br> BUYER - GENERAL COMMENT (2026-02-27): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for unpaid outstanding judgements against borrower LLC. Comp factor: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100555- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Business Purpose Letter of Intent 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 FICO < 650 for both borrower and coborrower. Comp factors: seasoned investor and DSCR.<br> Blanket liability policy without required endorsement for full coverage amount applicable to each covered location.<br> Missing BP Disclosure on this mixed use property.<br> Approved exception at origination for incomplete VOM- primary; missing most recent monthly pay history. Comp factors: seasoned investor and DSCR.<br> Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: seasoned investor and DSCR. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for FICO < 650 for both borrower and coborrower. Comp factors: seasoned investor and DSCR.<br> BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for missing liability endorsement/ Comp factor. seasoned investor.<br> BUYER - GENERAL COMMENT (2026-04-07): Uploaded<br> REVIEWER - GENERAL COMMENT (2026-04-07): Exception remains. BP disclosure provided is for another loan.<br> BUYER - GENERAL COMMENT (2026-04-16): Uploaded<br> REVIEWER - WAIVED COMMENT (2026-04-16): Exception waived. Updated approval provided in trailing documents approving exception for missing Business Purpose disclosure. Comp factor, seasoned investor.<br> SELLER - GENERAL COMMENT (2026-04-24): The borrower signed the Business Purpose of Loan Certification. All other loan documents in file also signed - VCC's note has a business purpose statement built in as well. Further, the borrower provided proof that they have owned their primary residence for 20 years. Primary residence address matches borrowers drivers license, loan application and credit report.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for incomplete VOM- primary; missing most recent monthly pay history. Comp factors: seasoned investor and DSCR.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: seasoned investor and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100554- |  | XXXX | $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 | Subject photos of office building indicate damaged ceiling, sagging ceiling tiles leaving wiring and the ceiling grid exposed,. and clutter on the interior storage area. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: XX% LTVLTV. Appraisal made-is and property condition considered in value/LTV. Per appraisal, no items of deferred mainentance and the building interior has been updated on an ongoing basis. Building is structurally sound and no structural issues were cited. The room with dmaged ceiling tiles/clutter is an unoccpied space in the office. Given the low LTV, VCC felt comfortable proceeding. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100553- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | XX.XX%wind deductible is > $25k. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for deductible/ Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100552- |  | XXXX | $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 aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for credit report aged > 60 days. 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 | Subject photos indicate low electrical wires, stained ceiling in vacant office with peeling paint, black mold in the hallway, deteriorated ceiling and fixtures in the bathroom, worn floors, very old mansart roof in front and debris in the garage interior. | BUYER - GENERAL COMMENT (2026-04-08): Per the attached, "An inspection was completed on XXXXXXXXX, by XXXXXXXXX, Mitigation Project Manager with<br> XXXXXXXXXXX, at the commercial property operated by XXXXXXXXX., a highproduction metal finishing facility.<br> At the time of inspection, no visible growth was found within the property. The primary finding noted was water damage present on select ceiling tiles. Moisture readings confirmed that all walls were within acceptable dry standards, and the ceiling structure was also found to be dry at the time of assessment. No additional areas of concern were identified during the inspection." <br> The remaining items of deferred maintenance are within VCC guidelines, and as stated it was confirmed no leak or mold present.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Property inspection from XXXX shows rest room breakroom areas with damaged ceilings/fixtures, peeling paint, worn flooring, water stained ceilings, and mold-like substance discoloration in some areas with appraisal not evidencing any of this was repaired. No cost to cure provided by appraiser or inspection. Additional inspection measured moisture levels and that no visible growth found within the property. This inspection did not provide testing for mold or address the other issues.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): "Seller commentary: XX.XX LTV. Appraisal made as-is and property condition is considered in value/LTV. An inspection was completed on XXXXXXXXX, by XXXXXXXXXXXXXXXXXX <br> At the time of inspection, no visible growth was found within the property. The primary finding noted was water damage present on select ceiling tiles. Moisture readings confirmed that all walls were within acceptable dry standards, and the ceiling structure was also found to be dry at the time of assessment. No additional areas of concern were identified during the inspection.<br> The remaining items of deferred maintenance are within VCC guidelines, and as stated it was confirmed no leak or mold present. With the inspection confirming no dampness or mold present, VCC did not deem it necessary to obtain further inspection. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100551- |  | XXXX | $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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and property condition which reviewer is unable to validate as a non-quantifiable subjective trait.<br> Approved exception at origination for missing VOR-primary; 1 of 2 guarantors lives rent free. Comp factors: FICO and seasoned business.<br> Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO, and 'other' which reviewer is unable to decipher | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and property condition which reviewer is unable to validate as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for missing VOR-primary; 1 of 2 guarantors lives rent free. Comp factors: FICO and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO, and 'other' which reviewer is unable to decipher | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100550- |  | XXXX | $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: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.00 on on owner user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business.<br> Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factors: reserves and seasoned business.<br> Approved exception at origination for incomplete VOM-subject; missing 2 of most recent 12 monthly pay history receipts. Comp factors: reserves and seasoned business.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.00 on on owner user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for incomplete VOM-subject; missing 2 of most recent 12 monthly pay history receipts. Comp factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): 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<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100549- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Flood insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Flood deductible of $50k is >2% guideline maximum.<br> Approved exceptions at origination for 1)missing VOR/VOM-primary; mortgage in spouse's name, and 2)Incomplete VOM-subject; missing 12 months pay history to supplement VOM summary from private lender. Comp factors: FICO and DSCR. | BUYER - GENERAL COMMENT (2026-02-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exceptions at origination for 1)missing VOR/VOM-primary; mortgage in spouse's name, and 2)Incomplete VOM-subject; missing 12 months pay history to supplement VOM summary from private lender. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100548- |  | XXXX | $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 on credit report. Comp factor: seasoned business.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100547- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for DSCR < 1.20 on investor traditional I purchase with loan > $500,000. Comp factor: reserves.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report) for guarantor 1. Comp factor: reserves.<br> Approved exception at origination for > 1x30 days late withing 12 months on REO. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.20 on investor traditional I purchase with loan > $500,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for credit (< 2 active major tradelines on credit report) for guarantor 1. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for > 1x30 days late withing 12 months on REO. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100546- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner-user traditional II purchase with loan > $750,000. Comp factors: seasoned business and reserves which is not supported as actual post closing reserves are < 1 month over the guideline minimum required 3 months P&I payments for first time investor. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.0x on owner-user traditional II purchase with loan > $750,000. Comp factors: seasoned business and reserves which is not supported as actual post closing reserves are < 1 month over the guideline minimum required 3 months P&I payments for first time 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100545- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed-use purchase with loan > $750,000. Comp factor: seasoned business.<br> Approved exception at origination for cashout refinance on property listed within 6 months. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed-use purchase with loan > $750,000. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for cashout refinance on property listed within 6 months. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100544- |  | XXXX | $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 | Subject photos indicate stained ceiling in commercial XXX and XXX (management indicated repairs made/no active leaks), open ceiling in commercial XXX, peeling exterior front, rusted electrical panel in basement, and open junction box/exposed wires. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. The property has recently been significantly renovated and no active leaks or structural identified.The appraisal. Per the borrower LOE, cash-out proceeds will be used towards replacing the stained celing tiles, replacing the electrical panel and clearing any other deferred maintenance items. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100543- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 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 mixed use Purchase with loan > $750,000. Comp factors: LTV and reserves.<br> Approved exception at origination for incomplete VOR-primary; missing monthly pay history receipts to supplement VOR summary from private landlord. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use Purchase with loan > $750,000. Comp factors: LTV and reserves.<br> BUYER - GENERAL COMMENT (2026-03-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for incomplete VOR-primary; missing monthly pay history receipts to supplement VOR summary from private landlord. Comp factor, LTV. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100542- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves.<br> Wind deductible of XX.XX%is > $25k. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2026-03-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, LTV and FICO. | 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 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100541- |  | XXXX | $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 < 1.20x on investor traditional I mixed use purchase with loan > $750,000. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for basic form policy/coverage type. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $750,000. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for basic form policy/coverage type. Comp factor: reserves. | 2 | [2] 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 windows need painting, floor covers to redone, sand and patch unit, finish bathroom, additional paint work, door frames and clean debris and trash. Comp factors, signed holdback agreement and holdback amount on hud. No date provided in holdback. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for windows need painting, floor covers to redone, sand and patch unit, finish bathroom, additional paint work, door frames and clean debris and trash. Comp factors, signed holdback agreement and holdback amount on hud.<br> SELLER - GENERAL COMMENT (2026-04-24): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 90-day holdback for $6,800 to cover the following: Floor Coverings \| cover floors, windows, paint, sand and patch the unit. finish bathroom, paint door, frames, base molding. clean debris and trash. Repairs are expected to be completed within the 90-day holdback period, but given the condition of the property it is expected these repairs will be completed prior to tenants moving-in. | 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>Evidence of Escrow Holdback in file. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100540- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] Application / Processing - Missing Document: Purchase Agreement / Sales Contract not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business.<br> Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and seasoned business. | BUYER - GENERAL COMMENT (2026-03-02): VCC Credit report uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and seasoned business. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100539- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-02): Correced Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100538- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<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] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] General - The property is ineligible. | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $750,000. Comp factor: reserves.<br> Approved exception at origination for 49% vacancy/ missing lease. Comp factor: reserves.<br> Approved exception at origination for incomplete VOM-subject; missing partial payment for most recent monthly pay history receipt. Comp factor: reserves.<br> Approved exception at originator for cash out on property held < 6 months using valuation > original purchase price. Comp factor: reserves.<br> Approved exception at originator for rural property. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $750,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for 49% vacancy/ missing lease. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing partial payment for most recent monthly pay history receipt. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at originator for cash out on property held < 6 months using valuation > original purchase price. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing partial payment for most recent monthly pay history receipt. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100537- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for first time investor with LTV > 70% on owner user traditional II. Comp factor: reserves.<br> Missing wind/hail coverage.<br> Approved exception at origination for LTV > 70% for owner user traditional II purchase by first time investor. Comp factor: reserves.<br> Approved exception at origination for missing HOA questionnaire. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for first time investor with LTV > 70% on owner user traditional II. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-03-02): 1. special form is not a requirement.<br> 2. Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for LTV > 70% for owner user traditional II purchase by first time investor. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-24): Approved exception at origination for missing HOA questionnaire. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100536- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100535- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100534- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exceptions at origination for; 1)incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender, and 2) incomplete VOR/VOM-primary; < 12 months pay history provided (borrower lived rent free until 4 months prior and missing most recent monthly pay history receipt). Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exceptions at origination for; 1)incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender, and 2) incomplete VOR/VOM-primary; < 12 months pay history provided (borrower lived rent free until 4 months prior and missing most recent monthly pay history receipt). Comp factors: FICO 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 | Subject photos indicate worn membrane roofing with tarp/debris on the roof. | BUYER - GENERAL COMMENT (2026-04-13): The appraiser did not cite any leak or structural issues during their inspection. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines.<br> REVIEWER - GENERAL COMMENT (2026-04-14): Exception remains. Appraiser indicated on page 13 scope of work that the roof was not inspected. Reason for tarps on roof not clarified. Appraiser did state no water damage visible on the interior of building. Need clarification for tarps on the roof.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary: Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any leak or structural issues during their inspecton. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines.<br> SELLER - GENERAL COMMENT (2026-04-24): Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any leak or structural issues during their inspecton. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines. VCC hasn't confirmed the status of repairs, but expects the borrower to complete any necessary repairs/clean-up at the property. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100533- | XXXX | XXXX | $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; borrower lives rent free. Comp factors: FICO and DSCR. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for missing VOR-primary; borrower lives rent free. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100532- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned investor.<br> Approved exception at origination missing VOM- primary for guarantor; mortgage held in spouse's name. Comp factor: FICO.<br> Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination missing VOM- primary for guarantor; mortgage held in spouse's name. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100531- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<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 DSCR < 1.20x on investor traditional I purchase with loan > $500,000. Comp factors: FICO and reserves.<br> Approved exception at origination for 56.20% vacancy/ missing leases. Comp factors: FICO and reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I purchase with loan > $500,000. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for 56.20% vacancy/ missing leases. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100530- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2026-03-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for premium not paid in full at closing; on payment plan. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100529- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100528- |  | XXXX | $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 on investor traditional II refinance with loan > $500,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100527- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100526- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for DSCR < 1.20x on investor traditional II purchase with loan > $500,000. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for expired lease for 2 of 6 subject units. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional II purchase with loan > $500,000. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for expired lease for 2 of 6 subject units. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100525- |  | XXXX | $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: FICO. | REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for premium not paid in full at closing; on payment plan. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100524- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100523- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100522- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor: Seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for basic form policy coverage type. Comp factor: Seasoned investor. <br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100521- |  | XXXX | $XXX | XX | 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 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated.<br> Approved exception at origination for 2x30 in the past 12 months. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated.<br> Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for FICO < 650. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated.<br> REVIEWER - RE-GRADED COMMENT (2026-03-06): Approved exception at origination for 2x30 in the past 12 months. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated.<br> REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects basement stairwell is missing handrails; no proof of installation provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: Property condition considered in value/LTV. Property vacant and under light renovation at the time of appraisal. While VCC generally doesn't view missing handails as material to underwriting, the borrower is expected to complete any necessary repairs. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100520- |  | XXXX | $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] General - Missing Document: Lease Agreement not provided | Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and DSCR.<br> Approved exception at origination for 2x30 days late within 12 months-subject. Comp factors: seasoned investor and DSCR.<br> Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned Investor and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and DSCR.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for 2x30 days late within 12 months-subject. Comp factors: seasoned investor and DSCR.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned Investor and DSCR.<br> REVIEWER - RE-GRADED COMMENT (2026-03-09): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned Investor and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100519- | XXXX | XXXX | $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. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for missing VOR-primary. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100518- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 at origination for 1x30 days late mortgage payment on subject. Comp factors: seasoned business.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business. | BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for 1x30 days late mortgage payment on subject. Comp factors: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100517- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100516- |  | XXXX | $XXX |  | 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 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for 1) Borrower lives rent free, 2 VOM for secondary mortgages on title. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for 1) Borrower lives rent free, 2 VOM for secondary mortgages on title. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100515- |  | XXXX | $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: 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 FICO < 650. Comp factor: LTV.<br> Approved exception at origination for 2 x 30 days late payments within the last 12 months-primary. Comp factor: LTV.<br> Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor live rent free. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for 2 x 30 days late payments within the last 12 months-primary. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for missing VOR-primary; guarantor live 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100514- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing wind/hail coverage. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100513- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for Credit report aged > 60 days. Comp factor, reserves.<br> Approved exception at origination for incomplete VOM-primary; missing most recent monthly mortgage payment. Comp factor: reserves.<br> Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-16): Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for Credit report aged > 60 days. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for incomplete VOM-primary; missing most recent monthly mortgage payment. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for loan amount < $75,000. Comp factor: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100512- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Credit report aged > 60 days.<br> Approved exception at origination for incomplete VOM-primary, missing most recent monthly payment. Comp factor: reserves.<br> Approved exception at origination for loan amount < $75,000. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-03-16): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor. seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for incomplete VOM-primary, missing most recent monthly payment. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for loan amount < $75,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100511- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100510- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for 100% vacancy/missing lease agreement. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100509- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [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<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Misign wind/hail coverage.<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO.<br> Approved exception at origination for loan amount < $75,000. Comp factors: seasoned investor and FICO. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for loan amount < $75,000. Comp factors: 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100508- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-qualitative subjective trait which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-qualitative subjective trait which cannot be substantiated. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100507- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXX | Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor.<br> Missing wind/hail coverage for XXXXXXXXXXXXXX<br> Approved exception at origination for missing lease agreements for XXXXXXXXXXXXXX. Comp factor, seasoned investor.<br> Approved exception at origination for XX.XX vacancy/missing lease agreement for 1 of 2 units - XXXXXXXXXXXXXX. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor,. LTV.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for missing lease agreements for XXXXXXXXXXXXXX. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for XX.XX vacancy/missing lease agreement for 1 of 2 units - XXXXXXXXXXXXXX. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for XXX bathroom has no plumbing or fixtures, kitchen missing appliances and cabinets/counters, both are non-functional. Holdback agreement in file references property on XXXXXXXXXXXXXXXXXXwhich does not need repairs. Comp factor, signed Holdback Agreement with 90 days to complete repairs in file and amount reflected on HUD.<br> XXX bathroom remodel in process/not functional, missing trim, needs construction clean up. Holdback agreement in file references property on XXXXXXXXXXXXXXXXXXwhich does not need repairs. Unable to verify which property holdback is for. | BUYER - GENERAL COMMENT (2026-04-14): VCC completed a 90 day holdback for $6,700. Holdback in file is to complete repairs at XXXXXXXXX(confirmed with underwriter). Additional details: Finish remodeling of Kitchen, and bathroom - both must be functional, complete and painted. - Unit#1 vacant – under renovation- no functional bath or kitchen. 90 days holdback to complete renovations. See contractor's bid.<br> REVIEWER - WAIVED COMMENT (2026-04-15): Approved exception at origination for XXX bathroom has no plumbing or fixtures, kitchen missing appliances and cabinets/counters, both are non-functional. Holdback agreement in file references property on XXXXXXXXXXXXXXXXXXwhich does not need repairs. Comp factor, signed Holdback Agreement with 90 days to complete repairs in file and amount reflected on HUD.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14):XX.XX% LTV. Property condition is considered in value/LTV. Borrower actively renovating the vacant property at origination and is expected to finish the remodel prior to tenants moving in. VCC hasn't confirmed the status of repairs at this time but was comforted by the low LTV and the borrower's investor experience. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Evidence of Escrow Holdback in file.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100506- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100505- |  | XXXX | $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<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exception at origination for 100%vacancy/missing lease agreement. Comp factor: seasoned business.<br> Approved exception at origination for incomplete VOR; missing 12 months payment receipts. Comp factor: seasoned business.<br> Approved exception at origination for Cash out on property listed within last 6 months. Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-03-17): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-03-17): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for 100%vacancy/missing lease agreement. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-03-17): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for incomplete VOR; missing 12 months payment receipts. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-17): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for Cash out on property listed within last 6 months. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100504- | XXXX | XXXX | $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/missing lease agreement. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal notes damaged exterior vinyl siding in two separate areas, damaged screen door, soot-stained skylights from a prior fire event and interior deficiencies such as worn cabinets, damaged flooring, paint repairs and damaged tile/tub. Estimated cost to cure is $3,000 - $5,000; no proof of repair provided. | BUYER - GENERAL COMMENT (2026-04-10): 39.5XX.XX%LTV. Appraisal made as-is and property condition is considered in the value. The cited issues are not major damage or health and safety violations. These are considered deferred maintenance and the amount is within VCC guidelines.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Tub/tile damage is a health issue with water intrusion possible/probable and XXX floor damage is a tripping hazard.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary:XX.XX%LTV. VCC's internal reviewer and the appraiser did not view these as major damage or a health and safety violation. These were considered as deferred maintenance and within VCC guideline. 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100503- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for XX.XX vacancy/missing lease agreement. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for XX.XX vacancy/missing lease agreement. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100502- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100501- | XXXX | XXXX | $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 | Subject property was in the process of being renovated at time of inspection. Appraisal reflects front entry stairwell missing handrail (Borrower LOE addresses). Appraisal photo reflects tree growing up against the gas service connection. XXX missing flooring, bathroom vanity, interior paint, cabinets, and applicance4s are in poor condition and in process of being replaced. Kitchen and 1 bathroom ae unusable. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in the value/LTV. Borrower provided LOE commiting to install railing post-close. Borrower actively renovating the subject and VCC expects them to complete renovations. VCC is comforted by the low LTV and the borrowers investment experience. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100500- |  | XXXX | $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 valid lease agreement; Lease in file is expired and no evidence of renewal provided. Comp factors, LTV.<br> Approved exception at origination for 1) rural property and 2) leasehold property rights. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait that cannot be substantiated. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for missing valid lease agreement; Lease in file is expired and no evidence of renewal provided. Comp factors, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for 1) rural property and 2) leasehold property rights. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait that cannot be substantiated. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100499- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [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] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | < 2 active major tradelines on credit report<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for loan amount < $75,000, Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for loan amount < $75,000, Comp factor: seasoned investor.<br> REVIEWER - RE-GRADED COMMENT (2026-03-10): Approved exception at origination for loan amount < $75,000, Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100498- | XXXX | XXXX | $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 | Incomplete VOR-primary; missing 12 months payment receipts. | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor. reserves/ | 2 | [2] 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 a origination for missing carbon and smoke detectors to be installed in both units, broken windows to be fixed and glass to be replaced, remove mold, new molding frame, fire alarms, and strap and secure water heater. Comp factors. signed Holdback agreement provided with holdback amount on HUD. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception a origination for missing carbon and smoke detectors to be installed in both units, broken windows to be fixed and glass to be replaced, remove mold, new molding frame, fire alarms, and strap and secure water heater. Comp factors. signed Holdback agreement provided with holdback amount on HUD.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC completed a 90-day holdback for $5,000 for the following: Installed carbon & smoke detectors to both units, fix broken windows replace glass, new molding frame, fire alarms,, strap and secure water heater | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Evidence of Escrow Holdback in file.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100497- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100496- |  | XXXX | $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: LTV. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100495- |  | XXXX | $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 < 2 active major tradelines on credit report Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for < 2 active major tradelines on credit report Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100494- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | HOA master policy is missing subject property address. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for address missing from HOA master policy. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100493- | XXXX | XXXX | $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: seasoned investor.<br> Approved exception at origination for missing rent loss. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for missing rent loss. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100492- |  | XXXX | $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<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | 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.<br> Approved exception at origination for loan amount < $75,000. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for loan amount < $75,000. Comp factor: reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject reflects numerous instances of deferred maintenance, health/safety concerns and property damage. Noteworthy: damaged/missing siding, chipping/peeling paint, missing broken garage door, missing doorstep, bathroom/bedroom/glass block windows (no egress from bedroom and dining room-health and safety concern), missing light fixtures/exposed wires, no handrail to 2nd floor, broken handrail for basement, damaged roof, missing gutters and dampness in basement. No proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: Appraisal made as-is and property condition is considered in the value/LTV. Deferred maintenance items cited due to normal wear and tear, but property is in overall acverage conditon and has been adequately maintained per the appraisal. Given the loan loan amount and the borrower's strong reserves, VCC felt comfortable proceeding. VCC hasn't confirmed the status but does expect the borrower to complete any necessary repairs to the subject property. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100491- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of 1-unit SFR with an LTV > 70%. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for first time investor purchase of 1-unit SFR with an LTV > 70%. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100490- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100489- |  | XXXX | $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] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves.<br> Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factors: FICO and reserves.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor.<br> Missing leases for 6 of 7 units being refinanced. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100488- |  | XXXX | $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 | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100487- |  | XXXX | $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 factor: LTV.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100486- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue | Underwritten vacancy of 4% (per analyst review) is < guideline min vacancy assumption of 5%.<br> Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-03-16): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-17): Exception remains. Updated approval did not provide a comp factor for exception.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for vacancy factor. Comp factor. LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100485- |  | XXXX | $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: reserves and FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100484- |  | XXXX | $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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100483- | XXXX | XXXX | $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 I mixed use refinance with loan > $500,000. Comp factors: seasoned business and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for DSCR < 1.0x on owner-user traditional I mixed use refinance with loan > $500,000. Comp factors: seasoned business and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100482- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100481- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exceptions at origination for first time investor and first time buyer with LTV > 70% on owner user traditional 1 purchase. Comp factors: FICO and reserves.<br> Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exceptions at origination for first time investor and first time buyer with LTV > 70% on owner user traditional 1 purchase. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and FICO. | 2 | [2] 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 plumbing repairs and gas leak (UTD where gas leak is) with holdback in files for repairs to be made post-closing and listed on HUD. Comp factor, signed holdback agreement and amount on HUD. | BUYER - GENERAL COMMENT (2026-04-08): Seller commentary: VCC completed a 365 day holdback for $5,000 for the permit for the plumbing repair and gas leak. Amount is reflected on the HUD<br> REVIEWER - WAIVED COMMENT (2026-04-09): Approved exception at origination for plumbing repairs and gas leak with holdback in files for repairs to be made post-closing and listed on HUD. Comp factor, signed holdback agreement and amount on HUD.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC completed a 365 day holdback for $5,000 for the permit for the plumbing repair and gas leak. Amount is reflected on the HUD. This is a purchase transaction for an occupied property. VCC expects the borrower to complete the repairs within the holdback period. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100480- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100479- |  | XXXX | $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: FICO. | REVIEWER - WAIVED COMMENT (2026-03-03): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100478- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves.<br> Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves.<br> Approved exception at origination for wind/hail deductible of XX.XX%is > $25k. Comp factor; FICO.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-03-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for wind/hail deductible of XX.XX%is > $25k. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for credit report aged > 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100477- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance (roof repair) > $30k. Comp factors: seasoned business and DSCR which is not supported as underwritten DSCR is < 1.0x. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for deferred maintenance (roof repair) > $30k. Comp factors: seasoned business and DSCR which is not supported as underwritten DSCR is < 1.0x.<br> SELLER - GENERAL COMMENT (2026-04-24): Appraisal made as-is and property condition considered in value. For the roof conditon: Roof Type/Cover: Flat and Pitched / Rubber Membrane (reportedly some new, some older and going to be replaced) and Asphalt Shingles, respectively. The age of the roof is unknown, but the owner reports they are in the process of completing a roof replacement in stage. Property is occupied with the owner's business and while VCC hasn't confirmed the status of the roof repair, it is expected that the borrower will complete it, especially considering the owner use for business purpose. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100476- |  | XXXX | $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 for owner-user traditional 1 mixed use located in XXX. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-03): Approved exception at origination for override of statewide exclusion for owner-user traditional 1 mixed use located in XXX. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100475- |  | XXXX | $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 | Incomplete VOM-subject and VOR-primary; Missing 12 month pay history receipts to supplement VOM/VOR summaries from private lender/landlord respectively. | BUYER - GENERAL COMMENT (2026-03-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exceptions for incomplete VOM and VOR. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100474- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 1 |  |  |  | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for roof repairs/water damage. Comp factors., signed holdback agreement and amount reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-03-06): Approved exception at origination for roof repairs/water damage. Comp factors., signed holdback agreement and amount reflected on HIUD.<br> SELLER - GENERAL COMMENT (2026-04-24): VCC completed a 180-day holdback for $5,850 to complete the rood repair. The borrower is expected to complete the repairs within the holdback period. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. A | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100473- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 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 | Fair condition-issues include general clean-up, electrical wiring concerns, HAC rigid ductwork adjustments. inadequate lighting, plumbing fixture repairs, electrical fixture replacement., flooring improvements, and interior paint restoration. Cost estimate $25,000.<br> Fair condition-issues include general clean-up, electrical wiring concerns, HAC rigid ductwork adjustments. inadequate lighting, plumbing fixture repairs, electrical fixture replacement., flooring improvements, and interior paint restoration. Cost estimate $25,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX.XX LTV. Appraisal made as-is and property condition (including deferred maintenance) considered in value/LTV. Per borrower LOE, the cash-out proceeds for this loan will be used towards a complete "guts out" renovation for the subject property. The unit needing repairs was vacant and ready for renovations at the time of appraisal. VCC hasn't confirmed the status of repairs, but the borrower is expected to fulfill their commitment, especially so they can rent out the unit. VCC further comforted by the low LTV and borrower's investor experience.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX.XX LTV. Appraisal made as-is and property condition (including deferred maintenance) considered in value/LTV. Per borrower LOE, the cash-out proceeds for this loan will be used towards a complete "guts out" renovation for the subject property. The unit needing repairs was vacant and ready for renovations at the time of appraisal. VCC hasn't confirmed the status of repairs, but the borrower is expected to fulfill their commitment, especially so they can rent out the unit. VCC further comforted by the low LTV and borrower's investor experience. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100472- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100471- | XXXX | XXXX | $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. Comp factors: FICO and reserves.<br> Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-03-02): Approved exception at origination for first time investor with LTV > 70% on investor traditional 1. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-02): 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100470- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100469- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100468- |  | XXXX | $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 days late on mortgage accounts within 12 months. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for > 1x30 days late on mortgage accounts within 12 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100467- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 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 | Subject is in Fair condition per appraisal and third party inspection report. Subject photos indicate peeling paint on exterior, peeling ceiling on the interior, ceiling HVAC equipment with missing ceiling tile, interior storage room with visible wear on the ceiling, missing ceiling tiles in the kitchen, suspended ceiling tile in the kitchen, interior storage room showing ceiling deterioration, side exterior wall with deteriorated masonry and patch repairs.<br> Subject photos indicate peeling paint on exterior, peeling ceiling on the interior, ceiling HVAC equipment with missing ceiling tile, interior storage room with visible wear on the ceiling, missing ceiling tiles in the kitchen, suspended ceiling tile in the kitchen, interior storage room showing ceiling deterioration, side exterior wall with deteriorated masonry and patch repairs. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in value/LTV. The borrower indicated plans to install a new roof/repair the roof and to extensively remodel the interior post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment, especially so they can increase rental income value.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in value/LTV. The borrower indicated plans to install a new roof/repair the roof and to extensively remodel the interior post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment, especially so they can increase rental income value. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100466- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100465- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100464- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100463- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on owner user traditional II with with LTV > 65%. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for first time investor on owner user traditional II with with LTV > 65%. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100462- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on owner-user traditional II with LTV > 6XX.XX%. Comp factors: FICO, and reserves which is not supported as verified post closing reserves are < 1 month of P&I in excess of 3 month P&I guideline minimum requirement for FT investor. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for first time investor on owner-user traditional II with LTV > 6XX.XX%. Comp factors: FICO, and reserves which is not supported as verified post closing reserves are < 1 month of P&I in excess of 3 month P&I guideline minimum requirement for FT investor. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate peeling exterior siding, faded siding and bent gutter in the rear. | REVIEWER - WAIVED COMMENT (2026-03-18): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor. FICO. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100461- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2026-03-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100460- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650 | Approved exception at origination for DSCR < 1.20x on investor Trad I multifamily refinance with loan > $500,000. Comp factor: LTV.<br> Approved exception at origination for FICO < 650. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for DSCR < 1.20x on investor Trad I multifamily refinance with loan > $500,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-04): Approved exception at origination for FICO < 650. 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 | Subject photos indicate patched ceiling in the mechanical and laundry rooms with damaged/not patched portion in the mechanical room. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. Ceiling damage is present, but building is structurally secure and there are no active leaks. Per borrower LOE, cash-out proceeds to be used towards the basement repair. VCC hasn't confirmed the status, but does expect the borrower to complete repairs. VCC is further comforted by the low LTV | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100459- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on owner-user traditional II with LTV > 65%. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for first time investor on owner-user traditional II with LTV > 65%. Comp factors: reserves and FICO. | 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 in Fair condition with deferred maintenance > $25k. Comp factors: reserves and FICO.<br> The subject is considered in Fair condition with deferred maintenance > $25k. including roof repair, new flooring, kitchen cabinetry, interior and exterior painting, and trees and landscaping. Holdback for roof repairs provided, other items not included. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for subject in Fair condition with deferred maintenance > $25k. Comp factors: reserves and FICO.<br> SELLER - GENERAL COMMENT (2026-04-24): Deferred maintenance includes: trees and landscaping, exterior paint/repairs, interior paint/floors, and kitchen babinetry. VCC completed a 365 day holdback for $13,500 for roof repair. This is a purchase transaction of a vacant property. The remaining items were considered deferred maintenance within VCC guidelines. VCC expects the borrower to complete all of the necessary repairs so they can rent the property.<br> BUYER - GENERAL COMMENT (2026-03-17): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-18): Exception remains. Approval provided does not reference this exception.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. VCC completed a 365-day holdback for $13,500 to complete the roof repair. The remaining deferred maintenance includes painting/flooring/landscaping and VCC felt comfortable proceeding as the borrower retained strong reserves post-close and will be able to complete the remaining repairs. VCC hasn't confirmed the status, but expects the borrower to complete the remaining repairs so they can rent out 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100458- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> 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 override of statewide exclusion for traditional property located in MI. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for override of statewide exclusion for traditional property located in MI. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100457- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for Incomplete leases-missing signature pages. Comp factors: LTV and DSCR.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for Incomplete leases-missing signature pages. Comp factors: LTV and DSCR.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for premium 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100456- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO.<br> Approved exception at origination for XX.XX vacancy per appraisal (executed leases provided in file). Comp factors: LTV and reserves which is not supported as approval assets section is not completed. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for XX.XX vacancy per appraisal (executed leases provided in file). Comp factors: LTV and reserves which is not supported as approval assets section is not completed. | 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100455- |  | XXXX | $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 .<br> [2] General - The property is ineligible. | Approved exception at origination for first time investor on Investor traditional 1 mixed use with LTV > 70%. Comp factors: FICO and DSCR.<br> First time investor with reserves < 3 months P&I.<br> Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO and DSCR. | REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for first time investor on Investor traditional 1 mixed use with LTV > 70%. Comp factors: FICO and DSCR.<br> BUYER - GENERAL COMMENT (2026-03-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-18): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-10): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100454- |  | XXXX | $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] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV.<br> Approved exception at origination for loan amount < $100,000 on traditional property type. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-03-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for loan amount < $100,000 on traditional property type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100453- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100452- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100451- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100450- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 35.7% vacancy (XXX)/missing lease agreements. Comp factor: LTV. | REVIEWER - RE-OPEN COMMENT (2026-03-11): Revised comment<br> REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for 35.7% vacancy (XXX)/missing lease 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 | Appraisal photo reflects missing handrails on multiple stairwells (stairs to 2nd floor, 3rd floor, and basement). No proof of installation of handrails provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-07): XX.XX LTV. Property condition considered in value/LTV. VCC generally doesn't view missing handrails as material to underwriting, and was further comforted by the low LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100449- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for missing liability coverage. Comp factor, FICO.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. | BUYER - GENERAL COMMENT (2026-04-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-04-13): Approved exception at origination for missing liability coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for premium not paid in full - on payment plan. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100448- |  | XXXX | $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 trades on credit report. Comp factor: seasoned investor.<br> Approved exception at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for < 2 active major trades on credit report. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100447- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 FICO.<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) Incomplete VOM-subject; < 12 month pay history receipts provided to supplement VOM summary from private lender. Comp factors: seasoned investor and FICO. | BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO.<br> BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) Incomplete VOM-subject; < 12 month pay history receipts provided to supplement VOM summary from private lender. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100446- |  | XXXX | $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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-12): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100445- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for cash out refinance on property currently listed. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-03-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for cash out refinance on property currently listed. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100444- |  | XXXX | $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] General - Ineligible property<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 1x 120 days late on mortgage account within 24 months. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Rural property (population < 25k and outside of 25mi from a city with 100k population.)<br> Missing lease on SFR refinance (subject is listed as a ST rental). | REVIEWER - WAIVED COMMENT (2026-03-11): Approved exception at origination for 1x 120 days late on mortgage account within 24 months. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-20): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV and FICO.<br> BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-03-20): Exception remains. No approval uploaded.<br> BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100443- |  | XXXX | $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 | Approved exception at origination for 1) first time investor purchase of 1-unit SFR with an LTV > 70% and 2) reserves < 3 months principal and interest for first time investor. Comp factors: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for 1) first time investor purchase of 1-unit SFR with an LTV > 70% and 2) reserves < 3 months principal and interest for first time investor. Comp factors: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100442- |  | XXXX | $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<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for FICO below 650. Comp factor: Reserves.<br> Approved exception at origination for 1) derogatory credit, 2) charge-offs in excess of $25K. Comp factor: reserves.<br> Approved exception at origination for credit report aged > 60 Days. Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100441- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for vacancy even though the subject is identified as tenant occupied. Lease is missing. Comp factor: LTV.<br> Missing evidence of condo association master policy. | REVIEWER - WAIVED COMMENT (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum.<br> BUYER - GENERAL COMMENT (2026-03-20): Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100440- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for open foreclosure-notice of foreclosure sale on subject property profile. Comp factor LTV.<br> Approved exception at origination for missing lease agreement. Comp factor: LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for open foreclosure-notice of foreclosure sale on subject property profile. Comp factor LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing lease agreement. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect evidence of water damage in first floor bathroom ceiling (hole in ceiling) and missing trim. Cost to cure is $4,000; no proof of repair provided. | BUYER - GENERAL COMMENT (2026-04-09): XX.XX LTV. Appraisal made as-is, property condition considered in value/LTV. Per the appraisal, "The subject has been adequately maintained and requires only minimal repairs to building components and cosmetic repairs". - Since these repairs were deemed cosmetic, the cited repairs are items of deferred maintenance and within VCC's guidelines. This doesn't seem like it should be a C grade exception<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Appraiser states he is unable to determine the full extent or source of the water damage. Recommended inspection by a qualified processional. Does not indicate leak was repaired which makes this a health issue.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): Seller commentary: XX.XX LTV. Appraisal made as-is, property condition considered in value/LTV. Per the appraisal, "The subject has been adequately maintained and requires only minimal repairs to building components and cosmetic repairs". - Since these repairs were deemed cosmetic, the cited repairs are items of deferred maintenance and within VCC's guidelines. This doesn't seem like it should be a C grade exception. VCC was further comforted by the 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100439- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO below 650. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100438- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100437- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<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 missing lease/vacant property on a refi. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for missing lease/vacant property on a refi/ Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100436- |  | XXXX | $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 vacancy in excess of guideline. Comp factors; reserves.<br> Approved exception at origination for value seasoning. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Seasoned investor<br> SELLER - GENERAL COMMENT (2026-04-24): The borrower inherited the subject property in November XXXX and took out this cash-out refinance in February of XXXX. VCC felt comfortable as this borrower is a seasoned investor with prior VCC loans, which are performing. Borrower had strong reserves prior to closing, and took out the cash-out to make improvements at the subject. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100435- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp Factor: reserves.<br> Approved exception at origination for vacant property/missing lease. Comp factor, reserves.<br> Approved exception at origination for cash out refi with seasoning < 3 months. Comp Factors: reserves. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp Factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for vacant property/missing lease. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for cash out refi with seasoning < 3 months. Comp Factors: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100434- |  | XXXX | $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<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for < 650 FICO. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy on cash out refinance. Comp Factor: LTV.<br> Approved exception at origination for subject listed on a cash out refinance. Comp Factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for < 650 FICO. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for 100% vacancy on cash out refinance. Comp Factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for subject listed on a cash out refinance. Comp Factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100433- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100432- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy. Comp factors: Property condition which is unable to be validated as a non-quantifiable trait, LTV. | REVIEWER - WAIVED COMMENT (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100431- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for vacancy in excess of guideline. Comp factors: LTV, DCR.<br> Approved exception at origination for loan amount <$75,000. Comp factors: LTV. DCR.<br> Approved exception at origination for rurality. Comp factors; Seasoned Investor, LTV, DCR. | REVIEWER - WAIVED COMMENT (2026-03-13): DCR and LTV<br> REVIEWER - WAIVED COMMENT (2026-03-13): DCR and LTV<br> REVIEWER - WAIVED COMMENT (2026-03-13): DCR and 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100430- | XXXX | XXXX | $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.: Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect the following issues: damaged stairs, dampness/water intrusion in the basement due to recent snow, ceiling damage in front right 2nd floor bedroom and ceiling in kitchen; no proof of repair provided - XXXXXXXXXXXXXXXXXX. Signed holdback agreement in file and amount reflected on HUD for kitchen ceiling damage repairs. | BUYER - GENERAL COMMENT (2026-04-13): VCC completed a 90-day holdback for $5,000. The ceiling repair includes the following: patch/tape/prep and finish drywall for kitchen ceiling and the water intrusion cleanup and repair (dry/disinfect/clean/waterproof surface). VCC received a vendor quote which confirms that the holdback covers the cost of repairs with a surplus. VCC is comforted as the health and safety items will be remedied through the holdback. The ceiling damage in the bedroom is cosmetic and was not listed as a health and safety item by the appraiser.<br> REVIEWER - GENERAL COMMENT (2026-04-13): Exception remains. Holdback does not cover the damaged stairs. Also, water intrusion is not indicated as part of the holdback.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): VCC completed a 90-day holdback for $5,000 to cover the health and safety items. The water intrusion was included in the holdback amount and included in the Repair and Invoice statement provided by a licensed vendor. The appraiser cited the damaged stairs as deferred maintenance and not health and safety. The borrower is expected to complete any necessary repairs and updates to the subject property. | 1 |  |  |  |  | Evidence of Escrow Holdback in file. A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100429- |  | XXXX | $XXX | XX | 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 vacancy in excess of guideline. Comp factors: seasoned business.<br> Approved exception at origination for VOR form - no canceled checks. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for vacancy in excess of guideline. Comp factors: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-20): Correceted Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for VOR form - no canceled checks. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100428- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100427- |  | XXXX | $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 - on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-13): Seasoned investor | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100426- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp Factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp Factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100425- |  | XXXX | $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 - on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-13): Seasoned Investor | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100424- |  | XXXX | $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 100% vacancy on a refi. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for rural 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100423- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; reserves. | BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100422- |  | XXXX | $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 mortgage payments for the subject property for 4 months. | BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing prior VOM. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100421- |  | XXXX | $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 | Missing continuous handrails on interior stairs. Also, missing handrails to basement stairs. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: Purchase transaction. Property condition is considered in the value/LTV. Property is in good condition, and the missing handrails weren't deemed as material to underwriting. It is VCC's expectation that the borrower will complete any necessary repairs/installations at the subject property. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100420- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for Rural property. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-16): 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100419- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV over XX.XX | Approved exception at origination for LTV >XX.XX. Comp factor seasoned business. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for LTV >XX.XX. Comp factor seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100418- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - The property is ineligible. | Approved exception at origination for FICO below 650. Comp factors: LTV and property condition which cannot be substantiated.<br> Approved exception at origination for rurality. Comp factors; LTV and property condition which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-03-13): LTV<br> REVIEWER - WAIVED COMMENT (2026-03-13): 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100417- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100416- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 3 | [3] General - Missing Document: Lease Agreement not provided<br> [3] 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 factor, AA mortgage history.<br> Approved exception at origination for value seasoning, cash out on property listed within the past 6 months. Comp factor. AA mortgage history. | BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor, AA mortgage history.<br> BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for value seasoning, cash out on property listed within the past 6 months. Comp factor. AA mortgage history. | 1 |  |  |  | 1 |  |  |  |  | Borrower has a clean housing payment history C | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100293- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100415- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100414- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for cash out with borrower on title < 3 months. Comp Factors: LTV and DCR.<br> Approved exception at origination for XX.XX vacancy of subject property and no lease provided for occupied unit. Comp factors: LTV and DCR. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for cash out with borrower on title < 3 months. Comp Factors: LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for XX.XX vacancy of subject property. Comp factors: LTV and DCR. | 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 | Appraiser states breaker panels have no cover installed and missing smoke/carbon monoxide detectors that are required in all jurisdiction for the state. Property is zoned for 1 commercial unit on first floor and residential apartment on the 2nd floor, missing occupancy certification permitting 2 residential units. 1 unit is occupied and 1 unit is vacant.<br> The Safety issues visible in the photos of the appraisal are as follows: Bedroom 2/F XXX has floorboards coming up. The basement pictures show building materials all over the floor posing a potential safety hazard. Appraiser states breaker panels have no cover installed and missing smoke/carbon monoxide detectors that are required in all jurisdiction for the state. 1 unit is occupied and 1 unit is vacant. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR<br> SELLER - GENERAL COMMENT (2026-04-24): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. The subject is a two-unit building, one-unit occupied and the unit needing repairs was vacant at origination. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them prior to tenants moving-in. VCC is comforted by the low LTV and strong DCR. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100413- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Missing wind/hail coverage.<br> Approved exception at origination 100% vacancy/missing lease agreement. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination 100% vacancy/missing lease agreement. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100412- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp Factors: seasoned investor and LTV-not valid when at max permitted.<br> Approved exception at origination for Insurance premium not paid in full at closing. Comp Factor: seasoned investor.<br> Approved exception at origination for vacant property/missing lease on a refi. Comp factors,. seasoned investor and LTV-is not valid at max permitted. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp Factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for Insurance premium not paid in full at closing. Comp Factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for vacant property/missing lease on a refi. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100411- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Loan Amount below $250,000 | Approved exception at origination for loan amount <$75,000. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100410- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100409- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for minimum tradeline requirement. Comp Factors reserves and DCR.<br> Approved exception at origination for vacant property. Comp factors, reserves and DCR. | BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination for minimum tradeline requirement. Comp Factors reserves and DCR.<br> REVIEWER - WAIVED COMMENT (2026-03-30): Approved exception at origination for vacant property. Comp factors, reserves and DCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100408- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100407- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | > 2 active major tradelines on credit report. | BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100406- |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | XXXXXXXXXXproperty is < 500 square feet. | BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for square feet. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100405- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 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: DCR and LTV.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factors: DCR and LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: DCR and LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factors: DCR and 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100404- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for borrower having only 1 FICO score. Comp Factors: LTV and DCR. | REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for borrower having only 1 FICO score. Comp Factors: LTV and DCR. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100403- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for first time investor with LTV > 70%. Comp factor: FICO.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: FICO. | BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for first time investor with LTV > 70%. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100402- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $X,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for vacancy/missing lease. Comp factor, reserves.<br> Approved exception at origination for loan amount > $2 Million. Comp Factor: reserves. | REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for vacancy/missing lease. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for loan amount > $2 Million. 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 | Missing 442, appraisal completed subject to completion of repairs Subject photos indicate deferred maintenance, with ceiling plaster damage throughout with water intrusion and subject to source of leak being stopped. | BUYER - GENERAL COMMENT (2026-04-15): Appraisal revised to be as-is. Value and LTV have been updated in the tape accordingly.<br> REVIEWER - GENERAL COMMENT (2026-04-15): Exception remains. Updated appraisal provided, 442 no longer required. However, deferred maintenance is still noted without an amount, unable to verify if it is within guidelines.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-17): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Per appraisal, "all home systems (structural and mechanical etc.) appear to be intact and in average condition, some deferred maintenance has been documented" Deferred maintenance is for ceiling repair from previous water intrusion. This is cosmetic in nature and no active leak observed. Given the low LTV and that the borrower maintained strong reserves post-close VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but the borrower is expected to complete them. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100401- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100400- | XXXX | XXXX | $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, borrower that lives rent free. Comp factor: LTV, reserves. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: LTV, 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100399- | XXXX | XXXX | $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 indicates property is missing a smoke detector. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX% LTV. Given the low LTV this was not viewed as material to underwriting. However it is generally VCC's expectation that the borrower will complete any necessary repairs/updates to the property. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100398- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for no proof of legal US residency provided (Application for renewal of work authorization in file). Comp factor: LTV<br> Pay history for subject reflects > 1x30 days late mortgage payments and within the last 90 days. | BUYER - GENERAL COMMENT (2026-03-20): Valid exception. Work authorization card provided is expired<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for no proof of legal US residency provided. Comp factor: LTV<br> SELLER - GENERAL COMMENT (2026-04-24): Borrower provided proof that their petition for their renewal had been approved, so VCC felt comfortable proceeding.<br> BUYER - GENERAL COMMENT (2026-03-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor. LTV/ | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100397- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100396- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for DCR < 1.00 on a refinance of a Traditional II owner/user occupied loan with balance > $500,000. Comp factors: LTV, reserves.<br> Approved exception at origination for late payments in last 90 days on mortgage loans. Comp factors: LTV and reserves. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for DCR < 1.00 on a refinance of a Traditional II owner/user occupied loan with balance > $500,000. Comp factors, LTV and reserves.<br> REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for late payments in last 90 days on mortgage loans. Comp factors: LTV and reserves.<br> Comment: | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100395- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100394- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - LTV over XX.XX<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination to allow LTV > XX.XX on investor traditional I refinance. Comp factors: reserves and FICO.<br> Approved exception at origination for Incomplete VOM-subject; missing pay history receipt for most recent monthly payment. Comp factors: reserves and FICO.<br> Approved exceptions at origination for cash out on property 1) listed within 6 months and 2) purchased within 12 months and using valuation > original purchase price. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception at origination to allow LTV > XX.XX on investor traditional I refinance. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception at origination for Incomplete VOM-subject; missing pay history receipt for most recent monthly payment. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-15): Approved exceptions at origination for cash out on property 1) listed within 6 months and 2) purchased within 12 months and using valuation > original purchase price. Comp factors: reserves and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate open spaces at basement electrical panel, stained section of basement ceiling (basement is a living space), litter in rear yard and bent fencing, missing smoke detector in residential unit XX, worn carpet on stairs in residential common area, peeling and bare trim at rear, damaged section of front sidewalk. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. The appraiser didn't cite these as deferred maintenance or assign a cost-to-cure. These items are assumed to have a relatively low cost-to-cure and the borrower maintained strong reserves post-close. VCC hasn't confirmed the status of repairs but it is expected to complete any necessary repairs. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100393- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 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 | Approved exception at origination for first time investor with LTV > 60% on a Trad II. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and FICO. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for first time investor with LTV > 60% on a Trad II. Comp factor: FICO.<br> REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. 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 | Subject photos indicate stained ceiling, worn flooring and uncovered electrical outlets. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Per the appraisal, property is in average condition. No cost to cure assigned for the cited items, but it assumed that these will have a relatively low cost to cure. Borrower is expected to complete any necessary repairs, and given the low CTC VCC felt comfortable proceeding. | 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 | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100392- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for Cash out on property listed within recent 6 months. Comp factor. LTV. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for Cash out on property listed within recent 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100391- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for value seasoning/cashout on property acquired within 1 year utilizing the appraised value not the acquisition cost. Comp Factor: FICO. | REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception at origination for value seasoning/cashout on property acquired within 1 year utilizing the appraised value not the acquisition cost. Comp Factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100390- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit 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<br> [2] General - Missing Hazard Insurance | Approved exception at origination for < 2 major tradelines. Comp factor: DCR.<br> Approved exception at origination for 100% vacancy on a refi. Comp factor: DCR.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: DCR.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-20): The exceptoin is valid. It is written for <2 major Tradelines, which is accurate<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for < 2 major tradelines. Comp factor: DCR.<br> REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for 100% vacancy on a refi. Comp factor: DCR.<br> REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: DCR.<br> REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100389- |  | XXXX | $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 | Property Inspection photo reflects door is missing from electrical panel. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): The missing panel cover was not deemed as material to underwriting. Electric panel is located in the basement which is only used for utility. The borrower is still expected to remedy any issues with the subject property. VCC is further comforted by the low ltv XX% LTV | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100388- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] General - LTV over XX.XX<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for LTV > XX.XX. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for 44.7% vacancy/missing lease agreement. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for LTV > XX.XX. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for 44.7% vacancy/missing lease agreement. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative 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 | Property inspection report photos reflect visible interior area showing exposed framing, exposed wiring and unfinished surfaces. No proof of repair/completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Borrower is working on making repairs and renting out the remaining units. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. Building is structurally sounds and weather tight.<br> SELLER - GENERAL COMMENT (2026-04-24): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Borrower is working on making repairs and renting out the remaining units. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them prior to tenants. Building is structurally sounds and weather tight. | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100387- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100386- |  | XXXX | $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: seasoned business and LTV.<br> Approved exception at origination for missing VOR-primary (guarantor lives rent free) and VOM-subject with processor cert.; Comp Factors: seasoned business and LTV. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for FICO < 650. Comp Factors: seasoned business and LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing VOR-primary (guarantor lives rent free) and VOM-subject with processor cert.; Comp Factors: seasoned business 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100385- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for vacancy. Comp factors: FICO, DCR. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for vacancy. Comp factors: FICO, DCR. | 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 identifies a potential source of water intrusion in the basement, front elevation showing brick exterior with ivy growth and snow covered entry deck, metal door exhibiting surface rust and snow accumulation, removed flooring in the interior, exposed plumbing and ceiling tile damage with wear and tear. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. No active leak or structural issues identified. Per borrower LOE, property is being purchased so they can rent out the residential unit and occupying the commercial unit with their business. Also, the borrower said they wil be finishing flooring/painting/remodeling within an estimated 90 days post-close. VCC hasn't confirmed the status of repairs, but is expected to fulfill their commitment, especially considering the owner-user nature of the property. | 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 | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100384- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100383- |  | XXXX | $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 | Exposed electrical connection at the HVAC (loose ground wire, immediate safety issue) and video camera handing by a wire (needs remounting). Appraisal also indicates deferred maintenance. weathered board requiring replacement. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: XX.XX LTV, property condition considered in value/LTV (including the minor deferred maintenance). Given the low LTV, these items were not considered material to underwriting; however, VCC generally expects the borrower to complete any necessary repairs to the property.<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX.XX LTV, property condition considered in value/LTV (including the minor deferred maintenance). Given the low LTV, these items were not considered material to underwriting; however, VCC generally expects the borrower to complete any necessary repairs to the property. Electrical junction box located outside. The appraiser didn't cite as an immediate safety issue so VCC didn't consider it an immediate issue (although it's expected to be remedied) | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100382- | XXXX | XXXX | $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 at origination for missing VOR-primary, borrower that lives rent free. Comp factor: Seasoned Investor. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100381- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [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 expired credit report. Comp Factor: FICO.<br> Approved exception at origination for missing most recent two months VOM/primary. Comp Factors: Reserves and FICO. | REVIEWER - RE-GRADED COMMENT (2026-03-18): Approved exception at origination for expired credit report. Comp Factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for missing most recent two months VOM/primary. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100380- | XXXX | XXXX | $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 Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factor: reserves.<br> Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business.<br> Approved exceptions at origination for 1) incomplete VOM-subject; missing pay history receipts to supplement processor cert from private lender and 2) missing VOR-primary; borrower lives rent free. Comp factors: reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exceptions at origination for 1) incomplete VOM-subject; missing pay history receipts to supplement processor cert from private lender and 2) missing VOR-primary; borrower lives rent free. Comp factors: reserves and seasoned business. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100379- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100378- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100377- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Traditional 1 property with liability coverage of $300,000.00. Comp Factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for Traditional 1 property with liability coverage of $300,000.00. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100376- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO.<br> Approved exception at origination for override of statewide exclusion for Trad II owner user located in MI. Comp factor, FICO. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-03-20): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-20): Approved exception at origination for override of statewide exclusion for Trad II owner user located in MI. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100375- |  | XXXX | $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 $X,XXX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $100,000 on a Trad I. Comp factor: LTV. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for loan amount < $100,000 on a Trad I. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100374- |  | XXXX | $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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business.<br> Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: LTV and seasoned business.<br> Cash out on property currently listed for sale; missing evidence listing agreement has expired/cancelled. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: LTV and seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-20): Uploaded marketing flyer from loopnet showing property listed for sublease, not sale<br> REVIEWER - GENERAL COMMENT (2026-03-24): The Commercial Appraisal, Analyst Review form, and additional valuation materials all indicate that the property is currently listed for sale at a specific asking price, which is indicative of a sale rather than a sublease.<br> BUYER - GENERAL COMMENT (2026-03-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-31): Exception waived. Updated approval provided in trailing documents approving exception for recently listed property. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100373- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100372- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100371- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - The property is ineligible. | Approved exception at origination for < 2 active major tradelines. Comp factors: reserves and FICO.<br> Approved exception at origination for override of statewide exclusion for Trad I investment located in XXX. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for < 2 active major tradelines. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for override of statewide exclusion for Trad I investment located in XXX. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100370- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp Factors: FICO, seasoned business. | REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp Factors: FICO, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100369- |  | XXXX | $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 | Property is under renovation with an estimated $50,000 to cure. unfished flooring and water stained ceiling tiles, missing tiles, missing trim. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is, property condition considered in value/LTV.The borrower will complete repairs and then occupy the subject with their business post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them, especially considering the owner-user nature of the property (office). | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100368- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100367- |  | XXXX | $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 Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor and reserves.<br> Approved exception at origination for FICO < 650. Comp Factors: reserves and seasoned business.<br> Approved exception for 1) VOR/primary; borrower's live rent free and 2) VOM/subject; private VOM /no canceled checks. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception at origination for DCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception at origination for FICO < 650. Comp Factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-03-15): Approved exception for 1) VOR/primary; borrower's live rent free and 2) VOM/subject; private VOM /no canceled checks. 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.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100366- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for state exclusion override. Comp Factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for state exclusion override. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100365- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100364- |  | XXXX | $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. | Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100363- | XXXX | XXXX | $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 | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp Factors: reserves and FICO.<br> Approved exception at origination insurance on basic form. Comp factor, FICO. | REVIEWER - WAIVED COMMENT (2026-03-13): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp Factors: reserves and FICO.<br> BUYER - GENERAL COMMENT (2026-03-20): Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination insurance on basic form. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100362- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. 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 and property inspection photos reflect prior patch repairs on ceiling, open ceiling penetration near light fixture, exposed ductwork and incomplete drywall installation in commercial space. As well as ceiling with recessed light opening on 2nd floor residential and missing handrails for first floor stairwell and open junction box in crawl space. Open junction box is an immediate safety issue. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Property conditon considered in value/LTV. These items were not viewed as material in terms of underwriting; however it is generally VCC's expectation that the borrower will complete any necessary repairs to the property.<br> SELLER - GENERAL COMMENT (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: Property conditon considered in value/LTV. These items were not viewed as material in terms of underwriting; however it is generally VCC's expectation that the borrower will complete any necessary repairs to the property. Open junction box is located in a crawl space. The appraiser didn't cite as an immediate safety issue so VCC didn't consider it an immediate issue (although it's expected to be remedied) | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100361- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100360- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100359- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and DCR. | REVIEWER - RE-GRADED COMMENT (2026-03-13): Approved exception at origination for FICO < 650. Comp factors: LTV and DCR. | 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100358- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100357- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100356- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100355- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100354- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate a section of fascia at the third-floor roof line is missing and was being replaced at the time of inspection, mismatched colors on exterior and discoloration, garage front opening is covered by plywood, and the roof is gone with garbage/debris in yard. In addition, basement stairwell is missing handrails and electrical panel is missing cover. No proof of repair/completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX% LTV. Property condition is considered in value/LTV. Building is structurally sound and these cited issues are deferred maintenance items. Given the low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs to the subject property. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100353- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100352- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100351- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100350- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for DSCR < 1.25x on a Trad II investment refinance with loan amount > $500,000. Comp factor: FICO.<br> Approved exception at origination for 4 of 7 leases expired, appraisal confirmed 100% occupied. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for DSCR < 1.25x on a Trad II investment refinance with loan amount > $500,000. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for 4 of 7 leases expired, appraisal confirmed 100% occupied. 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 | Property inspection photos indicate exposed/damaged ceiling in utility/storage room, exposed ceiling in vacant room, storefront facade with peeling paint, front eave section with loose sagging soffit panels and front parking lot with asphalt paving has visible potholes and cracking. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: Property condition is considered in value/LTV. The deferred maintenance is factored into the property rating, and was conisdered minimal by the appraiser, so no deduction was warranted. Property is in overall average condition per both inspection and appraisal. Building structurally sounds. VCC expects the borrower to complete any necessary repairs. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100349- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Tax transcripts do not reasonably support the income.<br> [2] Miscellaneous - Tax transcripts do not reasonably support the income. | Approved exception at origination for missing Required business and personal transcripts per approval condition 1)a-b. (XXXX-XXonly per change Memo #1-1). Comp factor, LTV and principals 29 years experience with industry.<br> Approved exception at origination for waiver of FYXX transcript verification for both business and personal tax returns. (per change memo #1 item 1). Comp factor, LTV and principals 29 years experience with industry. | REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for missing Required business and personal transcripts per approval condition 1)a-b. (XXXX-XXonly per change Memo #1-1). Comp factor, LTV and principals 29 years experience with industry.<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for waiver of FYXX transcript verification for both business and personal tax returns. (per change memo #1 item 1). Comp factor, LTV and principals 29 years experience with industry. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100348- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100347- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for subject underwritten as an Investor loan although it is 37.06% owner/user occupied. Comp factors: LTV, DSCR, and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for subject underwritten as an Investor loan although it is 37.06% owner/user occupied. Comp factors: LTV, DSCR, and guarantor support/liquidity. | 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100346- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100345- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100344- |  | XXXX | $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 the subject is need of repairs on the third floor including the roof and flooring as well as new drywall needed with an estimated cost to cure of $40,000. No holdback provided. | BUYER - GENERAL COMMENT (2026-04-01): Change memo to address this.<br> REVIEWER - WAIVED COMMENT (2026-04-01): Exception waived. Updated approval provided in trailing documents approving exception for property needing repairs. Comp factor, LTV and new 3rd lien on guarantors primary residence.<br> SELLER - GENERAL COMMENT (2026-04-24):XX.XX%LTV. Given the low LTV and that the property condition was considered in the value/LTV, New Day underwriter didn't feel the hodlback was necessary. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100343- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100342- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100341- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100340- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for waiver of outstanding small claims judgment. (per Change Memo #1- item 2) Comp factors: seasoned investor, DSCR, and LTV. | REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception at origination for waiver of outstanding small claims judgment. (per Change Memo #1- item 2) Comp factors: seasoned investor, DSCR, and 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100339- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 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 waiver of BPP insurance requirement (per Change memo #2). Comp factors, LTV and FICO.<br> Approved exception at origination for waiver of VOM/pay history requirements for 3x business loans (per Change memo #1-item 2). Comp factors, LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for waiver of BPP insurance requirement (per Change memo #2). Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2026-03-12): Approved exception at origination for waiver of VOM/pay history requirements for 3x business loans (per Change memo #1-item 2). 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100338- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100337- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100336- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for borrower vested on title < 12 months. Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait.<br> Approved exception at origination for 100% vacancy/missing lease agreement (subsequently executed lease provided). Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait. | REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for borrower vested on title < 12 months. Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-03-17): Approved exception at origination for 100% vacancy/missing lease agreement (subsequently executed lease provided). Comp factors: FICO and property condition which is unable to be validated as 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 | Appraisal photo reflects exterior steps missing handrails and cracked stucco at rear of subject. Cost to cure is $2,500; no proof of repair provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-10): Seller commentary: Property condition considered in valueLTV. Given the minimal cost-to-cure these items were not considered material in terms of underwriting; however, it is generally VCC's expectation that the borrower will remedy any issues with the property.<br> REVIEWER - GENERAL COMMENT (2026-04-13): Exception re-opened. Client requested exception be re-opened so comments could be added.<br> BUYER - GENERAL COMMENT (2026-04-15): Evidence of stucco repair attached.<br> REVIEWER - GENERAL COMMENT (2026-04-16): Exception remains. Evidence of stucco repair provided; however, missing handrail remains.<br> BUYER - WAIVED COMMENT (2026-04-20): VCC generally doesn't view handrails as material to underwriting; however, it is expected that the borrower will remedy any issues at the subject property. Property condition is considered in value/LTV. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100335- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [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 .<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> First time investor on 2 family purchase with LTV > 70%.<br> First time investor with verified post closing reserves < 3 months P&I. (verified funds of $23.2k less funds to close per final HUD of $21.9k results in total reserves of $1.3k or <1.5 months P&I)<br> Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-21): Exception noted<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for LTV > 70% on a FTI. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-21): Exception written<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing verified assets. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination for basic form policy/coverage type. Comp factor: 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<br> [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates XXX does not have kitchen appliances., 2nd floor ceiling needs repair, 2nd floor bath fiberglass surround and wall needs repair and smoke detectors installed.<br> The mirror is broken in the bathroom in XXX1. The floor linoleum is coming up along tub and near vent in floor in the bathroom in XXX2. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. XXX was vacant at the time of the appraisal. Borrower intends to complete the necessary repairs prior to renting out the unit. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them so they can rent out their unit.<br> BUYER - GENERAL COMMENT (2026-04-13): These are all minor deferred maintenance items within VCC guidelines. No cost-to-cure provided by the appraiser.<br> REVIEWER - GENERAL COMMENT (2026-04-14): Exception remains. Exception is a grade 2 for property damage. No evidence these items have been repaired has been provided.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. These are minor deferred maintenance items within VCC guidelines. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100334- | XXXX | XXXX | $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 lease Agreement | Incomplete VOR-primary; bank statements provided; however, due to multiple electronic withdrawals on bank statements, unable to determine rental payment.<br> Lease Agreement in file is not signed by the Tenant. | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100333- | XXXX | XXXX | $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 lease Agreement | Missing VOR-primary; a Utility bill along with 12 months bank stmts is provided, however there is no LOE nor documentation of lease terms/ which payments on the 20-30+ pg stmts are corresponding to VOR-primary.<br> Incomplete lease on SFR refinance; Lease in file(D0154) does not contain signatures. (non-authenticated e-sign (typed name listed in signature field in matching font/ format to document text). | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100332- | XXXX | XXXX | $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<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> Approved exception for missing VOR - primary. Borrower lives rent free. Comp Factor: LTV.<br> Approved exception at origination for loan amount below $100,000. Comp Factor: LTV.<br> Approved exceptions at origination for 1) State exclusion (MI), 2) Value Seasoning; cashout on property owned less than 12 months using appraised value rather than acquisition cost. Comp Factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> Compensating Factor(s) cited for re-grade:<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception for missing VOR - primary. Borrower lives rent free. Comp Factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for loan amount below $100,000. Comp Factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exceptions at origination for 1) State exclusion (MI), 2) Value Seasoning; cashout on property owned less than 12 months using appraised value rather than acquisition cost. 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 | Upper-level apartment is in fair condition, and renovation is currently underway while tenant remains in place. Appraisal show renovations being done but does not provide description of room/work being done (no photo of bathrooms provided). Deferred maintenance shown in photos of garage showing deteriorated ceiling with staining and exposed framing with gaps in CMU wall above overhead door. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-13): Seller commentary: XX.XX LTV. Borrower provided reciept for roof repair. Per borrower LOE, cash-out proceeds to be used to complete improvements at the subject property. Renovations underway at the time of the appraisal. Given the low LTV and the borrower actively renovating the property, VCC felt comfortable proceeding. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100331- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | HOA master policy is missing subject property unit number.<br> Approved exception at origination for missing evidence of legal US residency (Form I-797C application to establish permanent residency in file with application and credit report reflecting US address). Comp factor: FICO.<br> Incomplete VOM-primary; 5 of 12 months payment receipts. | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing XXX on HOA master policy. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination for missing evidence of legal US residency. Comp factor: FICO.<br> Comment:<br> SELLER - GENERAL COMMENT (2026-04-24): Borrower mailing address within the US per their loan application. Borrower also provided a copy of their application to register permanent residence or adjust status immigration letter, showing it was in process. VCC hasn't confirmed the application status post-funding,<br> BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. updated approval provided in trailing documents approving exception for incomplete VOM Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100330- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors, seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-03-26): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. 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 | Property inspection report reflects basement stairwell is missing handrails, ceiling titles are missing and brick wall with visible water stain on ceiling on the interior, interior utility area with unfinished walls, basement with clutter. No proof of repair provided. | BUYER - GENERAL COMMENT (2026-04-09): Appraisal made as-is and property condition considered in value/LTV. The appraisal, dated two months post the inspection report clearly shows handrails on the basement stairwell in the photos. The appraiser did not cite health and safety or deferred maintenance. Per the appraisal, just signs normal wear and tear and the property is in average condition. The appraisal is a superior product to the inspection and is more recent.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. Agree the appraisal is the superior document and should be used as verification any issues in the inspection have been resolved. Unfortunately, the inspection has more pictures of the property than what the appraisal is showing. The appraisal does not show the stairwell with the missing handrail. The appraisal is showing the interior stairs which are not the stairs to the basement.<br> BUYER - GENERAL COMMENT (2026-04-14): Please refer to page 32 of the appraisal PDF. Basement stairs shown in the photo and handrail is present.<br> REVIEWER - GENERAL COMMENT (2026-04-15): Exception remains. Appraisal has basement picture that is not clear but can see railing on the bottom portion of the basement stairs. The top of the basement stairs not visible in appraisal and shown in the property inspection has no handrail.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary: Appraisal made as-is, and the property condition is considered in the value/LTV. VCC confirmed via the appraisal that the basement stairs have handrail present. The appraiser did not cite health and safety or deferred maintenance, just signs of normal wear and tear. Property is in overall average condition. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100329- |  | XXXX | $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: Credit Report not provided | > 2 active major tradelines on credit report.<br> Approved exception at origination for > 2 credit score reported. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-25): Approved exception at origination for > 2 credit score reported. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100328- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided | HOA mater policy is missing subject property unit number.<br> Missing HOA Questionnaire. | BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master HOA policy. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-03-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA questionnaire. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100327- |  | XXXX | $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 - on payment plan. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for premium not paid in full - on payment plan. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100326- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for State Exclusion. Comp factor, reserves. | BUYER - GENERAL COMMENT (2026-03-21): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-03-25): Exception remains. Approval provided does not state a comp factor.<br> BUYER - GENERAL COMMENT (2026-03-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-31): Approved exception at origination for State Exclusion. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100325- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor, reserves.<br> Approved exception at origination for premium not paid in full - on payment plan and named insured tenant. Comp Factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for premium not paid in full - on payment plan and named insured tenant. 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100324- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] General - Ineligible property | Approved exception at origination for state exclusion override (XXX). Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-03-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-03-31): Approved exception at origination for state exclusion override (XXX). 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<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 | Fair to average condition. Appraisal indicates commercial unit XXXX is completely gutted; cost to cure $135,000, unit XX requires installation of some cabinetry and fixtures: cost to cure $2,500 and unitXX requires painting and new floor coverings. or hardwood floor refinishing; cost to cure is $5,000. No proof of completion provided<br> Property inspection report handrails missing from interior stairwell leading to upper residential units. Additionally, appraisal indicates commercial unit XXXX is completely gutted; cost to cure $135,000, unitXXrequires installation of some cabinetry and fixtures: cost to cure $2,500 and unit XXrequires painting and new floor coverings. or hardwood floor refinishing; cost to cure is $5,000. No proof of completion provided | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): XX% LTV Appraisal made as-is and property condition is considered in the value and LTV. Borrower has owned the subject for 10+ years and the property was undergoing renovations at the time of the appraisal. No major health and safety items were cited and the borrower is expected to complete repairs. VCC is further comforted by the low LTV.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-08): XX% LTV Appraisal made as-is and property condition is considered in the value and LTV. Borrower has owned the subject for 10+ years and the property was undergoing renovations at the time of the appraisal. No major health and safety items were cited and the borrower is expected to complete repairs. VCC is further comforted by the low LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100323- | XXXX | XXXX | $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 indicates the building has a leaking roof and rooftop HVAC system needs repair. A seller concession was included in the sales contract to address the issue; no proof of repair was provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller commentary: Purchase transaction. Property condition is considered in the value/LTV. A seller credit was included in the purchase contract to remedy the leaking rooftop and HVAC system. VCC hasn't confirmed the status of repairs but the borrower is expected to complete them. The borrower is a seasoned business owner and intends to occupy the subject with their business. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100322- |  | XXXX | $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 insufficient major trade lines < $5k. Comp factor: LTV.<br> Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception at origination for insufficient major trade lines < $5k. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-03-16): Approved exception for missing VOR - primary. Borrower 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100321- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100320- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 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 for waiver of verified post closing reserve minimum requirement of 3 months P&I. (per Change Memo 2) Comp factors: LTV and payment/credit history. | REVIEWER - WAIVED COMMENT (2026-03-18): Approved exception for waiver of verified post closing reserve minimum requirement of 3 months P&I. (per Change Memo 2) Comp factors: LTV and payment/credit history. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100319- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100318- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100317- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100316- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | HOA master policy is missing subject property unit number and borrower name. | BUYER - GENERAL COMMENT (2026-04-01): Most Master policies for Condo Associations will not add unit number or borrower name as they are not the insured for the policy- the Condo Association just has to provide the master policy that shows that the building is insured.<br> REVIEWER - GENERAL COMMENT (2026-04-02): Exception remains. HOA Master policy does indicate it covers the entire complex; however, the borrower's name should be listed as an additional insured or loss payee. If not listed, this would be an exception. There usually is an endorsement that will list all owners names as part of the insurance if not listed on binder. With the owners policy less than the loan amount, it is required they be on the master policy.<br> BUYER - GENERAL COMMENT (2026-04-06): Change memo addressing this attached.<br> REVIEWER - WAIVED COMMENT (2026-04-07): Exception waived. Change memo received in trailing documents approving exception for missing unit number and borrower name on master HOA policy. 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 | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100315- |  | XXXX | $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] General - LTV does not meet guidelines | Approved exception at origination for DSCR. Comp factors: reserves and 2 additional collateral properties.<br> Approved exception at origination for LTV < 6XX.XX%on an investor full doc cash out refinance. Comp factors: reserves and 2 additional collateral properties. | REVIEWER - WAIVED COMMENT (2026-03-30): Approved exception at origination for DSCR. Comp factors: reserves and 2 additional collateral properties.<br> REVIEWER - WAIVED COMMENT (2026-03-30): Approved exception at origination for LTV < 6XX.XX%on an investor full doc cash out refinance. Comp factors: reserves and 2 additional collateral properties. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100314- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100313- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100312- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 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: LTV.<br> Approved exception at origination for incomplete VOR-primary; missing 2 of 12 months deposit receipts. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-04-06): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-04-06): Approved exception at origination for incomplete VOR-primary; missing 2 of 12 months deposit receipts. 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 | Appraiser states evidence of water infiltration on the 2nd floor area. Cost to cure $1,000. Also, the finished attic does not have a working heat source. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-15): Seller commentary: XX% LTVLTV, purchase transaction. No active leak confirmed. Given the low LTV and low cost-to-cure this was not viewed as material to underwriting; however, it is expected that the borrower will complete any necessary repairs/updates to the subject property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100311- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Loan File - Missing Document: Hazard Insurance Policy not provided<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing lease Agreement | Mortgage statement reflects late payments in the last 90 days.<br> Missing HOA master policy and borrower hazard insurance policy.<br> Missing HOA questionnaire.<br> Approved exception at origination for 100% vacancy/missing lease agreement (signed lease agreement subsequently provided). Comp factor: LTV. | BUYER - GENERAL COMMENT (2026-04-07): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-04-08): Exception waived. Updated approval provided in trailing documents approving exception for mortgage late payments. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-04-08): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-04-09): Exception remains. Approved exception for master HOA policy but we are also missing the HO6 Policy. Cannot waive exception until we have the owners policy.<br> BUYER - GENERAL COMMENT (2026-04-13): Uploaded<br> REVIEWER - WAIVED COMMENT (2026-04-13): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master policy. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-04-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-04-09): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA Cert. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-04-07): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for 100% vacancy/missing lease agreement (signed lease agreement subsequently provided). 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100310- | XXXX | XXXX | $XXX | XX | 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 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 factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> Approved exception at origination for HOI AM Best rating, A or better. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> Approved exception at origination for 100% vacancy/missing lease agreement (short term rental). Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> BUYER - GENERAL COMMENT (2026-04-13): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-04-13): Approved exception at origination for HOI AM Best rating, A or better. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated.<br> REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for 100% vacancy/missing lease agreement (short term rental). Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100309- |  | XXXX | $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 photos reflect security bars on windows; no proof of quick release latches. | BUYER - GENERAL COMMENT (2026-04-15): Can you re-review this? Looks like the photo you are referencing is for the neighboring property, not the subject property. I'm looking at page 21 of the PDF.<br> REVIEWER - GENERAL COMMENT (2026-04-16): Exception remains. Rear of subject property on page 17 of appraisal has bars on the windows, not the neighboring property.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-17): Seller commentary: XX% LTV, property condition is considered in the value/LTV. The appraiser didn't cite the bars as a health and safety issues, so they were not deemed as material to underwriting. VCC expects the borrower to complete any necessary updates/repairs to the property. VCC is further comforted by the low LTV. | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100308- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100307- |  | XXXX | $XXX |  | 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 aged > 60 days. Comp factor seasoned investor. | REVIEWER - WAIVED COMMENT (2026-04-08): Approved exception at origination for credit report aged > 60 days. 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.: Address: XXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] General Appraisal Requirements - The appraisal revealed property damage. | Appraisal photo reflects damaged kitchen ceiling and bedroom electrical outlet appears faulty. Photo of ceiling repair and inspection of electrical panel found to be working properly; however, associated outlets were inspected but does not indicate they have been repaired. - XXXXXXXXXXXXXXXXXX.<br> Appraisal photo reflects shed is in need of repair - XXXXXXXXXXXXXXXXXX. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-09): Seller Commentary: XX% LTV, property condition considered in value/LTV. VCC received an electrical inspection confirming that the outlet was faulty due to overuse, not due to any issues with the electrical box. Borrower is expected to replace the outlet box, VCC has not confirmed the status at this point. No major safety concerns cited by the appraiser or electrical inspector.<br> BUYER - GENERAL COMMENT (2026-04-09): The small shed on the property was not considered in the value. Shed is completely detached from the property. No damages were cited to the actual property that was given value. This doesn't seem like a valid exception.<br> REVIEWER - GENERAL COMMENT (2026-04-10): Exception remains. In-house review notes the condition of the shed with the appraiser stating that the shed does not have a significant value. Do not see where no value was given. This exception is a grade 2 and is not a health and safety issue.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): The value of the shed was not enough to have an impact on the overall property value. VCC did not view this as material to underwriting. | 1 |  |  |  |  | Borrower's Experience/Track Record | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100306- |  | XXXX | $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 factor: LTV.<br> Lease agreement provided has expired. | REVIEWER - WAIVED COMMENT (2026-04-06): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-04-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-04-13): Exception waived. Updated approval provided in trailing documents approving exception for expired lease. Comp factor, seasoned business. | 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. | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100305- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | HOA master policy missing unit number. | BUYER - GENERAL COMMENT (2026-04-15): change memo addressing this attached.<br> REVIEWER - WAIVED COMMENT (2026-04-15): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master policy. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100304- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100303- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for guarantor's ownership in the company < 20%. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-04-07): Approved exception at origination for guarantor's ownership in the company < 20%. 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 interior stairwell/entrance to XXX is missing handrail. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-04-14): XX.XX%LTV. Property condition is considered in value/LTV. Missing handrails are generally not considered material to underwriting, but it is expected that the borrower will remedy any issues with the property. | 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. | N/A | N/A | N/A | N/A | N/A C |
| XXXX | XXXX | VCC 2026-2-100302- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Asset Documentation - Missing Document: Account Statements not provided | Missing 6 months consecutive bank statements for lite doc purchase transaction. | BUYER - GENERAL COMMENT (2026-04-14): Only 3 months is required for a refi investor loan. There are 3 months of statements in file.<br> REVIEWER - GENERAL COMMENT (2026-04-14): Exception remains. Guidelines require 6 months bank statement on a purchase transaction.<br> BUYER - GENERAL COMMENT (2026-04-15): This is a rate and term refinance. VCC credit policy states: "For Investor Loan refinance loans, at least 3 months of consecutive bank statements are required. Exceptions may be made at the discretion of the Chief Credit Officer. In addition, for all Investor Loan refinance loans, the deposits should be reconciled to the rent roll."<br> REVIEWER - GENERAL COMMENT (2026-04-15): Exception remains. The HUD reflects the transaction as a purchase with a Purchase contract in file. Borrower held 19% in prior entity that owned the property and was purchasing the property in an entity name until right before closing when the contract was assigned to her individually.<br> BUYER - GENERAL COMMENT (2026-04-20): cam with chamnge memo attached.<br> REVIEWER - WAIVED COMMENT (2026-04-20): Exception waived. Change memo provided in trailing documents approving exception for missing bank statements. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B | N/A | N/A | N/A | N/A | N/A B |
| XXXX | XXXX | VCC 2026-2-100301- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100300- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100299- | XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100298- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100297- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100296- |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100295- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |
| XXXX | XXXX | VCC 2026-2-100294- |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A | N/A | N/A | N/A | N/A | N/A |

---

## Exhibit 99.08

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.08**

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exception Grades** | **Exception Grades** | **Exception Grades** | **Exception Grades** | **Exception Grades** | **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 2026-2-100724- |  | 35761930 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on investor refinance. Comp factor: guarantor support/liquidity. | Borrower's Experience/Track Record | Comp factor: guarantor support | SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for LTV > 70% on investor refinance. Comp factor: guarantor support/liquidity. |  |  | XX/XX/XXXX 2:06:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100724- |  | 35791091 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.15x on investor lite doc refinance. Comp factor: guarantor support/liquidity. | Borrower's Experience/Track Record | Comp factor: guarantor support | SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for DSCR < 1.15x on investor lite doc refinance. Comp factor: guarantor support/liquidity. |  |  | XX/XX/XXXX 2:06:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100724- |  | 35791103 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factor: guarantor support/liquidity. | Borrower's Experience/Track Record | Comp factor: guarantor support | SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factor: guarantor support/liquidity. |  |  | XX/XX/XXXX 2:06:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100724- |  | 35794934 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XX,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Loan amount > $5,000,000. | 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. | Comp factor: guarantor support<br>Principals' personal net worth. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-17): Exception waived. Update to approval provided in trailing documents approving exception for loan amount. Comp factors. principals extensive property management experience and net worth.<br>Buyer Comment (2026-02-17): Change Memo that address this attached. |  |  | XX/XX/XXXX 3:17:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100723- |  | 35831532 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. 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 (2026-02-17): Approved exception at origination for rural property. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 9:26:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100723- |  | 35831546 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind & hail coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for missing wind & hail coverage. Comp factor: FICO.<br>Buyer Comment (2026-02-25): Corrected Uploaded |  |  | XX/XX/XXXX 3:01:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100722- |  | 35823761 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind & hail coverage. 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 (2026-02-25): Approved exception at origination for missing wind & hail coverage. Comp factor: FICO.<br>Buyer Comment (2026-02-25): Corrected Uploaded |  |  | XX/XX/XXXX 3:07:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100721- |  | 35820852 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors: seasoned investor and reserves which is not supported as actual post closing reserves(based on estimated statement as Final HUD is not provided) are ~1 month p&I. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for FICO below 650. Comp factors: seasoned investor and reserves which is not supported as actual post closing reserves(based on estimated statement as Final HUD is not provided) are ~1 month p&I. |  |  | XX/XX/XXXX 3:10:48 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100721- |  | 35821949 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Seller contribution > 3% ($90k seller credit on estimated settlement statement equates to XX%). | 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 (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for seller contribution > 3%. Comp factor, reserves.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:32:20 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100721- |  | 35822105 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Purchase contract date not provided. |  | Missing contract addendum modifying seller credit amount of XX% per contract toXX% as indicated per final HUD. | 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 (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for missing purchase contract addendum for seller contribution > 3%. Comp factor, reserves.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:35:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100721- |  | 35822186 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property (rurality check failure per analyst review) | 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 (2026-03-19): Exception waived Updated approval provided in trailing documents approving exception for rural property. Comp factor, reserves.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:35:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100720- |  | 35830859 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. |  |  | XX/XX/XXXX 6:21:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100720- |  | 35835153 | XXXX | XX/XX/XXXX | 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 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 (2026-02-17): Approved exception at origination for property listed within 6 months. Comp factor: LTV |  |  | XX/XX/XXXX 6:19:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100720- |  | 35835155 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing/incomplete lease. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for missing/incomplete lease. Comp factor: LTV |  |  | XX/XX/XXXX 6:22:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100720- |  | 35835156 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA cert. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for missing HOA cert. Comp factor: LTV |  |  | XX/XX/XXXX 6:22:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100718- |  | 35821352 | XXXX | XX/XX/XXXX | 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 business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 1:54:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100718- |  | 35821356 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines on credit. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for <2 active major tradelines on credit. Comp factor: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 1:54:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100718- |  | 36177915 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy. Comp factor, seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF seasoned business | SitusAMC,Originator | Reviewer Comment (2026-03-30): Approved exception at origination for 100% vacancy. Comp factor, seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 12:23:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100717- |  | 35822113 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned business. |  |  | XX/XX/XXXX 1:18:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100717- |  | 35822114 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:17:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100716- |  | 35821134 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for loan < $75k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:17:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100716- |  | 35821140 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:18:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100716- |  | 35821154 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary and VOM for rental properties listed on application. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-25): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR/VOMs. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-25): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:56:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100716- |  | 35822280 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy / missing lease on SFR refinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for 100% vacancy / missing lease on SFR refinance. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:18:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100715- |  | 35829164 | XXXX | XX/XX/XXXX | 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 (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:00:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100715- |  | 35831489 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for homeowner's policy form without rental endorsement. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for homeowner's policy form without rental endorsement. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:54:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100715- |  | 35831493 | XXXX | XX/XX/XXXX | 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 on property held < 6 months using valuation exceeding original purchase price. Comp factor: 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 (2026-02-17): Approved exception at origination for cash out on property held < 6 months using valuation exceeding original purchase price. Comp factor: LTV. |  |  | XX/XX/XXXX 2:53:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100715- |  | 35834244 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for credit report aged >60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 3:02:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100714- |  | 35834795 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |  |  | XX/XX/XXXX 4:50:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100713- |  | 35823179 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. 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 (2026-02-16): Approved exception at origination for FICO below 650. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:35:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100713- |  | 35823192 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 25% vacancy/ missing lease for 1 of 4 units being refinanced. 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 (2026-02-16): Approved exception at origination for 25% vacancy/ missing lease for 1 of 4 units being refinanced. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:35:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100713- |  | 35823234 | XXXX | XX/XX/XXXX | 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; missing recent monthly pay history (matured note). 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 (2026-02-16): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free. and 2) incomplete VOM-subject; missing recent monthly pay history (matured note). Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:35:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100713- |  | 35824077 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >1x 30 days late within 12 months on subject. 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 (2026-02-16): Approved exception at origination for >1x 30 days late within 12 months on subject. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:35:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100712- |  | 35824242 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for deductible >$10k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF LTV | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for deductible >$10k. Comp factor: LTV. |  |  | XX/XX/XXXX 3:48:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100712- |  | 35824258 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF LTV | SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for FICO below 650. Comp factor: LTV. |  |  | XX/XX/XXXX 3:47:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100711- |  | 35828463 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing lease on refinance. 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 (2026-02-17): Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 12:30:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100711- |  | 35900855 | XXXX | XX/XX/XXXX | 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 of $25,000. Currently home is not habitable. Appraisal and in-house review reflected gutted kitchen and 1/2 bathroom, missing handrail on staircase and railing around stairs, missing toilet in full bathroom. missing/damaged siding, and broken fencing. Estimated cost to cure $25,000. 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 | Seller Comment (2026-04-24): Property condition is considered in the value and LTV (including the deferred maintenance). Property vacant at origination as the borrower was actively renovating. Per borrower LOE, cash-out proceeds to be used towards completing the repairs so they can rent out the property. Borrower has also provided photo proof of the handrail being installed. VCC hasn't confirmed the status of the remaining repairs, but expects the borrower to fulfill their commitment to complete them.<br>Reviewer Comment (2026-02-24): Approved exception at origination for deferred maintenance of $25,000. Currently home is not habitable. Appraisal and in-house review reflected gutted kitchen and 1/2 bathroom, missing handrail on staircase and railing around stairs, missing toilet in full bathroom. missing/damaged siding, and broken fencing. Estimated cost to cure $25,000. Comp factors, LTV and DSCR. |  |  | XX/XX/XXXX 2:48:58 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35821830 | XXXX | XX/XX/XXXX | 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: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:01:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35821843 | XXXX | XX/XX/XXXX | 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 business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:01:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35821847 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for FICO below 650. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:01:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35821854 | XXXX | XX/XX/XXXX | 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: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception for missing VOR - primary; guarantor lives rent free. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:00:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35821858 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception for rural property. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception for rural property. Comp factors: seasoned business and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:00:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100710- |  | 35823451 | XXXX | XX/XX/XXXX | 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 on property purchased within 12 months and using valuation in excess of purchase price. Comp factors. seasoned business and marketing trends which cannot be substantiated. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for Cash out on property purchased within 12 months and using valuation in excess of purchase price. Comp factors. seasoned business and marketing trends which cannot be substantiated.<br>Buyer Comment (2026-02-25): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:20:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100706- |  | 35831217 | XXXX | XX/XX/XXXX | 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 photos reflect standing water in the basement. Basement stairs lack proper baluster to prevent fall hazard. No kitchen appliances noted for XXX. Signed Holdback Agreement and hold back amount reflected on HUD for the basement stairs baluster/railing. Holdback does not address the standing water or missing kitchen appliances. |  |  |  | Seller Comment (2026-04-24): Seller commentary: XX% LTV. Appraisal made as-is and property condition considered in value/LTV. VCC completed a 60 day holdback for $5,000 to remedy the health and safety issue with the baluster for the basement stairs. The appraiser didn't cite missing kitchen appliances, and from the photos in the appraisal, there appears to be stove in the unit. Since the appraiser didn't cite missing appliances, this was not viewed as material. No leak/intrustion identified for the standing water in the basement, so it was not deemed as material. VCC was further comforted by the low LTV.<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition considered in value/LTV. VCC completed a 60 day holdback for $5,000 to remedy the health and safety issue with the basement stairs. The appraiser didn't cite missing kitchen appliances, and from the photos in the appraisal, there appears to be stove in the unit. Since the appraiser didn't cite missing appliances, this was not viewed as material. No leak/intrustion identified for the standing water in the basement. VCC was further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100702- |  | 35840169 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >2x30 days late on mortgages within 24 months, and foreclosure proceedings initiated within 24 months. Comp factors: reserves and seasoned investor. | 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-24): Approved exception at origination for >2x30 days late on mortgages within 24 months, and foreclosure proceedings initiated within 24 months. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 4:19:57 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100701- |  | 35841563 | XXXX | XX/XX/XXXX | 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: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-26): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business.<br>Buyer Comment (2026-02-25): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:16:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100698- |  | 35838075 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 57.5% vacancy/missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception at origination for 57.5% vacancy/missing lease for 1 of 2 units being refinanced. Comp factor: LTV. |  |  | XX/XX/XXXX 12:52:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100697- |  | 35834736 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing special/broad form policy type/ no rental endorsement. 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 (2026-02-26): Approved exception at origination for missing special/broad form policy type/ no rental endorsement. Comp factor; LTV.<br>Buyer Comment (2026-02-25): Corrected Uploaded |  |  | XX/XX/XXXX 9:24:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100696- |  | 35838338 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | 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 (2026-02-24): Approved exception at origination for loan <$75k. Comp factor: reserves. |  |  | XX/XX/XXXX 3:13:13 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100696- |  | 35842855 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor purchase of a 1 unit SFR. 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 (2026-02-24): Approved exception for first time investor purchase of a 1 unit SFR. Comp factor: reserves. |  |  | XX/XX/XXXX 3:13:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100695- |  | 35828224 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% 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 (2026-02-17): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 11:50:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100695- |  | 35828227 | XXXX | XX/XX/XXXX | 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 (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 2026-2-100693- |  | 35848277 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on Investor traditional II refinance. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for LTV > 70% on Investor traditional II refinance. Comp factor: FICO. |  |  | XX/XX/XXXX 12:46:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100692- |  | 35821022 | XXXX | XX/XX/XXXX | 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 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 (2026-02-16): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 10:10:20 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100692- |  | 35821359 | XXXX | XX/XX/XXXX | 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 XXX. Comp factor FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. Comp factor FICO.<br>Buyer Comment (2026-02-25): Corrected Uploaded |  |  | XX/XX/XXXX 9:32:50 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100691- |  | 35827807 | XXXX | XX/XX/XXXX | 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 (2026-02-17): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:15:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100690- |  | 35863876 | XXXX | XX/XX/XXXX | 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 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. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 2:37:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100690- |  | 35921292 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller contribution > 3%. 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. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for seller contribution > 3%. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 2:37:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100689- |  | 35824449 | XXXX | XX/XX/XXXX | 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 | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:19:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100689- |  | 35824475 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | VOM for subject reflects > 1X30 days late within 12 months and currently past due/not currently in 'good standing' with lending institution. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor, seasoned business.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:39:59 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100689- |  | 35829396 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOM- subject; missing most recent monthly payment. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM-subject. Comp factor, seasoned business.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:38:30 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100689- |  | 35829411 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Underwritten verified funds ($68.9k) are < funds to close per final settlement statement ($86.6k), and file does not contain a wire receipt for funds due at closing. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing VOD. Comp factor, seasoned business.<br>Buyer Comment (2026-03-19): Copy of closing funds uploaded along with an exception on uploaded approval for the 20K from Smart Bank not validated |  |  | XX/XX/XXXX 2:06:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100687- |  | 35838357 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: seasoned business. |  |  | XX/XX/XXXX 8:36:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100687- |  | 35838368 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 day late on mortgage within 3 months. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception at origination for 1x30 day late on mortgage within 3 months. Comp factor: seasoned business. |  |  | XX/XX/XXXX 8:46:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100687- |  | 35838584 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for Trad property type located in XXX. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for override of statewide exclusion for Trad property type located in XXX. Comp factor: seasoned business.<br>Buyer Comment (2026-02-26): Corrected Uploaded |  |  | XX/XX/XXXX 11:42:30 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100686- |  | 35822339 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'credit' (< 2 major active tradelines on credit report). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for 'credit' (< 2 major active tradelines on credit report). Comp factor: LTV. |  |  | XX/XX/XXXX 10:47:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100686- |  | 35822349 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: LTV. |  |  | XX/XX/XXXX 10:48:00 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100686- |  | 35822357 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 10:48:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100686- |  | 35822400 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 1X30 days late on subject within 12 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for > 1X30 days late on subject within 12 months. Comp factor: LTV. |  |  | XX/XX/XXXX 10:48:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100686- |  | 35822663 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for Credit report aged > 60 days. Comp factor, LTV.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:17:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100685- |  | 35839604 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1)All perils deductible of 3% is > $10k, 2)Wind deductible of 5% is > $25k | 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Corrected Uploaded<br>Reviewer Comment (2026-02-26): Exception remains. Updated approval does not mention deductibles.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:47:07 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100685- |  | 35873328 | XXXX | XX/XX/XXXX | 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 missing railing on 2nd floor walkway for the apartments. Property inspection reflects exposed wiring as deferred maintenance/missing breaker box cover. First floor below apartments not considered in value due to poor condition. Apartments have no heat source. |  |  |  | Seller Comment (2026-04-24): Seller commentary:XX% LTV. Regarding the exposted wires - electrical box located on the property exterior in the gated side yard. Wires considered "exposed" since the electrical panel cover was lifted up, so wires were visible and hanging out at the time of inspection. The appraisal dated one-month after the inspection report, did not identify the electrical box as a health and safety issue. This was not material to underwriting, as the issue is easily remedied by closing the electrical box cover. The appraisal did not provide an estimate on repair cost; however, the appraisal was made as-is and property condition considered in value/LTV. VCC's internal value was more conservative and our internal LTV is XX%. Given the low LTV and assumed minumal cost to cure, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs to the subject property.<br>Buyer Comment (2026-04-08): Seller commentary:XX% LTV. Appraisal made as-is and property condition considered in value/LTV. VCC's internal value was more conservative and our internal LTV is XX%. Given the low LTV and minumal cost to cure, VCC felt comfortable proceeding. The borrower is expected to complete any necessary repairs to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100684- |  | 35850861 | XXXX | XX/XX/XXXX | 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 II. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for first time investor with LTV > 65% on investor traditional II. Comp factor: FICO. |  |  | XX/XX/XXXX 2:35:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100684- |  | 35850904 | XXXX | XX/XX/XXXX | 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 Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. comp factor, signed Holdback Agreement provided with amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-15): Approved exception at origination for Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. comp factor, signed Holdback Agreement provided with amount reflected on HUD.<br>Buyer Comment (2026-04-15): Velocity will usually hold back an excess to cover any additional or unforeseen costs. The required repairs are covered in the SOI so this exception should be downgraded, the holdback amount was in excess not deficit.<br>Reviewer Comment (2026-04-10): Exception remains. Missing exhibit to holdback agreement for work to be completed in the amount of $7,000. Exhibit A provided only covers $14,000 of the $21,000 referenced on page 1 and on the HUD.<br>Buyer Comment (2026-04-08): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 365 day holdback for $21,000 to cover the following repairs, "Repair flooring, finish walls, replace windows, clean debri, add bathroom fixtures and surfaces.". With the holdback in place, VCC felt comfortable proceeding. With the holdback in place, this should be downgraded to a B. |  |  | XX/XX/XXXX 4:48:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100684- |  | 35851058 | XXXX | XX/XX/XXXX | 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 Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. Comp factor, signed Holdback agreement provided with amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-15): Approved exception at origination for Damaged flooring, unfinished walls, broken window glass, and debris in several vacant rooms. Bathroom is in poor condition, with outdated fixtures and surfaces needing repair or replacement. Overall, the property will need major cleaning, repairs, and updates before it can be considered habitable. Comp factor, signed Holdback agreement provided with amount reflected on HUD.<br>Buyer Comment (2026-04-15): Required repairs are covered in the holdback amount with a surplus. This should be downgraded.<br>Reviewer Comment (2026-04-10): Exception remains. Missing exhibit to holdback agreement with breakdown of $7,000. Exhibit A provides work to be preformed for $14,000 of the $21,000 reference on page 1 and reflected on HUD.<br>Buyer Comment (2026-04-08): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 365 day holdback for $21,000 to cover the following repairs, "Repair flooring, finish walls, replace windows, clean debri, add bathroom fixtures and surfaces.". With the holdback in place, VCC felt comfortable proceeding. With the holdback in place, this should be downgraded to a B.<br>Reviewer Comment (2026-02-26): Exception remains. This is an exception for Property condition being fair and comment is stating why property is considered fair. It will have the same comment as the health and safety issues.<br>Buyer Comment (2026-02-26): Is this exception duplicate to the Property exception? Same verbiage. |  |  | XX/XX/XXXX 4:49:23 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100683- |  | 36177961 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Guideline issue: Property type is not allowed per credit guidelines. |  | Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-30): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 12:30:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100682- |  | 35837929 | XXXX | XX/XX/XXXX | 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 refinance with loan amount > $500,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan amount > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 7:00:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100682- |  | 35838022 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Wind/deductible of 10% is > 5% and also >$25,000, 2) missing occurrence/gen aggregate liability details, 3) missing bus income/ loss of rents coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for deductibles and missing coverage. Comp factor, LTV.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:45:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100682- |  | 35845784 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 2 of 6 Leases are unsigned D0073 & 75) | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-26): Exception cleared. Updated approval provided in trailing documents approving exception for missing lease. Comp factor., LTV.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:47:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100681- |  | 35829762 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for inconsistency in DOB on driver's license versus credit report (off by 1 digit). Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Seller Comment (2026-04-24): The date of birth on the VCC credit report was one digit off of the borrower's drivers license. The date of birth isn't a required field on the credit report, as the data is pulled off of the social. Despite the inconsistency, VCC was able to pull an accurate credit report at origination (verified through borrower social/addresses/prior addressses all being accurate). VCC uploaded a corrected loan approval which reflected an exception for the DOB being off.<br>Reviewer Comment (2026-03-12): Approved exception at origination for inconsistency in DOB on driver's license (off by 1 digit). Comp factor; seasoned investor.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 12:58:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100681- |  | 35829788 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factors: seasoned investor and "other" which reviewer is unable to decipher intended meaning. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for missing wind/hail coverage. Comp factors: seasoned investor and "other" which reviewer is unable to decipher intended meaning. |  |  | XX/XX/XXXX 4:09:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100681- |  | 35830140 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Letter of Intent not provided |  | Missing BP disclosure for mixed use property. (1 of 2 subject structures is mixed use residential/commercial). Guarantor does not occupy as evidenced by VOR and payments to third party. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Seller Comment (2026-04-24): VCC confirmed via the verification of rent (VOR) and borrower rental payments to a third-party. Borrowers drivers license/checkbook and mailing address (provided on loan application) all tie back to their rental payment address. Borrower provided 12 months of rental payment history<br>Reviewer Comment (2026-03-12): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:02:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100681- |  | 35830144 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Non-Owner Occupancy Declaration not provided |  | Missing BP certificate for mixed use property (1 of 2 subject structures is mixed use residential/commercial). Guarantor does not occupy as evidenced by VOR and payments to third party. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Seller Comment (2026-04-24): VCC confirmed via the verification of rent (VOR) and borrower rental payments to a third-party. Borrowers drivers license/checkbook and mailing address (provided on loan application) all tie back to their rental payment address. Borrower provided 12 months of rental payment history<br>Reviewer Comment (2026-03-12): Exception waived. Updated approval provided in trailing documents approving exception for missing BP certification. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:03:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100680- |  | 35845879 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% is > $25k. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible/ Comp factor, FICO.<br>Buyer Comment (2026-02-26): Corrected Uploaded |  |  | XX/XX/XXXX 1:45:11 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100679- |  | 35828255 | XXXX | XX/XX/XXXX | 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 II property. 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 (2026-02-17): Approved exception at origination for first time investor with LTV > 65% on investor traditional II property. Comp factor: reserves. |  |  | XX/XX/XXXX 10:58:38 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100679- |  | 35835358 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect SSN. 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 (2026-02-17): Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: reserves. |  |  | XX/XX/XXXX 10:59:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100679- |  | 35835366 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided |  | Exhibit B Bill of sale is blank/not executed. | 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 (2026-03-31): Exception waived. Updated approval provided in trailing documents approving exception for missing exhibit to purchase contract. Comp factor, reserves.<br>Buyer Comment (2026-03-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:00:38 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100678- |  | 35828692 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-17): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 11:09:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100676- |  | 35844789 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >1x60 days late on mortgage accounts within 24 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. | 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 (2026-02-26): Approved exception at origination for >1x60 days late on mortgage accounts within 24 months. Comp factors, seasoned investor and LTV.<br>Buyer Comment (2026-02-26): corrected Uploaded |  |  | XX/XX/XXXX 3:26:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100676- |  | 35844833 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $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. | 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 (2026-02-26): Approved exception at origination for DSCR < 1.00x on a owner-user traditional II refinance with loan > $500,000. Comp factors, seasoned investor and LTV.<br>Buyer Comment (2026-02-26): corrected Uploaded |  |  | XX/XX/XXXX 3:25:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100675- |  | 35836911 | XXXX | XX/XX/XXXX | 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 (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: reserves. |  |  | XX/XX/XXXX 6:33:39 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100675- |  | 35836917 | XXXX | XX/XX/XXXX | 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 (2026-02-18): Approved exception at origination for missing VOR-primary: guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 6:33:53 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100675- |  | 35836985 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | DSCR < 1.20x on investor traditional I mixed-use purchase with loan amount < $500,000. | 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 (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, reserves.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:02:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100675- |  | 35837379 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | 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 (2026-02-26): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, reserves.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:03:35 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100674- |  | 35831247 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.00x on owner-user traditional II refinance with loan amount > $500,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Aggregator | Reviewer Comment (2026-02-18): Approved exception at origination for DSCR < 1.00x on owner-user traditional II refinance with loan amount > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 6:07:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100673- |  | 35831039 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Missing US bank account for foreign national. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): Borrower is from XXXXXXX-transaction is a refinance; however, guidelines require evidence of a US bank account for foreign nationals. No bank statements in file. Funds were sent toXXXXXXXXXXXXXXX, unable to determine where title sent the funds.<br>Reviewer Comment (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing 1 US bank account. Comp factor, seasoned business.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:39:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100673- |  | 35831057 | XXXX | XX/XX/XXXX | 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 (2026-02-18): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 5:13:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100673- |  | 35831070 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. |  |  | XX/XX/XXXX 5:14:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100672- |  | 35849856 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Wind/hail exclusion ('wind/hail not required' in comments), 2) Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location, 3) Missing business income/interruption coverage for owner-user borrower. | 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing coverage. Comp factor, FICO.<br>Buyer Comment (2026-02-26): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:44:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100671- |  | 35845577 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-27): Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factor: seasoned business.<br>Buyer Comment (2026-02-27): Corrected Uploaded |  |  | XX/XX/XXXX 11:50:23 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100670- |  | 35848830 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on investor traditional I mixed use refinance with loan > $500,000. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for DSCR < 1.20 on investor traditional I mixed use refinance with loan > $500,000. Comp factor: FICO. |  |  | XX/XX/XXXX 1:25:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100670- |  | 35848933 | XXXX | XX/XX/XXXX | 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 indicates a structure behind the main structure a single story residential building which is not reflected in county assessor records. Contact with the City who confirmed that no permits exist for this structure but noted in satellite mapping imagery its presence on-site as early as XXXX. Building has separate utilities and does not resemble a converted garage or storage shed, given these findings the structure was included in the value. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Seller Comment (2026-04-24): The unpermitted addition is included in the value. VCC confirmed with the city that permits don't exist for the structure, but sattelite imates indicate the presence on-site as early as XXXX. Based on appraiser information and photos, the building appears to be a 2bd/2ba unit with separate utilities, average-quality construction, and does not resemble a converted garage or storage shed. An electric meter is visible on the north side of the building. Given these findings, the VCC RE analyst and the appraiser included this 960 SF detached unit in their analysis. The appraised LTV IS XX and VCC's internal LTV was more conservative at XX%. VCC was comforted by the length of time that the structure has been on the property. Additionally, the borrower is a seasoned investor who has owned the subject since XXXX. In the event of default, VCC will handle as necessary.<br>Reviewer Comment (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for unpermitted addition. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:53:48 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100670- |  | 35851405 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for 2 units which are under verbal agreement (D0272) for investor traditional 1 property with loan > $500k. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease agreements. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:55:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100669- |  | 35820892 | XXXX | XX/XX/XXXX | 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 10 of 12 months deposit receipts; (guarantor lived rent free prior to current lease). 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 (2026-02-16): Approved exception at origination for incomplete VOR-primary; missing 10 of 12 months deposit receipts; (guarantor lived rent free prior to current lease). Comp factor: reserves. |  |  | XX/XX/XXXX 9:11:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100669- |  | 35822182 | XXXX | XX/XX/XXXX | 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: 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 (2026-02-16): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factor: reserves. |  |  | XX/XX/XXXX 9:12:44 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100668- |  | 35843797 | XXXX | XX/XX/XXXX | 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 II. 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 (2026-02-18): Approved exception at origination for first time investor with LTV > 65% on investor Traditional II. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 9:28:42 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100668- |  | 35844111 | XXXX | XX/XX/XXXX | 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 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 (2026-02-18): Approved exception at origination for 'credit' (< 2 active major tradelines on credit report). Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 9:28:23 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100666- |  | 35848088 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor as foreign national borrower with LTV > 65% on investor traditional II. 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for first time investor as foreign national borrower with LTV > 65% on investor traditional II. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 12:27:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100666- |  | 35848122 | XXXX | XX/XX/XXXX | 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 XXX. 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 12:28:09 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100666- |  | 35850457 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for foreign investor borrower with no provided proof of address outside of the US (driver's license and VOR show US address). Comp factors: FICO and reserves. OFAC provided with credit report was clear. | 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 | Seller Comment (2026-04-24): There is proof of residence within the US. The borrower provided their mortgage statement for their primary residence in the US.<br>Reviewer Comment (2026-02-19): Approved exception at origination for foreign investor borrower with no provided proof of address outside of the US. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 12:28:40 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100666- |  | 35850459 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. 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 (2026-02-19): Approved exception at origination for seller credit > 3%. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 12:29:03 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100665- |  | 35852439 | XXXX | XX/XX/XXXX | 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 factors: FICO and seasoned business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned business.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for first time investor with LTV > 65% on owner user traditional II. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 11:16:53 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100664- |  | 35851483 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-19): Approved exception at origination for DSCR < 1.20 on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:16:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100664- |  | 35852776 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. 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 (2026-02-27): Approved exception at origination for Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor. FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:19:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100663- |  | 35845861 | XXXX | XX/XX/XXXX | 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 > $55,000. 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 | Seller Comment (2026-04-24): Purchase transaction. Property condition is considered in the value/LTV (including deferred maintenance). The deferred maintenance is for: interior painting and floor covering and exterior repairs (not listed, but assumed to be cosmetic in nature, not structural or health and safety) The appraiser deternined a $20/sqft price for interior repairs, $25/sqft price for exterior repairs plus an additional $5,000 for entrepreneurial profit which came out to $55,000. As this was factored into the appraised value and the borrower is a seasoned investor, VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but does expect the borrower to complete any necessary updates at the property.<br>Reviewer Comment (2026-02-23): Approved exception at origination for deferred maintenance > $55,000. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 2:33:45 PM | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100662- |  | 35845706 | XXXX | XX/XX/XXXX | 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 refinance with loan > $500,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for DSCR < 1.20x on investor traditional I multifamily refinance with loan > $500,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:19:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100662- |  | 35845719 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing leases for 6 of 12 units being refinanced | 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception written |  |  | XX/XX/XXXX 12:41:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100662- |  | 35849451 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | 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 (2026-02-27): Exception waived Updated approval provided in trailing documents approving exception for blanket liability. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception written |  |  | XX/XX/XXXX 12:43:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100661- |  | 35849724 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on a Trad I investment refinance with loan amount > $500,000. Comp factor: 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. | LTV is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for DSCR < 1.20 on a Trad I investment refinance with loan amount > $500,000. Comp factor: LTV and reserves. |  |  | XX/XX/XXXX 2:14:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100661- |  | 35851821 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. 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 (2026-02-27): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:56:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100658- |  | 35840942 | XXXX | XX/XX/XXXX | 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: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-18): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 2:58:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100657- |  | 35996839 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-11): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:51:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100657- |  | 35996863 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; 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. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-03-12): Approved exception for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and marketing trends, which is unable to be validated as a non-quantitative subjective trait.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 3:09:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100656- |  | 35995771 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM-subject; missing 2 of the most recent months payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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 (2026-03-11): Approved exception for incomplete VOM-subject; missing 2 of the most recent months payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. |  |  | XX/XX/XXXX 8:07:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100656- |  | 36033978 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-11): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 8:07:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100655- |  | 35997195 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for complete VOM-subject; missing 2 most recent mortgage payments; Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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 (2026-03-11): Approved exception at origination for complete VOM-subject; missing 2 most recent mortgage payments; Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. |  |  | XX/XX/XXXX 11:02:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100654- |  | 35996396 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM-subject; missing 2 most recent mortgage payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. | 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 (2026-03-11): Approved exception for incomplete VOM-subject; missing 2 most recent mortgage payments. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable trait. |  |  | XX/XX/XXXX 10:14:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100653- |  | 35996193 | XXXX | XX/XX/XXXX | 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 2 most recent monthly payments. Comp factors; FICO and strong marketing trends, which is unable to be validated as a non-quantifiable trait. | 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 (2026-03-11): Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors; FICO and strong marketing trends, which is unable to be validated as a non-quantifiable trait. |  |  | XX/XX/XXXX 9:42:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100652- |  | 35876601 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for 100% vacancy on a refi. Comp factor: FICO. |  |  | XX/XX/XXXX 4:53:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100652- |  | 35876602 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 4:53:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100651- |  | 35950646 | XXXX | XX/XX/XXXX | 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 6:26:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100650- |  | 35859930 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for unpaid delinquent interest paid at closing. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-22): Approved exception at origination for unpaid delinquent interest paid at closing. Comp factor: LTV. |  |  | XX/XX/XXXX 2:33:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100650- |  | 35860028 | XXXX | XX/XX/XXXX | 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 and subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-22): Approved exception at origination for missing VOM-primary and subject. Comp factor: LTV. |  |  | XX/XX/XXXX 2:34:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100650- |  | 35860039 | XXXX | XX/XX/XXXX | 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 (2026-02-22): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 2:34:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100650- |  | 35860590 | XXXX | XX/XX/XXXX | 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 photos reflect standing water on basement floor and basement stairs missing handrails. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: LTV IS XX. Appraisal made as is and the property condition is considered in value/LTV. Per borrower LOE, water intrusion concerns and railing installation would be addressed and rectified post-close. VCC hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment. VCC is further comforted by the low LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100649- |  | 35906077 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate peeling pain on the door, missing facia boards and damage to window. No permanent heat source. Cost to cure of $50,000 has been made as a line item adjustment. |  |  |  | Buyer Comment (2026-04-08): XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. The borrower provided photos showing proof that a permanent heat source had been installed which cleared the health and safety issue. VCC hasn't confirmed the status of the remaining repairs; however, the borrower is expected to complete any necessary remaining repairs. VCC is further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100648- |  | 35866085 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property listed for sale within 6 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:26:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100647- |  | 35865692 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 63.1% vacancy/missing lease for 1 off 2 units being refinanced. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for 63.1% vacancy/missing lease for 1 off 2 units being refinanced. Comp factor: LTV. |  |  | XX/XX/XXXX 10:17:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100645- |  | 35873440 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. 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 | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 7:48:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100645- |  | 35873442 | XXXX | XX/XX/XXXX | 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 receipts to supplement VOM summary and processor cert from private lender. 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 | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary and processor cert from private lender. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 7:53:08 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100644- |  | 35856955 | XXXX | XX/XX/XXXX | 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 (2026-02-22): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:42:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100644- |  | 35857253 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; missing 12 months deposit receipts. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, FICO.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-12): Exception remains. No VOR from private or business provided. Four months bank statements in file, missing 8 months.<br>Buyer Comment (2026-03-12): Apologies. Looks at this one again. The VOM is not private party and therefore Bank statements are not needed.<br>Reviewer Comment (2026-02-27): Exception remains. Updated approval does not have a comp factor for this exception.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:59:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100644- |  | 35857551 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-22): Approved exception at origination for rural property. Comp factor: FICO. |  |  | XX/XX/XXXX 10:42:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100643- |  | 35863891 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases on refinance (LOE in file indicates borrower claims sharing leases would be a HIPAA violation) | 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 (2026-02-27): Waived exception. Updated approval provided in trailing documents approving exception for missing leases. Comp factor., FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:04:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100642- |  | 35872593 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate missing handrail and railing with spindles (LOE in file(D0223) indicates borrower intent to cure but no evidence of completion provided). |  |  |  | Buyer Comment (2026-04-08): Seller commentary: LTV IS XX, property condition considered in value/LTV. Borrower provided an LOE committing to install the handrail and while VCC hasn't confirmed the status of repairs, the borrower is expected to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100642- |  | 35872684 | XXXX | XX/XX/XXXX | 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 (2026-02-26): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:19:03 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100642- |  | 35872718 | XXXX | XX/XX/XXXX | 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 (2026-02-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:18:36 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100642- |  | 35928559 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for policy maturity/ coverage term < 12 months . Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for policy maturity/ coverage term < 12 months . Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:18:22 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100641- |  | 35857892 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-22): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 12:38:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100641- |  | 35858124 | XXXX | XX/XX/XXXX | 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 photos reflect drywall damage, missing light fixture, water stain on ceiling and missing floor coverings. No cost to repair provided by appraiser; however, in-house review estimate is $7.500. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Deferred maintance within VCC guidelines and given the low cost-to-cure and LTV, VCC felt comfortable proceeding. Per borrower LOE in file, cash-out proceeds to be used towards renovating the subject. While VCC hasn't confirmed the status of repairs, the borower is expected to fulfill their commitment.<br>Reviewer Comment (2026-03-12): Exception remains. The missing light fixtures has exposed electrical wiring which is a safety hazard.<br>Buyer Comment (2026-03-12): Items cited are cosmetic in nature and do not pose an Health and safety risk. The cost to cure is < VCC maximum for deferred maintenance. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100640- |  | 35891747 | XXXX | XX/XX/XXXX | 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 (2026-02-27): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 12:26:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100640- |  | 35891749 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for collections over $25k. 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 (2026-02-27): Approved exception at origination for collections over $25k. Comp factor: reserves. |  |  | XX/XX/XXXX 12:30:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100640- |  | 35891754 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination to allow insurance premium to be paid on payment plan, wind/hail deductibles > $10k. 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. | LTV is < guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-27): Approved exception at origination to allow insurance premium to be paid on payment plan, wind/hail deductibles > $10k. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 12:30:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100639- |  | 35876706 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  | Approved exception at origination for VCC analyst review indicates Comparable Rent Schedule was waived due to lack of rental data . 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 (2026-03-19): Approved exception at origination for VCC analyst review indicates Comparable Rent Schedule was waived due to lack of rental data . Comp factor, LTV.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-12): Exception remains Approval provided does not have this as an exception.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:02:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100639- |  | 35876729 | XXXX | XX/XX/XXXX | 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. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-03): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 9:10:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100638- |  | 35917293 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address:XXXXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | XXXXX- Subject photos indicate repairs needed for stairwell to second floor, drywall and sink installation needed for bathroom. Cost to cure is $3,000. No proof of repair/completion provided. UW PTD: Licensed professional to repair bathroom and ensure fully functional.<br> XXXXX - Subject photos indicate overgrown tree, front porch masonry repairs needed, missing handrail to basement and dampness in the basement. Cost to cure to remove tree and repair masonry is $3,000. No proof of removal of tree/repair provided.<br> XXXXX - Appraisal indicates replacement of gutter run and down spout at the right side of dwelling is needed and taped window in bedroom. No proof of repair provided. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: LTV IS XX. Deferred maintenance within VCC's guideline allowance and borrower provided an LOE stating cash-out proceeds will be used towards repairing/updating the subject. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. VCC is further comforted by the low LTV and relatively minimal cost-to-cure |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100637- |  | 35856607 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for Credit report is 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 (2026-02-27): Approved exception at origination for Credit report is aged > 60 days. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:39:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100637- |  | 35856747 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal aged > 6 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:41:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100637- |  | 35856787 | XXXX | XX/XX/XXXX | 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 photos reflect settlement cracks on the exterior corners of foundation. Appraiser states cracks appear superficial but they are not a structural engineer, any concerns they should have a structural engineer inspect the property. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: LTV IS XX, appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did note cracks in the settlement that appeared to be superficial. There was no water intrusion in the basement, and cracks did appear to be superficial so VCC did not deem further inspection necessary. Borrower has owned and maintained the subject since XXXX and is expected to address any necessary repairs. VCC was further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100635- |  | 35866585 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate full bath #2 needing repair, mold in bath #2 and ceiling. |  |  |  | Buyer Comment (2026-04-14): XX% LTV. Appraisal made as-is and the property condition is considered in the value/LTV. The mold and repair appear minor in nature, appraisal report was written as-is with no call out for health/safety, remediation, or cost to cure. While VCC hasn't confirmed the status of repairs, it is expected that the borrower will remedy any issues at the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100635- |  | 35866630 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease on SFR refinance (subject will be listed as a ST rental per LOE in file {D0230}). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for 100% vacancy/missing lease on SFR refinance (subject will be listed as a ST rental per LOE in file {D0230}). Comp factor: LTV. |  |  | XX/XX/XXXX 10:42:01 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100635- |  | 35866641 | XXXX | XX/XX/XXXX | 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 (2026-02-27): Approved exception at origination for Rural property . Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:47:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100635- |  | 35927790 | XXXX | XX/XX/XXXX | 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 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 (2026-02-27): Approved exception at origination for Cash out on property listed within 6 months. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:47:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100634- |  | 35947872 | XXXX | XX/XX/XXXX | 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. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-12): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor, LTV.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 3:36:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100633- |  | 35873146 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for loan < $75,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:32:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100632- |  | 35913857 | XXXX | XX/XX/XXXX | 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 photos indicate basement bathroom is under renovation. No proof of completion provided. |  |  |  | Buyer Comment (2026-04-14): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Basement bathroom under renovation (shower is only partially installed); however, there are multiple functional bathrooms in the property, so this was not considered as material. No CTC was assigned by the appraiser, but this is assumed to be minimal and within VCC's guidelines. The bathroom that is currently under renovation is located in the basement, and the basement is an unoccupied portion of the property which is being used for storage.<br>Reviewer Comment (2026-04-09): Exception remains. Client added comment about additional bathroom being under renovation being immaterial with other bathrooms available in home. Appraiser is showing the bathroom as 1/2 bathroom in the room count and while under renovation is missing sheetrock and has exposed plumbing without fixtures. This is an assistant care facility with two residence paying for private room and private bathroom which leaves 1/2 bath for the two other residence and the bathroom under renovation is the only one in that level of the home.<br>Buyer Comment (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Basement bathroom under renovation (shower is only partially installed); however, there are multiple functional bathrooms in the property, so this was not considered as material. No CTC was assigned by the appraiser, but this is assumed to be minimal and within VCC's guidelines. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100632- |  | 35913870 | XXXX | XX/XX/XXXX | 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 | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-12): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor seasoned investor.<br>Buyer Comment (2026-03-12): Corrected Uplaoded |  |  | XX/XX/XXXX 3:43:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100631- |  | 35905811 | XXXX | XX/XX/XXXX | 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 (2026-03-03): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:54:10 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100631- |  | 35957344 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:54:23 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100631- |  | 35957769 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing US bank stmt for Foreign national borrower. | 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 | Seller Comment (2026-04-24): Borrower is from XXXXX-transaction is a refinance; however, guidelines require evidence of a US bank account for foreign nations. No bank statement in file. Funds were sent to XXXXXXXXXXXXXXXXXXX. Unable to determine where they sent the funds.<br>Reviewer Comment (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing US bank account. Comp factor. FICO.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:07:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100631- |  | 36057978 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. 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 (2026-03-13): Approved exception at origination for expired credit report. Comp factor, FICO. |  |  | XX/XX/XXXX 10:06:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100629- |  | 35866224 | XXXX | XX/XX/XXXX | 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: 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>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-26): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 10:21:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100629- |  | 35866228 | XXXX | XX/XX/XXXX | 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. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Approved exception at origination for credit report aged > 60 days. Comp factor; LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:57:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100627- |  | 35918769 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Payment history reflects > 1X30 days late on mortgage accounts within 12 months. (D0156 and 167). | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for 1x30 on mortgage. Comp factor, seasoned business.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-13): Exception remains. Updated approval reflects exception being waived with a comp factor of LTV. LTV is not valid for a foreign national with no FICO<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:05:55 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100627- |  | 35918944 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects a temporary support to structure of the 1 car detached garage with cost to cure of $1000 for XXXXXXXXXXX No proof of repair. No kitchen appliances provided. |  |  |  | Seller Comment (2026-04-24): Appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards making repairs to the subject properties where necessary. Given the minimal cost-to-cure for the garage it was not viewed as material to underwriting. Garage is detached and secured from accessing while repairs are being made. Missing kitchen appliances will be installed in the vacant property prior to tenants moving in. VCC hasn't confirmed the status of the repairs/installation, but the borrower is expected to fulfill their commitment.<br>Buyer Comment (2026-04-09): Seller commentary: LTV IS XX. Appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards making repairs to the subject properties where necessary. Given the minimal cost-to-cure for the garage it was not viewed as material to underwriting. Missing kitchen appliances will be installed in the vacant property prior to tenants moving in. VCC hasn't confirmed the status of the repairs/installation, but the borrower is expected to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100627- |  | 35961858 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXX | Approved exception at origination for 100% vacancy per appraisal for 2 of 3 subject properties (subsequently executed lease provided for 1 of 3) and missing lease for 1 of 3 subject properties being refinanced. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for 100% vacancy per appraisal for 2 of 3 subject properties (subsequently executed lease provided for 1 of 3) and missing lease for 1 of 3 subject properties being refinanced. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:24:10 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100626- |  | 35913816 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. 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 | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for rural property. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 12:44:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100626- |  | 35958071 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on SFR refinance- subject is listed as a ST rental. 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 | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for missing lease on SFR refinance- subject is listed as a ST rental. Comp factors, seasoned investor and LTV.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:27:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100626- |  | 35958177 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for 1) Cash out on property listed within 6 months and 2) Rural property. 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 | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for 1) Cash out on property listed within 6 months and 2) Rural property. Comp factors, seasoned investor and LTV.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:26:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100625- |  | 35876736 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for rural property. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. |  |  | XX/XX/XXXX 10:05:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100625- |  | 35876738 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-19): Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br>Buyer Comment (2026-03-19): Corrected Salad |  |  | XX/XX/XXXX 4:08:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100625- |  | 35876739 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for foreclosure on REO within the last 24 months. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for foreclosure on REO within the last 24 months. Comp factor: LTV and property condition which as a non-qualitative trait which cannot be substantiated. |  |  | XX/XX/XXXX 10:14:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100623- |  | 35876177 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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 (2026-03-03): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 7:48:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100623- |  | 35953638 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA blanket policy is missing subject property unit #. | 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 (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing unit # and borrower name on HOA master policy. Comp factor, LTV.<br>Buyer Comment (2026-03-12): Exception noted on uplaoded approval |  |  | XX/XX/XXXX 10:32:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100622- |  | 35944733 | XXXX | XX/XX/XXXX | 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 | Appraiser notes that garage is in poor condition with damaged siding and overgrowth blocking access to garage-no value given, missing drywall in 1/2 bath under sink-appraiser considered cosmetic and dampness in basement. |  |  |  | Buyer Comment (2026-04-14): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Appraiser didn't give value to the garage, and the missing drywall was considered cosmetic so neither of those items were considered material to underwriting. Per appraiser, the dwelling is in average condition with no functional inadequacies .No health and safety issues or deferred maintenance items present. Property vacant and being upgraded at the time of inspection. Further, the appraiser didn't cite dampness in the basement. This doesn't seem like it should be a C grade property exception.<br>Reviewer Comment (2026-04-10): Exception remains. Condition of the 2 story garage poses a safety risk. Appraiser gave it no value; however, that does not mitigate the safety issue.<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Appraiser didn't give value to the garage, and the missing drywall was considered cosmetic so neither of those items were considered material to underwriting. Per appraiser, the dwelling is in average condition with no functional inadequacies .No health and safety issues or deferred maintenance items present. Property vacant and being upgraded at the time of inspection. Further, the appraiser didn't cite dampness in the basement. This doesn't seem like it should be a C grade property exception. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100622- |  | 35944880 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-05): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 7:01:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100622- |  | 35944887 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-05): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 7:02:27 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100621- |  | 35892179 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for missing legal proof of residency for foreign national/nonpermanent resident alien (Driver's license and VOR show US address). Comp factor: LTV. OFAC provided with credit report was clear. | 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 | Seller Comment (2026-04-24): There is proof of residence within the US. The borrower provided their rental payment statements and utility bills.<br>Reviewer Comment (2026-03-03): Approved exception at origination for missing legal proof of residency for foreign national/nonpermanent resident alien. Comp factor: LTV. |  |  | XX/XX/XXXX 10:52:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100621- |  | 35892185 | XXXX | XX/XX/XXXX | 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. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-03): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 10:47:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100621- |  | 35956886 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Missing HOA questionnaire. | 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 (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA documents. Comp Factor, LTV.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:26:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100621- |  | 35956897 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing HOA blanket insurance policy. | 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 (2026-03-19): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA documents. Comp Factor, LTV.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:26:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100620- |  | 35876683 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate broken/damaged/missing windows in basement and XXX, loose/uncovered electrical wires in XXX, kitchen appliances in unit not hooked up/missing and gutters in poor condition. Cost to cure is $3,200; however, no proof of repair/completion provided. Property currently vacant. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: LTV IS XX, purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. Per borrower LOE they will remedy the loose electrical wires post-close. Given the minimal cost-to-cure for the remaining deferred maintenance, which is within VCC's guidline allowance (5% of the loan amount or 20,000) VCC felt comfortable proceeding, and is further comforted by the Low LTV. Property vacant at origination. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment prior to tenants moving-in.<br>Buyer Comment (2026-04-09): Seller commentary: LTV IS XX, purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. Per borrower LOE they will remedy the loose electrical wires post-close. Given the minimal cost-to-cure for the remaining deferred maintenance, which is within VCC's guidline allowance (5% of the loan amount or 20,000) VCC felt comofortable proceeding, and is further comforted by the Low LTV. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100620- |  | 35876685 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: DSCR and strong marketing trends which is a non-qualitative trait and cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The qualifying DSCR on the loan is greater than the guideline minimum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factor: DSCR and strong marketing trends which is a non-qualitative trait and cannot be substantiated. |  |  | XX/XX/XXXX 4:56:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100619- |  | 35936961 | XXXX | XX/XX/XXXX | 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. 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>Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for incomplete VOM-subject; <12 months pay history. Comp factor: reserves and FICO |  |  | XX/XX/XXXX 2:28:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100619- |  | 35983983 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property listed within 6 months. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor. FICO.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:45:00 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100618- |  | 35873545 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-03): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 7:17:28 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100616- |  | 35910967 | XXXX | XX/XX/XXXX | 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-03): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:49:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100616- |  | 35911192 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor and DCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>The DSCR is greater than the minimum required DSCR. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Approved exception at origination for FICO < 650. Comp factor: seasoned investor and DCR.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 10:53:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100616- |  | 35911296 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor and DCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>The DSCR is greater than the minimum required DSCR. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor and DCR.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 10:52:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100616- |  | 35957855 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor. seasoned investor.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:52:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100614- |  | 35966541 | XXXX | XX/XX/XXXX | 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. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor. LTV.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:02:43 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100614- |  | 36282016 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate damaged front door, damaged fence gate, spray paint on interior walls and cabinets and drywall damaged. Estimated cost $4,000. |  |  |  | Buyer Comment (2026-04-15): Seller commentary: Purchase transaction. XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. This minimal cost-to-cure is within VCC's guidelines. Given that the appraiser and real estate review did not deem these as major items or health and safety issues VCC was comfortable proceeding.<br>Reviewer Comment (2026-04-14): Exception added. Changed exception from health and safety to damaged which is a grade 2 exception. |  |  |  | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100613- |  | 35920712 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exceptions at origination for First Time Buyer and First Time Investor purchase of an out-of-state 1-unit property. Comp factors: FICO and reserves which is unable to be validated as verified funds are < funds required to close. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exceptions at origination for First Time Buyer and First Time Investor purchase of an out-of-state 1-unit property. Comp factors: FICO and reserves which is unable to be validated as verified funds are < funds required to close. |  |  | XX/XX/XXXX 10:43:34 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100613- |  | 35920823 | XXXX | XX/XX/XXXX | 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 verified reserves < 3 mos P&I. | 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 (2026-03-13): Waived exception. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor. LTV.<br>Buyer Comment (2026-03-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:27:50 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100613- |  | 35920874 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject property unit #. | 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>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master HOA policy. Comp factors. LTV and FICO.<br>Buyer Comment (2026-03-12): exception noted on uploaded approval |  |  | XX/XX/XXXX 11:26:26 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100612- |  | 35921633 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for all perils deductible > $10,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for all perils deductible > $10,000. Comp factor; LTV.<br>Buyer Comment (2026-03-12): Corrected Uploaded |  |  | XX/XX/XXXX 11:31:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100612- |  | 35968533 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for subject mortgage currently in forbearance. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned business<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for subject mortgage currently in forbearance. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 2:20:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100611- |  | 35916602 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 44% vacancy/missing lease. Comp factor: LTV and 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for 44% vacancy/missing lease. Comp factor: LTV and marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 3:18:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100611- |  | 35916730 | XXXX | XX/XX/XXXX | 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 photos reflect 1st floor bedroom door and ground floor secondary entrance door are damaged. No proof of replacement provided. |  |  |  | Buyer Comment (2026-04-15): XX% LTV, appraisal made as-is and property condition is considered in the value/LTV. These items were not called out as health and safety issues from the appraisal or internal reviewer so VCC did not view as material to underwriting. The borrower is still expected to complete any necessary repairs/updates to the subject.<br>Reviewer Comment (2026-04-13): Exception remains. Ground floor - secondary entrance door is missing approximately half of the door, cannot be secured unless repaired. Page 18 and 24 show damaged door to XXX/ground floor. This is a safety issues visible in appraisal pictures.<br>Buyer Comment (2026-04-13): Disagree, the door is damaged but nowhere is it stated that the door is not secure or that this is a health and safety by the appraiser or internal real estate analyst. Given that the licensed experts did not deem these as health and safety items, they were considered to be deferred maintenance. This is a XX% LTV loan which further comforted VCC.<br>Reviewer Comment (2026-03-13): Exception remains. Ground floor secondary entrance door is damaged and not secure. This is a safety issue.<br>Buyer Comment (2026-03-12): Damage shown is cosmetic in nature and does not pose a H&S risk. the cost to repair would fall with VCC guides for deferred maintenance |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100610- |  | 35925547 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The DSCR is greater than the minimum required.<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 (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factors: DSCR and reserves. |  |  | XX/XX/XXXX 5:04:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100610- |  | 35925549 | XXXX | XX/XX/XXXX | 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: DSCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The DSCR is greater than the minimum required.<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 (2026-03-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and reserves. |  |  | XX/XX/XXXX 5:05:09 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100609- |  | 35917303 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). 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 (2026-03-03): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 6:19:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100608- |  | 35913915 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 33.33% vacancy/ missing lease(s). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for 33.33% vacancy/ missing lease(s). Comp factor: LTV. |  |  | XX/XX/XXXX 1:55:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100607- |  | 35946049 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX | Missing Lease Agreement for 1 of 7 subject properties on mortgage . | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV/<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:28:15 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100607- |  | 35946511 | XXXX | XX/XX/XXXX | 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 (2026-03-05): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 5:23:32 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100607- |  | 35946527 | XXXX | XX/XX/XXXX | 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; missing 12 months pay history receipts. 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. | CF_ seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing 12 months pay history receipts. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 5:23:53 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100607- |  | 35946565 | XXXX | XX/XX/XXXX | 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 (2026-03-20): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; LTV.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 12:12:58 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100607- |  | 35946885 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Basement stairwell missing handrails and titles missing from basement shower - XXXXXXXXXXXXXXXX. Roof is missing tiles, garage is missing roof and door and stairwell to second floor is missing handrails for XXXXXXXXXXXXXXXX. Garage is missing roof and door - XXXXXXXXXXXXXXXX. <br> Basement stairwell is missing handrails - XXXXXXXXXXXXXXXX. Roof is missing tiles, garage is missing roof and door and stairwell to second floor is missing handrails for XXXXXXXXXXXXXXXX. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Per borrower LOE, they will tear down the garage located at XXXXXXX and build a new one. They will also repair the garage at XXXXXXXin. Regarding the missing handrails, given the low LTV these weren't deemed as material to underwriting. However, it is VCC's expectation that the borrower will complete any necessary repairs/installations at the subject property. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100605- |  | 35920441 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for First Time Investor with LTV > 70%. Comp factor: reverses | 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 (2026-03-04): Approved exception at origination for First Time Investor with LTV > 70%. Comp factor: reverses |  |  | XX/XX/XXXX 5:08:23 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100603- |  | 35948167 | XXXX | XX/XX/XXXX | 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. | 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 (2026-03-13): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: FICO.<br>Buyer Comment (2026-03-13): Corrected Uploaded |  |  | XX/XX/XXXX 4:10:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100603- |  | 35948186 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. 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. | CF- LTV<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors, LTV and FICO.<br>Buyer Comment (2026-03-13): Corrected Uploaded |  |  | XX/XX/XXXX 4:10:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100603- |  | 35948192 | XXXX | XX/XX/XXXX | 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 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.. |  |  | XX/XX/XXXX 6:00:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100603- |  | 35948293 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for Borrower is on title< 12 months and the higher appraised value versus the lower of the sales price was used. 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. | CF- LTV<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-13): Approved exception at origination for Borrower is on title< 12 months and the higher appraised value versus the lower of the sales price was used. Comp factors, LTV and FICO.<br>Buyer Comment (2026-03-13): Corrected Uploaded |  |  | XX/XX/XXXX 4:10:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100598- |  | 35943846 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Incomplete- lease provided in file (D0175) is missing pages 1-5 and 7-9. | 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 (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for incomplete lease. Comp factor, LTV.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:08:53 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100597- |  | 35919411 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance carrier rating is < minimum guideline requirement of A or better. (D0110) Comp factor. seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for Insurance carrier rating is < minimum guideline requirement of A or better. (D0110) Comp factor. seasoned investor.<br>Buyer Comment (2026-03-19): Exception for the rating was provided at origination. Approval uploaded<br>Reviewer Comment (2026-03-16): Exception remains. Rate provided has a B++ and guidelines require A or better.<br>Buyer Comment (2026-03-13): Uploaded |  |  | XX/XX/XXXX 12:15:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100597- |  | 35919481 | XXXX | XX/XX/XXXX | 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 of closet with disconnected shower. (Additional observation- significant tree root heaving on front sidewalk visible in appraisal photo poses tripping hazard). |  |  |  | Buyer Comment (2026-04-15): XX% LTV. Property condition considered in value/LTV. The water on the floor is not a source of an active leak. After further review, appears to be a standing squeegee dripping water onto the floor, not a disconnected showerhead. <br> Property is being used as an elder-care home. Cost to convert back to SFR taken into consideration in the value. No major changes were made to the property - tub in one bathroom removed and dining room being used as a bedroom/office. Cost to convert back to typical use is estimated at $5,000. VCC further comforted by the low LTV.<br>Reviewer Comment (2026-04-13): Exception remains. Items were visible in appraisal pictures and do not need to be called out by appraiser. The disconnected shower head dripping is a health issue if not repaired. And tree roots pushing up front walk way is a tripping hazard. Please note, property is being used as a multifamily property which is not permitted (2 kitchen to be removed and walls opened back up). Converting back to SFR is taken into consideration in VCC's value.<br>Buyer Comment (2026-04-10): Seller commentary: XX% LTV. Property condition considered in value/LTV. The water on the floor is not a source of an active leak and is just drippage from the disconnected shower head. Neither the water or the tree trunk were called out by the appraiser of the VCC real estate analyst as health and safety issues or deferred maintenance. This doesn't seem like a C grade exception. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100596- |  | 35948312 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-06): Approved exception at origination for rural property. Comp factor: FICO. |  |  | XX/XX/XXXX 3:30:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100595- |  | 35934709 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for loan < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 1:15:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100595- |  | 35934861 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for rural property. Comp Factor: LTV. |  |  | XX/XX/XXXX 1:19:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100594- |  | 35919521 | XXXX | XX/XX/XXXX | 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. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-04): Approved exception at origination for rural property. Comp factor; LTV. |  |  | XX/XX/XXXX 7:51:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100594- |  | 35965433 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing US bank account for foreign national. | 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 | Seller Comment (2026-04-24): Borrower is from XXXXXXX- transaction is a refinance; however, guidelines require evidence of a US bank account for foreign nations. No bank statement in file. Funds were sent toXXXXXXXXXXX., unable to determine where they sent the funds.<br>Reviewer Comment (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for missing US bank account for foreign national. Comp factor, LTV.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:18:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100594- |  | 35965468 | XXXX | XX/XX/XXXX | 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 Borrower on title< 12 months and the higher appraised value was used in lieu of the lesser purchase price on a cash out refinance. 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 (2026-03-20): Approved exception at origination for Borrower on title< 12 months and the higher appraised value was used in lieu of the lesser purchase price on a cash out refinance. Comp factor, LTV.<br>Buyer Comment (2026-03-19): Corrected uploaded<br>Reviewer Comment (2026-03-16): Exception remains. Exception not listed on updated approval.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:19:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100592- |  | 35926520 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >1X30 days late within 12 months on subject (defaulted since Mar XXXX). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for >1X30 days late within 12 months on subject (defaulted since Mar 2025). Comp factor: LTV. |  |  | XX/XX/XXXX 7:30:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100592- |  | 35926582 | XXXX | XX/XX/XXXX | 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 11 of 12 payment receipts (matured note). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for incomplete VOM-primary; missing 11 of 12 payment receipts (matured note). Comp factor: LTV. |  |  | XX/XX/XXXX 7:30:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100591- |  | 35949153 | XXXX | XX/XX/XXXX | 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 cash out refinance on property currently listed for sale using the higher appraised value in lieu of the lesser list price. 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>Seasoned investor. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for cash out refinance on property currently listed for sale using the higher appraised value in lieu of the lesser list price. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 3:26:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100590- |  | 35916927 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for <br> "VOM" (incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary from private lender {D0040}). 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 (2026-03-04): Approved exception at origination for "VOM" (incomplete VOM-subject; missing 12 month pay history receipts to supplement VOM summary from private lender {D0040}). Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 3:59:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100590- |  | 35916933 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: LTV.<br>Buyer Comment (2026-03-13): Corrected Uploaded |  |  | XX/XX/XXXX 11:44:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100590- |  | 35961429 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR/VOM- primary 12 month pay history- Comp factors., LTV and marketing trends which cannot be verified and is subjective. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for missing VOR/VOM- primary 12 month pay history- Comp factors., LTV and marketing trends which cannot be verified and is subjective.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:43:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100589- |  | 35946675 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX, Address: XXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for security bars on windows and doors without quick releases. Comp factor, signed holdback agreement and amount reflected on HUD. No time period for repairs listed. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): VCC completed a 180-day holdback for $5,000 to install quick releases on the security bars on the windows/doors. VCC expects the borrower to complete the work within the 180 day holdback period, not necessarily prior to occupancy.<br>Reviewer Comment (2026-03-06): Approved exception at origination for security bars on windows and doors without quick releases. Comp factor, signed holdback agreement and amount reflected on HUD. |  |  | XX/XX/XXXX 3:23:41 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100589- |  | 35973237 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXXXXXXXXXX. 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 (2026-03-16): Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXXXXXXXXXX. Comp factor: FICO.<br>Buyer Comment (2026-03-13): Corrected Uploaded |  |  | XX/XX/XXXX 11:55:37 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100589- |  | 35973247 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXX | Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXXXXXXXXXXt. 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 (2026-03-16): Approved exception at origination for 100% vacancy/missing lease agreement for XXXXXXXXXXXXXXXXXXXt. Comp factor: FICO.<br>Buyer Comment (2026-03-13): Duplicate exception |  |  | XX/XX/XXXX 11:55:00 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100588- |  | 35927221 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | 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 (2026-03-04): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 12:53:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100588- |  | 35968125 | XXXX | XX/XX/XXXX | 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 photos reflect signs of moisture, warped paneling and mold along portions of the baseboard, as well as attic and basement stairwells are missing handrails. An inspection was recommended to determine the source of the moisture, cost of repair and cost to remediate mold issues; however, no inspection or proof of repair/remediation provided. Letter from borrower indicates intent to repair. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject property post-close. Borrower provided an additional LOE commiting to repait the handrail/moisture/mold issues with the property. Given the low LTV/strong DCR VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but does expect the borrower to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100587- |  | 35970562 | XXXX | XX/XX/XXXX | 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 on property held < 6 months. Comp factor DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF_ DSCR | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for cash out on property held < 6 months. Comp factor DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:31:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100585- |  | 35968842 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Rural properties | 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 (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:03:52 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100584- |  | 35934297 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for loan < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 12:24:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100584- |  | 35934305 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. |  |  | XX/XX/XXXX 12:25:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100584- |  | 35934501 | XXXX | XX/XX/XXXX | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 12:25:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100583- |  | 35974256 | XXXX | XX/XX/XXXX | 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 > original purchase price (schedule of improvements (D0191) provided). | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-16): Exception waived. Updated approval provided in trailing documents approving exception for title vesting. Comp factor, seasoned business.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:06:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100582- |  | 35929340 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Rural property. (rurality check failure per approval). | 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 (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-16): Exception remains. Updated approval provided does not list this exception.<br>Buyer Comment (2026-03-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:54:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100580- |  | 35925834 | XXXX | XX/XX/XXXX | 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> C5 | C5 Condition-Appraiser notes water damage to the kitchen and a bedroom and lack of access to the rear of the subject due to kitchen cabinet being placed Infront of the rear door. This is a fire hazard. PTD for signed LOE from licensed contractor and photos of full view of dwellings rear exterior and patio; however, no LOE from licensed contractor provided, pictures of back was provided. Files contains LOE from borrower stating they would address water damage with their own funds. Estimated cost to cure is $15,000. Property is currently vacant. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Property vacant at origination. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them prior to occupancy. VCC is further comforted by the Low LTV and borrowers investment experience.<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100580- |  | 35967251 | XXXX | XX/XX/XXXX | 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 | Appraiser notes water damage to the kitchen and a bedroom and lack of access to the rear of the subject due to kitchen cabinet being placed Infront of the rear door. This is a fire hazard. PTD for signed LOE from licensed contractor and photos of full view of dwellings rear exterior and patio; however, no LOE from licensed contractor provided, pictures of back was provided. Files contains LOE from borrower stating they would address water damage with their own funds. Estimated cost to cure is $15,000. Property current vacant. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience. Cabinets are not installed in front of the exit, they were placed there (based on the photos, appears cabinets were just moved over to the left temporarily for cleaning purposes). LOE does not address the accessibility to the rear, but this wasn't deemed necessary from VCC UW as it was clear the cabinents were placed there temporarily.<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition is considered in value/LTV. VCC received photos of the rear of the property. Borrower committed to complete repairs in their LOE, and while VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. VCC is further comforted by the Low LTV and borrowers investment experience. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100578- |  | 35937471 | XXXX | XX/XX/XXXX | 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. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for missing VOM- primary. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:27:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100578- |  | 35937484 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:27:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100578- |  | 35937819 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exceptions at origination for cash out on property purchased within 6 months using valuation > original purchase price. 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>LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exceptions at origination for cash out on property purchased within 6 months using valuation > original purchase price. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 3:25:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100578- |  | 35938133 | XXXX | XX/XX/XXXX | 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 photos reflect interior plaster walls are damaged, chipping and peeling paint is noted on subject exterior and missing floor coverings are noted on the 3rd floor. Unit 3 is overall fair condition/unsanitary condition. LOE from borrower provided committing to clean up unsanitary 3rd floor; however, no proof of completion/repair provided. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: XX% LTV. Property condition is considered in the value/LTV. VCC is comforted by the low LTV and the borrower's investment experience. Additionally, the borrower provided a commitment to complete repairs. The interior repairs needed for the paint/floor are considered items of deferred maintenance. VCC hasn't 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 2026-2-100578- |  | 35984245 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for recent foreclosure action on subject. Comp factor: seasoned investor | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-05): Approved exception at origination for recent foreclosure action on subject. Comp factor: seasoned investor |  |  | XX/XX/XXXX 3:29:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100576- |  | 35927835 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:25:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100575- |  | 35934079 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 major active tradelines on credit report. | 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 (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines reported. Comp factor, LTV.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:18:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100574- |  | 35919536 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing lease(s) on refinance. 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 (2026-03-03): Approved exception at origination for 100% vacancy/ missing lease(s) on refinance. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 6:35:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100573- |  | 35934351 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease(s). Comp factor: Seasoned business and strong marketing trends with is a non-qualitative subjective trait which cannot be substantiated. | Borrower's Experience/Track Record | Seasoned Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-05): Approved exception at origination for missing lease(s). Comp factor: Seasoned business and strong marketing trends with is a non-qualitative subjective trait which cannot be substantiated. |  |  | XX/XX/XXXX 6:21:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100572- |  | 35925890 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. 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 (2026-03-17): Approved exception at origination for FICO < 650. Comp factors: LTV.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:25:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100572- |  | 35925915 | XXXX | XX/XX/XXXX | 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 months' cancelled checks/ bank drafts (paid in cash). 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 (2026-03-17): Approved exception at origination for Incomplete VOR-primary; missing 12 months' cancelled checks/ bank drafts (paid in cash). Comp factors: LTV.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:24:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100572- |  | 36083551 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300,000. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Approved exception at origination for liability coverage < $300,000. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 1:25:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100571- |  | 35926861 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor; LTV (LTV XX%). | 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 (LTV XX%). | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Approved exception at origination for loan amount < $75,000. Comp factor; LTV.<br>Buyer Comment (2026-03-16): Corrected UPloaded |  |  | XX/XX/XXXX 1:28:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100571- |  | 35927004 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100%vacancy/missing lease on SFR 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 (LTV XX%). | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-24): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV (LTV XX%).<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:27:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100570- |  | 35945783 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate damage to bathroom window, garage exterior (door, trim, exterior siding/gutters), worn front steps and broken fence in rear. As well as missing kitchen appliances and basement stairwell missing handrails. PTD to replace kitchen window. Breakdown of updates made after sale provided - XXXXXXXXXXXXX. |  |  |  | Buyer Comment (2026-04-15): XX% LTV. Property vacant and borrower expected to install kitchen appliances prior to tenant moving in. Health and safety items (broken window/missing handrail) have been remedied.<br>Reviewer Comment (2026-04-14): Exception remains. Evidence window has been replaced and basement stairs have handrail installed provided. No evidence kitchen appliances have been installed. No cost for deferred maintenance provided by appraiser to determine if within guidelines.<br>Buyer Comment (2026-04-13): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Property vacant at origination. Borrower provided a checklist of repairs to be completed to the subject property prior to renting. Additionally, borrower provided photos of the installed handrails and repaired broken window. Health and safety items remedied and the remaining issues are items of deferred maintenance which are within VCC guidelines. Exception should not be a C grade as the health and safety items were remedied. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100570- |  | 35972811 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXX | Approved exception at origination for missing lease agreement for XXXXXXXXXXXXX. 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 (2026-03-05): Approved exception at origination for missing lease agreement for XXXXXXXXXXXXX. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:10:10 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100570- |  | 35972815 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXX | Approved exception at origination for missing lease agreement for XXXXXXXXXXXXX. 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 (2026-03-05): Approved exception at origination for missing lease agreement for XXXXXXXXXXXXX. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:11:02 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100568- |  | 35951188 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 days late mortgage payment on REO in the last 12 months. Comp factors: 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for 1x30 days late mortgage payment on REO in the last 12 months. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 9:13:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100568- |  | 35989087 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement. | 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, reserves.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:40:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100565- |  | 35862737 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 70% for first time investor on a Trad I. Comp factor: FICO and reserves is not supported as stmts provided in file do not reflect sufficient funds to close. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for LTV > 70% for first time investor on a Trad I. Comp factor: FICO and reserves is not supported as stmts provided in file do not reflect sufficient funds to close. |  |  | XX/XX/XXXX 9:28:26 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100564- |  | 35853583 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan amount > $500,000. 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/ seasoned business.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan amount > $500,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 2:08:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100564- |  | 35853584 | XXXX | XX/XX/XXXX | 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/ seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:08:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100564- |  | 35853586 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor/ seasoned business.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-04-15): Exception waived. Updated approval provided in trailing documents approving exception for health and safety issues. Comp factors, LTV and seasoned business.<br>Buyer Comment (2026-04-14): We believe this should be waived. Per the appraisal, this property is in average condition. The appraiser didn't cite health and safety issues or deferred maintenance. <br> No cost-to-cure provided or environmental concerns noted from the physical inspection of the property. The property condition is consistent and expected for the age and property type. Furthermore, VCC received a roof inspection which confirmed any required repairs have been completed and the roof has an economic life of 15+ years.<br>Reviewer Comment (2026-04-09): Exception remains. Client comment indicates exception maybe waived or unable to clear but disposition was not indicated or requested. Please provide further instructions or clarification.<br>Buyer Comment (2026-04-07): XX% LTV. Appraisal was made as-is and the property condition is considered in the value/LTV. Per the appraisal, the property is maintained in average condition with no adverse environmental conditions noted. The appraiser did not cite any health and safety issues, flag any environmental concerns, or assign a cost-to-cure for the conditions visible in the photographs. The observed interior characteristics — blackened roof beXXXX, exposed framing, unfinished storage areas, and aged restroom fixtures — are consistent with and expected for a 110-year-old owner-occupied automotive/industrial facility. VCC is further comforted by the low LTV and expects the borrower to maintain the property in its current operating condition |  |  | XX/XX/XXXX 12:43:07 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100564- |  | 35853590 | XXXX | XX/XX/XXXX | 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 The subject is considered in Fair condition with deferred maintenance > $25k (ref D0249). Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. Comp factors, LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor/ seasoned business.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Seller Comment (2026-04-24): Property occupied by the borrower's business (automotive repair shop). VCC obtained a roof cert from a licensed roof inspector that confirmed that the roof is free of any damages/leaks and has a remaining economic life of 15+ years. The borrower is expected to complete any necessary repairs. VCC was comforted by the low LTV and the borrower's seasoned business (The borrower has owned the subject property since XXXX)<br>Reviewer Comment (2026-02-27): Approved exception at origination for The subject is considered in Fair condition with deferred maintenance > $25k (ref D0249). Subject photos indicate blackened roof beXXXX on the interior, interior storage space with exposed framing and unfinished condition, storage and utility area with exposed framing and ceiling damage, restroom interior in poor condition with fixtures and sink. Comp factors, LTV and seasoned business.<br>Buyer Comment (2026-02-27): exception noted on uploaded approval |  |  | XX/XX/XXXX 3:02:21 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100563- |  | 35856775 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan amount > $750,000. 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/business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-27): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan amount > $750,000. Comp factors: FICO and seasoned investor.<br>Buyer Comment (2026-02-27): the intent is $750,000 or greater |  |  | XX/XX/XXXX 3:03:50 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100563- |  | 35856821 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination got policy term < 12 months. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Approved exception at origination got policy term < 12 months. Comp factor; FICO.<br>Buyer Comment (2026-02-27): Corrected Uploaded |  |  | XX/XX/XXXX 3:39:16 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100563- |  | 35856827 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor/business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for LTV > 70% on owner user traditional II purchase. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 4:43:20 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100563- |  | 35857123 | XXXX | XX/XX/XXXX | 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 (2026-02-27): Exception waived/ Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Corrected Uploaded |  |  | XX/XX/XXXX 3:40:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100563- |  | 35873376 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind deductible of 5% is > $25k. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Approved exception at origination for Wind deductible of 5% is > $25k. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:38:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100562- |  | 35853173 | XXXX | XX/XX/XXXX | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 1:24:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35857911 | XXXX | XX/XX/XXXX | 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 (2026-02-23): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 9:00:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35857936 | XXXX | XX/XX/XXXX | 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 (2026-02-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 9:01:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35858117 | XXXX | XX/XX/XXXX | 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 in fair condition with 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 | Seller Comment (2026-04-24): Deferred maintenace: XX% LTV. cut trees and shrubs piled around grounds as well as trash and debri. The dwelling/interior of the office dated. Basement had partially cut walls for mold treatment. Metal exterior paint peeling, wood roof decking had water stains. Roof work needed. The property vacant at origination and renovations were underway. VCC spoke with the contractor who confirmed roof/electrical repair underway and any necessary permits were in process. Furthermore, mold remediation in process and VCC completed a 365 day holdback for $12,250 to cover the mold remediation and deontamination of basement. The borrower is expected to complete repairs prior to tenants occupying.<br>Reviewer Comment (2026-02-23): Approved exception at origination for subject in fair condition with deferred maintenance > $25k. Comp factor: LTV. |  |  | XX/XX/XXXX 9:00:35 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35876731 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Missing deductible details for both all perils and wind deductibles, 2) Missing carrier rating documentation. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-04-09): Exception waived. Updated approval provided in trailing documents approving exception for insurance rating. Comp factor, LTV.<br>Buyer Comment (2026-04-07): Exception noted for carrier rating b+<br>Buyer Comment (2026-04-07): With deductible |  |  | XX/XX/XXXX 9:15:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35876732 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | <2 active major tradelines on credit report. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:44:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100561- |  | 35876735 | XXXX | XX/XX/XXXX | 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 | Subject contains evidence of mold, damage to roof, siding, drywall, flooring, and standing water in basement of office building, and both warehouses, fallen tree in front year across fencing. Signed Holdback agreement and amount on HUD for mold remediation. Does not cover any repairs. Property is currently vacant. |  |  |  | Seller Comment (2026-04-24): Seller commentary: XX% LTV. VCC completed a 365 day holdback for $12,250 to cover the mold remediation/decontamination of basement, treat & HEPA VC the 1st floor and for post testing. The total deferred maintenance of $32,250 (including mold remediation) was considered in the appraised value/LTV. The remaining items appeared to be cosmetic, and no active leak was confirmed in the property. Building is considered average condition (per appraisal), and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete any necessary repairs. VCC was further comforted by the low LTV. Property vacant at origination and the borrower is expected to complete repairs prior to tenants occupying.<br>Buyer Comment (2026-04-08): Seller commentary: XX% LTV. VCC completed a 365 day holdback for $12,250 to cover the mold remediation/decontamination of basement, treat & HEPA VC the 1st floor and for post testing. The total deferred maintenance of $32,250 (including mold remediation) was considered in the appraised value/LTV. The remaining items appeared to be cosmetic, and no active leak was confirmed in the property. Building is considered average condition (per appraisal), and while VCC hasn't confirmed the status of repairs, the borrower is expected to complete any necessary repairs. VCC was further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100560- |  | 35863379 | XXXX | XX/XX/XXXX | 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 II. 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for first time investor with LTV > 65% on investor traditional II. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 10:03:49 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100560- |  | 35917592 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) incomplete all perils deductible details (assuming '5' is 5% then deductible is > $10k guideline maximum), 2) wind deductible of 5% is > $25k. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-27): Exception waived Updated approval provided in trailing documents approving exception for deductibles. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:47:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100559- |  | 35863138 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor/seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 3:47:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100559- |  | 35863139 | XXXX | XX/XX/XXXX | 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/seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:46:57 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100559- |  | 35905341 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for all perils deductible > $10k. Comp factor: seasoned investor | Borrower's Experience/Track Record | Seasoned investor/seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for all perils deductible > $10k. Comp factor: seasoned investor |  |  | XX/XX/XXXX 3:45:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100558- |  | 35855967 | XXXX | XX/XX/XXXX | 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 (2026-02-23): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:07:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100558- |  | 35871504 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report for 1 of 2 guarantors is aged > 60 days | 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 (2026-02-27): Exception waived. Updated approval provided in trailing documents approving exception for expired credit report. Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:46:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100557- |  | 35856253 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned business/ seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 3:55:41 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100557- |  | 35856267 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided |  | Approved exception at origination for seller concession >3%. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business/ seasoned investor.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for seller concession >3%. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 3:56:26 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100557- |  | 35856269 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid/outstanding judgements for LLC, reported on business background/credit reports. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business/ seasoned investor.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-23): Approved exception at origination for unpaid/outstanding judgements for LLC, reported on business background/credit reports. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 4:05:02 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100557- |  | 35872869 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of $50k exceeds guideline max of $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 (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible. Comp factor. FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:57:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100556- |  | 35862508 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner-user traditional II refinance with loan > $500,000. 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. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for DSCR < 1.0x on owner-user traditional II refinance with loan > $500,000. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 1:36:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100556- |  | 35862514 | XXXX | XX/XX/XXXX | 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. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for FICO < 650. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 1:27:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100556- |  | 35862516 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid outstanding judgements against borrower LLC. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for unpaid outstanding judgements against borrower LLC. Comp factor: seasoned business.<br>Buyer Comment (2026-02-27): Corrected uploaded |  |  | XX/XX/XXXX 1:51:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100555- |  | 35863342 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Letter of Intent not provided |  | Missing BP Disclosure on this mixed use property. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Seller Comment (2026-04-24): The borrower signed the Business Purpose of Loan Certification. All other loan documents in file also signed - VCC's note has a business purpose statement built in as well. Further, the borrower provided proof that they have owned their primary residence for 20 years. Primary residence address matches borrowers drivers license, loan application and credit report.<br>Reviewer Comment (2026-04-16): Exception waived. Updated approval provided in trailing documents approving exception for missing Business Purpose disclosure. Comp factor, seasoned investor.<br>Buyer Comment (2026-04-16): Uploaded<br>Reviewer Comment (2026-04-07): Exception remains. BP disclosure provided is for another loan.<br>Buyer Comment (2026-04-07): Uploaded |  |  | XX/XX/XXXX 11:29:23 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100555- |  | 35863343 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650 for both borrower and coborrower. Comp factors: seasoned investor and DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>DSCR > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for FICO < 650 for both borrower and coborrower. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX 10:13:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100555- |  | 35863345 | XXXX | XX/XX/XXXX | 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 pay history. Comp factors: seasoned investor and DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>DSCR > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for incomplete VOM- primary; missing most recent monthly pay history. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX 10:15:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100555- |  | 35863359 | XXXX | XX/XX/XXXX | 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 XXX. Comp factors: seasoned investor and DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>DSCR > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX 10:14:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100555- |  | 35913920 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for missing liability endorsement/ Comp factor. seasoned investor.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:56:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100554- |  | 35863224 | XXXX | XX/XX/XXXX | 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 | Subject photos of office building indicate damaged ceiling, sagging ceiling tiles leaving wiring and the ceiling grid exposed,. and clutter on the interior storage area. |  |  |  | Buyer Comment (2026-04-08): Seller commentary:XX% LTV. Appraisal made-is and property condition considered in value/LTV. Per appraisal, no items of deferred mainentance and the building interior has been updated on an ongoing basis. Building is structurally sound and no structural issues were cited. The room with dmaged ceiling tiles/clutter is an unoccpied space in the office. Given the low LTV, VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100553- |  | 35876741 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind deductible is > $25k. | 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 (2026-03-03): Exception waived. Updated approval provided in trailing documents approving exception for deductible/ Comp factor, LTV.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:01:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100552- |  | 35869522 | XXXX | XX/XX/XXXX | 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. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 8:54:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100552- |  | 35869602 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate low electrical wires, stained ceiling in vacant office with peeling paint, black mold in the hallway, deteriorated ceiling and fixtures in the bathroom, worn floors, very old mansart roof in front and debris in the garage interior. |  |  |  | Buyer Comment (2026-04-14): "Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. An inspection was completed onXX/XX/XXXX, by XXXXXXXXXXXXXXXXXX <br> At the time of inspection, no visible growth was found within the property. The primary finding noted was water damage present on select ceiling tiles. Moisture readings confirmed that all walls were within acceptable dry standards, and the ceiling structure was also found to be dry at the time of assessment. No additional areas of concern were identified during the inspection.<br> The remaining items of deferred maintenance are within VCC guidelines, and as stated it was confirmed no leak or mold present. With the inspection confirming no dampness or mold present, VCC did not deem it necessary to obtain further inspection.<br>Reviewer Comment (2026-04-10): Exception remains. Property inspection from XXXX shows rest room breakroom areas with damaged ceilings/fixtures, peeling paint, worn flooring, water stained ceilings, and mold-like substance discoloration in some areas with appraisal not evidencing any of this was repaired. No cost to cure provided by appraiser or inspection. Additional inspection measured moisture levels and that no visible growth found within the property. This inspection did not provide testing for mold or address the other issues.<br>Buyer Comment (2026-04-08): Per the attached, "An inspection was completed onXX/XX/XXXX, by XXXXXXXXXXX, Mitigation Project Manager with<br> XXXXXXXXXXX, at the commercial property operated by XXXXXXXXXXX., a highproduction metal finishing facility.<br> At the time of inspection, no visible growth was found within the property. The primary finding noted was water damage present on select ceiling tiles. Moisture readings confirmed that all walls were within acceptable dry standards, and the ceiling structure was also found to be dry at the time of assessment. No additional areas of concern were identified during the inspection." <br> The remaining items of deferred maintenance are within VCC guidelines, and as stated it was confirmed no leak or mold present. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100551- |  | 35862318 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and property condition which reviewer is unable to validate as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and property condition which reviewer is unable to validate as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:37:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100551- |  | 35862358 | XXXX | XX/XX/XXXX | 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; 1 of 2 guarantors lives rent free. Comp factors: FICO and seasoned business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned business.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for missing VOR-primary; 1 of 2 guarantors lives rent free. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 12:43:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100551- |  | 35862406 | XXXX | XX/XX/XXXX | 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 XXX. Comp factors: FICO, and 'other' which reviewer is unable to decipher | The representative FICO score exceeds the guideline minimum by XX points. | FICO > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO, and 'other' which reviewer is unable to decipher |  |  | XX/XX/XXXX 11:38:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100550- |  | 35864192 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for LTV > 70% on owner user traditional II refinance. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 9:54:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100550- |  | 35864193 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.00 on on owner user traditional II refinance with loan > $500,000. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.00 on on owner user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 10:03:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100550- |  | 35864194 | XXXX | XX/XX/XXXX | 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 2 of most recent 12 monthly pay history receipts. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for incomplete VOM-subject; missing 2 of most recent 12 monthly pay history receipts. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 10:03:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100550- |  | 35864195 | XXXX | XX/XX/XXXX | 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 business. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:04:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100549- |  | 35863631 | XXXX | XX/XX/XXXX | 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/VOM-primary; mortgage in spouse's name, and 2)Incomplete VOM-subject; missing 12 months pay history to supplement VOM summary from private lender. 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. | FICO is > guidelines.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exceptions at origination for 1)missing VOR/VOM-primary; mortgage in spouse's name, and 2)Incomplete VOM-subject; missing 12 months pay history to supplement VOM summary from private lender. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 1:48:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100549- |  | 35918519 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Flood deductible of $50k is >2% guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2026-02-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:34:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100548- |  | 35864087 | XXXX | XX/XX/XXXX | 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 (2026-02-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |  |  | XX/XX/XXXX 6:54:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100548- |  | 35864088 | XXXX | XX/XX/XXXX | 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: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned business. |  |  | XX/XX/XXXX 6:54:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100547- |  | 35864120 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on investor traditional I purchase 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 (2026-02-25): Approved exception at origination for DSCR < 1.20 on investor traditional I purchase with loan > $500,000. Comp factor: reserves. |  |  | XX/XX/XXXX 7:20:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100547- |  | 35864121 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 1x30 days late withing 12 months on REO. 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 (2026-02-25): Approved exception at origination for > 1x30 days late withing 12 months on REO. Comp factor: reserves. |  |  | XX/XX/XXXX 7:20:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100547- |  | 35864122 | XXXX | XX/XX/XXXX | 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) for guarantor 1. 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 (2026-02-25): Approved exception at origination for credit (< 2 active major tradelines on credit report) for guarantor 1. Comp factor: reserves. |  |  | XX/XX/XXXX 7:20:53 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100546- |  | 35863287 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner-user traditional II purchase with loan > $750,000. Comp factors: seasoned business and reserves which is not supported as actual post closing reserves are < 1 month over the guideline minimum required 3 months P&I payments for first time investor. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.0x on owner-user traditional II purchase with loan > $750,000. Comp factors: seasoned business and reserves which is not supported as actual post closing reserves are < 1 month over the guideline minimum required 3 months P&I payments for first time investor. |  |  | XX/XX/XXXX 11:54:19 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100545- |  | 35862653 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed-use purchase with loan > $750,000. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed-use purchase with loan > $750,000. Comp factor: seasoned business. |  |  | XX/XX/XXXX 1:45:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100545- |  | 35862683 | XXXX | XX/XX/XXXX | 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 cashout refinance on property listed within 6 months. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for cashout refinance on property listed within 6 months. Comp factor: seasoned business. |  |  | XX/XX/XXXX 1:45:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100544- |  | 35863363 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate stained ceiling in commercial XXX and XXX (management indicated repairs made/no active leaks), open ceiling in commercial XXX, peeling exterior front, rusted electrical panel in basement, and open junction box/exposed wires. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. The property has recently been significantly renovated and no active leaks or structural identified.The appraisal. Per the borrower LOE, cash-out proceeds will be used towards replacing the stained celing tiles, replacing the electrical panel and clearing any other deferred maintenance items. VCC hasn't 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 2026-2-100543- |  | 35863163 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use Purchase with loan > $750,000. 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. | CF- LTV<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use Purchase with loan > $750,000. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 12:07:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100543- |  | 35906040 | XXXX | XX/XX/XXXX | 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 monthly pay history receipts to supplement VOR summary from private landlord. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for incomplete VOR-primary; missing monthly pay history receipts to supplement VOR summary from private landlord. Comp factor, LTV.<br>Buyer Comment (2026-03-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:40:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100542- |  | 35863250 | XXXX | XX/XX/XXXX | 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: 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-24): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 6:41:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100542- |  | 35906587 | XXXX | XX/XX/XXXX | 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.<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 (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, LTV and FICO.<br>Buyer Comment (2026-03-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:50:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100541- |  | 35862817 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. 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 (2026-02-24): Approved exception at origination for basic form policy/coverage type. Comp factor: reserves. |  |  | XX/XX/XXXX 3:03:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100541- |  | 35862818 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $750,000. 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>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $750,000. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 12:23:53 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100541- |  | 35862825 | XXXX | XX/XX/XXXX | 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 windows need painting, floor covers to redone, sand and patch unit, finish bathroom, additional paint work, door frames and clean debris and trash. Comp factors, signed holdback agreement and holdback amount on hud. No date provided in holdback. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): Purchase transaction. Appraisal made as-is, property condition considered in value/LTV. VCC completed a 90-day holdback for $6,800 to cover the following: Floor Coverings \| cover floors, windows, paint, sand and patch the unit. finish bathroom, paint door, frames, base molding. clean debris and trash. Repairs are expected to be completed within the 90-day holdback period, but given the condition of the property it is expected these repairs will be completed prior to tenants moving-in.<br>Reviewer Comment (2026-02-25): Approved exception at origination for windows need painting, floor covers to redone, sand and patch unit, finish bathroom, additional paint work, door frames and clean debris and trash. Comp factors, signed holdback agreement and holdback amount on hud. |  |  | XX/XX/XXXX 12:32:57 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100540- |  | 35864035 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | 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/seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business.<br>Buyer Comment (2026-03-02): VCC Credit report uploaded |  |  | XX/XX/XXXX 9:57:39 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100540- |  | 35864037 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided |  | Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and seasoned business. | 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/seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 3:30:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100539- |  | 35863703 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 12:32:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100539- |  | 35919568 | XXXX | XX/XX/XXXX | 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 | Reviewer Comment (2026-03-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned business.<br>Buyer Comment (2026-03-02): Correced Uploaded |  |  | XX/XX/XXXX 10:00:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100538- |  | 35940977 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 49% vacancy/ missing lease. 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 (2026-03-02): Approved exception at origination for 49% vacancy/ missing lease. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100538- |  | 35940978 | XXXX | XX/XX/XXXX | 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 > $750,000. 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 (2026-03-02): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $750,000. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100538- |  | 35940979 | XXXX | XX/XX/XXXX | 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 partial payment for most recent monthly pay history receipt. 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 (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing partial payment for most recent monthly pay history receipt. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100538- |  | 35940980 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at originator for rural 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 (2026-03-02): Approved exception at origination for incomplete VOM-subject; missing partial payment for most recent monthly pay history receipt. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100538- |  | 35940982 | XXXX | XX/XX/XXXX | 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 originator for cash out on property held < 6 months using valuation > 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. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at originator for cash out on property held < 6 months using valuation > original purchase price. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100537- |  | 35863321 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 70% on owner user traditional 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 (2026-02-24): Approved exception at origination for first time investor with LTV > 70% on owner user traditional II. Comp factor: reserves. |  |  | XX/XX/XXXX 8:51:21 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100537- |  | 35863322 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA questionnaire. 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 (2026-02-24): Approved exception at origination for missing HOA questionnaire. Comp factor: reserves. |  |  | XX/XX/XXXX 8:51:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100537- |  | 35863323 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% for owner user traditional II purchase by first time investor. 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 (2026-02-24): Approved exception at origination for LTV > 70% for owner user traditional II purchase by first time investor. Comp factor: reserves. |  |  | XX/XX/XXXX 8:50:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100537- |  | 35913877 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | 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 (2026-03-04): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, reserves.<br>Buyer Comment (2026-03-02): 1. special form is not a requirement.<br> 2. Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:07:06 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100534- |  | 35863768 | XXXX | XX/XX/XXXX | 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-subject; missing 12 months pay history receipts to supplement VOM summary from private lender, and 2) incomplete VOR/VOM-primary; < 12 months pay history provided (borrower lived rent free until 4 months prior and missing most recent monthly pay history receipt). Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exceptions at origination for; 1)incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender, and 2) incomplete VOR/VOM-primary; < 12 months pay history provided (borrower lived rent free until 4 months prior and missing most recent monthly pay history receipt). Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 1:06:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100534- |  | 35863775 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate worn membrane roofing with tarp/debris on the roof. |  |  |  | Seller Comment (2026-04-24): Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any leak or structural issues during their inspecton. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines. VCC hasn't confirmed the status of repairs, but expects the borrower to complete any necessary repairs/clean-up at the property.<br>Buyer Comment (2026-04-15): Seller commentary: Appraisal made as-is and the property condition is considered in the value/LTV. The appraiser did not cite any leak or structural issues during their inspecton. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines.<br>Reviewer Comment (2026-04-14): Exception remains. Appraiser indicated on page 13 scope of work that the roof was not inspected. Reason for tarps on roof not clarified. Appraiser did state no water damage visible on the interior of building. Need clarification for tarps on the roof.<br>Buyer Comment (2026-04-13): The appraiser did not cite any leak or structural issues during their inspection. Minor deferred maintenance for tarp and debris (leaves/sticks) not viewed as material to underwriting as these are not health and safety items, these are considered items of deferred maintenance within VCC's guidelines. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100533- |  | 35863665 | XXXX | XX/XX/XXXX | 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: 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. | FICO is > guidelines.<br>The DSCR is greater than the minimum required DSCR. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-25): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 12:38:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100532- |  | 35863813 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of$XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: FICO. |  |  | XX/XX/XXXX 2:00:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100532- |  | 35863814 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination missing VOM- primary for guarantor; mortgage held in spouse's name. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination missing VOM- primary for guarantor; mortgage held in spouse's name. Comp factor: FICO. |  |  | XX/XX/XXXX 2:00:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100532- |  | 35863822 | XXXX | XX/XX/XXXX | 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 | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:00:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100531- |  | 35864041 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I purchase 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. | FICO is > guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional I purchase with loan > $500,000. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:04:18 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100531- |  | 35864042 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 56.20% vacancy/ missing leases. 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for 56.20% vacancy/ missing leases. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:04:29 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100531- |  | 35864043 | XXXX | XX/XX/XXXX | 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 is > guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 5:04:41 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100530- |  | 35864018 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 4:08:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100530- |  | 35864021 | XXXX | XX/XX/XXXX | 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, 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>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned investor and reserves.<br>Buyer Comment (2026-03-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:13:30 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100528- |  | 35863954 | XXXX | XX/XX/XXXX | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 3:33:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100526- |  | 35864072 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for expired lease for 2 of 6 subject units. 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>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for expired lease for 2 of 6 subject units. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 6:20:44 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100526- |  | 35864073 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional II purchase 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for DSCR < 1.20x on investor traditional II purchase with loan > $500,000. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 6:20:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100525- |  | 35864045 | XXXX | XX/XX/XXXX | 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. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-25): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 5:11:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100522- |  | 35954157 | XXXX | XX/XX/XXXX | 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.<br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-06): Approved exception at origination for basic form policy coverage type. Comp factor: Seasoned investor. <br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:44:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100521- |  | 35953781 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for FICO < 650. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |  |  | XX/XX/XXXX 10:34:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100521- |  | 35953784 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |  |  | XX/XX/XXXX 10:38:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100521- |  | 35953802 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x30 in the past 12 months. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for 2x30 in the past 12 months. Comp factor: seasoned investor and strong marketing trends which is a non-quantitative subjective trait which cannot be substantiated. |  |  | XX/XX/XXXX 10:35:26 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100521- |  | 35990483 | XXXX | XX/XX/XXXX | 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 basement stairwell is missing handrails; no proof of installation provided. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: Property condition considered in value/LTV. Property vacant and under light renovation at the time of appraisal. While VCC generally doesn't view missing handails as material to underwriting, the borrower is expected to complete any necessary repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100520- |  | 35957349 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned Investor and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-09): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: seasoned Investor and DSCR. |  |  | XX/XX/XXXX 7:26:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100520- |  | 35957353 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-09): Approved exception at origination for FICO < 650. Comp factors: Seasoned Investor and DSCR. |  |  | XX/XX/XXXX 7:27:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100520- |  | 35957392 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x30 days late within 12 months-subject. Comp factors: seasoned investor and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-09): Approved exception at origination for 2x30 days late within 12 months-subject. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX 7:35:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100519- |  | 35953277 | XXXX | XX/XX/XXXX | 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 (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 6:28:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100519- |  | 35953285 | XXXX | XX/XX/XXXX | 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. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for missing VOR-primary. Comp factor: LTV. |  |  | XX/XX/XXXX 6:39:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100518- |  | 35953738 | XXXX | XX/XX/XXXX | 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 business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned business.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 2:22:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100518- |  | 35991402 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 days late mortgage payment on subject. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Approved exception at origination for 1x30 days late mortgage payment on subject. Comp factors: seasoned business.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 2:22:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100516- |  | 35990817 | XXXX | XX/XX/XXXX | 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 | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-11): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:14:20 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100516- |  | 35991199 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) Borrower lives rent free, 2 VOM for secondary mortgages on title. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-11): Approved exception at origination for 1) Borrower lives rent free, 2 VOM for secondary mortgages on title. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 3:14:57 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100515- |  | 35964890 | XXXX | XX/XX/XXXX | 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 (2026-03-09): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 9:14:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100515- |  | 35964932 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2 x 30 days late payments within the last 12 months-primary. 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 (2026-03-09): Approved exception at origination for 2 x 30 days late payments within the last 12 months-primary. Comp factor: LTV. |  |  | XX/XX/XXXX 9:15:53 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100515- |  | 35996807 | XXXX | XX/XX/XXXX | 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 (2026-03-09): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |  |  | XX/XX/XXXX 9:16:26 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100515- |  | 35996903 | XXXX | XX/XX/XXXX | 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 live rent free. 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 (2026-03-11): Approved exception at origination for missing VOR-primary; guarantor live rent free. Comp factor, LTV. |  |  | XX/XX/XXXX 5:25:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100514- |  | 36011787 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail. Comp factor, seasoned business.<br>Buyer Comment (2026-03-16): Exception noted uploaded approval |  |  | XX/XX/XXXX 2:55:27 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100513- |  | 35966002 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-09): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:00:01 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100513- |  | 35966019 | XXXX | XX/XX/XXXX | 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 mortgage payment. 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 (2026-03-09): Approved exception at origination for incomplete VOM-primary; missing most recent monthly mortgage payment. Comp factor: reserves. |  |  | XX/XX/XXXX 11:00:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100513- |  | 35998110 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for Credit report aged > 60 days. 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 (2026-03-17): Approved exception at origination for Credit report aged > 60 days. Comp factor, reserves.<br>Buyer Comment (2026-03-16): Uploaded |  |  | XX/XX/XXXX 3:00:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100512- |  | 35956754 | XXXX | XX/XX/XXXX | 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 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 (2026-03-09): Approved exception at origination for incomplete VOM-primary, missing most recent monthly payment. Comp factor: reserves. |  |  | XX/XX/XXXX 6:24:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100512- |  | 35956764 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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 (2026-03-09): Approved exception at origination for loan amount < $75,000. Comp factor: reserves. |  |  | XX/XX/XXXX 6:25:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100512- |  | 35995628 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report aged > 60 days. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor. seasoned investor.<br>Buyer Comment (2026-03-16): exception noted on uploaded approval |  |  | XX/XX/XXXX 3:04:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100510- |  | 35958131 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-09): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 8:39:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100509- |  | 35951284 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for loan amount < $75,000. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 9:58:27 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100509- |  | 35951285 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal (subsequently 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. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: reserves. |  |  | XX/XX/XXXX 9:59:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100509- |  | 35951286 | XXXX | XX/XX/XXXX | 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. | The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 10:00:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100509- |  | 35989791 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Misign wind/hail coverage. | 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 (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:07:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100508- |  | 35992183 | XXXX | XX/XX/XXXX | 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 a non-qualitative subjective trait which cannot be substantiated. | 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 (2026-03-06): Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-qualitative subjective trait which cannot be substantiated. |  |  | XX/XX/XXXX 2:06:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 35973212 | XXXX | XX/XX/XXXX | 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 Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX 8:49:38 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 36012591 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage for XXXXXXXXXXXXXXXXXXXXXXX. | 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 (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor,. LTV.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:15:23 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 36013265 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXXXXXX | Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units - XXXXXXXXXXXXXXXXXXXXXXX. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units - XXXXXXXXXXXXXXXXXXXXXXX. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 8:50:55 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 36013289 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXXXXXX | Approved exception at origination for missing lease agreements for XXXXXXXXXXXXXXXXXXXXXXX. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Approved exception at origination for missing lease agreements for XXXXXXXXXXXXXXXXXXXXXXX. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:13:53 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 36042130 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | XXX bathroom remodel in process/not functional, missing trim, needs construction clean up. Holdback agreement in file references property on XXXXXXXXXXXXXXwhich does not need repairs. Unable to verify which property holdback is for. |  |  |  | Buyer Comment (2026-04-14): LTV IS XX. Property condition is considered in value/LTV. Borrower actively renovating the vacant property at origination and is expected to finish the remodel prior to tenants moving in. VCC hasn't confirmed the status of repairs at this time but was comforted by the low LTV and the borrower's investor experience. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100507- |  | 36042133 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for XXX bathroom has no plumbing or fixtures, kitchen missing appliances and cabinets/counters, both are non-functional. Holdback agreement in file references property on XXXXXXXXXXXXXXwhich does not need repairs. Comp factor, signed Holdback Agreement with 90 days to complete repairs in file and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-15): Approved exception at origination for XXX bathroom has no plumbing or fixtures, kitchen missing appliances and cabinets/counters, both are non-functional. Holdback agreement in file references property on XXXXXXXXXXXXXXwhich does not need repairs. Comp factor, signed Holdback Agreement with 90 days to complete repairs in file and amount reflected on HUD.<br>Buyer Comment (2026-04-14): VCC completed a 90 day holdback for $6,700. Holdback in file is to complete repairs at XXXXXXXXXXX (confirmed with underwriter). Additional details: Finish remodeling of Kitchen, and bathroom - both must be functional, complete and painted. - Unit#1 vacant – under renovation- no functional bath or kitchen. 90 days holdback to complete renovations. See contractor's bid. |  |  | XX/XX/XXXX 1:22:58 PM | 3 C | XX/XX/XXXX |  | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100505- |  | 35991528 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-17): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:09:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100505- |  | 35991561 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100%vacancy/missing lease agreement. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for 100%vacancy/missing lease agreement. Comp factor: seasoned business.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-17): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:09:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100505- |  | 35991585 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR; missing 12 months payment receipts. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for incomplete VOR; missing 12 months payment receipts. Comp factor: seasoned business.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-17): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:08:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100505- |  | 36032517 | XXXX | XX/XX/XXXX | 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 last 6 months. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for Cash out on property listed within last 6 months. Comp factor, seasoned business.<br>Buyer Comment (2026-03-19): Exception noted on uploaded approval<br>Reviewer Comment (2026-03-17): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:08:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100504- |  | 35965403 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease agreement. 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 (2026-03-11): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: LTV. |  |  | XX/XX/XXXX 6:09:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100504- |  | 35997231 | XXXX | XX/XX/XXXX | 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 notes damaged exterior vinyl siding in two separate areas, damaged screen door, soot-stained skylights from a prior fire event and interior deficiencies such as worn cabinets, damaged flooring, paint repairs and damaged tile/tub. Estimated cost to cure is $3,000 - $5,000; no proof of repair provided. |  |  |  | Buyer Comment (2026-04-15): Seller commentary: XX% LTV. VCC's internal reviewer and the appraiser did not view these as major damage or a health and safety violation. These were considered as deferred maintenance and within VCC guideline. Property condition considered in value/LTV.<br>Reviewer Comment (2026-04-10): Exception remains. Tub/tile damage is a health issue with water intrusion possible/probable and XXX floor damage is a tripping hazard.<br>Buyer Comment (2026-04-10): XX% LTV. Appraisal made as-is and property condition is considered in the value. The cited issues are not major damage or health and safety violations. These are considered deferred maintenance and the amount is within VCC guidelines. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100503- |  | 35965775 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy/missing lease agreement. 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 (2026-03-11): Approved exception at origination for 50% vacancy/missing lease agreement. Comp factor: LTV. |  |  | XX/XX/XXXX 6:12:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100501- |  | 35988257 | XXXX | XX/XX/XXXX | 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 | Subject property was in the process of being renovated at time of inspection. Appraisal reflects front entry stairwell missing handrail (Borrower LOE addresses). Appraisal photo reflects tree growing up against the gas service connection. XXX missing flooring, bathroom vanity, interior paint, cabinets, and applicance4s are in poor condition and in process of being replaced. Kitchen and 1 bathroom ae unusable. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in the value/LTV. Borrower provided LOE commiting to install railing post-close. Borrower actively renovating the subject and VCC expects them to complete renovations. VCC is comforted by the low LTV and the borrowers investment experience. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100500- |  | 35966703 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing valid lease agreement; Lease in file is expired and no evidence of renewal provided. 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 (2026-03-17): Approved exception at origination for missing valid lease agreement; Lease in file is expired and no evidence of renewal provided. Comp factors, LTV.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:27:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100500- |  | 35966748 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for 1) rural property and 2) leasehold property rights. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait that cannot be substantiated. | 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 (2026-03-09): Approved exception at origination for 1) rural property and 2) leasehold property rights. Comp factors: LTV and strong marketing trends which is a non-qualitative subjective trait that cannot be substantiated. |  |  | XX/XX/XXXX 12:25:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100499- |  | 35974183 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000, Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for loan amount < $75,000, Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:19:14 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100499- |  | 35974193 | XXXX | XX/XX/XXXX | 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 | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-10): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:19:53 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100499- |  | 36014866 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | < 2 active major tradelines on credit report | 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 (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major tradelines. Comp factor, LTV.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:34:38 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100498- |  | 35999921 | XXXX | XX/XX/XXXX | 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 a origination for missing carbon and smoke detectors to be installed in both units, broken windows to be fixed and glass to be replaced, remove mold, new molding frame, fire alarms, and strap and secure water heater. Comp factors. signed Holdback agreement provided with holdback amount on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): VCC completed a 90-day holdback for $5,000 for the following: Installed carbon & smoke detectors to both units, fix broken windows replace glass, new molding frame, fire alarms,, strap and secure water heater<br>Reviewer Comment (2026-03-11): Approved exception a origination for missing carbon and smoke detectors to be installed in both units, broken windows to be fixed and glass to be replaced, remove mold, new molding frame, fire alarms, and strap and secure water heater. Comp factors. signed Holdback agreement provided with holdback amount on HUD. |  |  | XX/XX/XXXX 6:27:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100498- |  | 36000541 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; missing 12 months payment receipts. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor. reserves/<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:16:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100496- |  | 35973490 | XXXX | XX/XX/XXXX | 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 (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:00:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100495- |  | 35987411 | XXXX | XX/XX/XXXX | 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: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for < 2 active major tradelines on credit report Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:52:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100494- |  | 36033119 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject property address. | 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 (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for address missing from HOA master policy. Comp factor, FICO.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:46:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100493- |  | 35974798 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing rent loss. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for missing rent loss. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:28:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100493- |  | 35974801 | XXXX | XX/XX/XXXX | 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 Pre-Close | Reviewer Comment (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:28:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100492- |  | 35975545 | XXXX | XX/XX/XXXX | 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. | 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 (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: reserves. |  |  | XX/XX/XXXX 1:10:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100492- |  | 35975554 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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 (2026-03-10): Approved exception at origination for loan amount < $75,000. Comp factor: reserves. |  |  | XX/XX/XXXX 1:09:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100492- |  | 35975562 | XXXX | XX/XX/XXXX | 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. | 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 (2026-03-10): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 1:10:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100492- |  | 35975624 | XXXX | XX/XX/XXXX | 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 | Subject reflects numerous instances of deferred maintenance, health/safety concerns and property damage. Noteworthy: damaged/missing siding, chipping/peeling paint, missing broken garage door, missing doorstep, bathroom/bedroom/glass block windows (no egress from bedroom and dining room-health and safety concern), missing light fixtures/exposed wires, no handrail to 2nd floor, broken handrail for basement, damaged roof, missing gutters and dampness in basement. No proof of repair provided. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: Appraisal made as-is and property condition is considered in the value/LTV. Deferred maintenance items cited due to normal wear and tear, but property is in overall acverage conditon and has been adequately maintained per the appraisal. Given the loan loan amount and the borrower's strong reserves, VCC felt comfortable proceeding. VCC hasn't confirmed the status but does expect the borrower to complete any necessary repairs to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100491- |  | 36034008 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor purchase of 1-unit SFR with an LTV > 70%. 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 (2026-03-11): Approved exception at origination for first time investor purchase of 1-unit SFR with an LTV > 70%. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 3:31:11 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100489- |  | 35941446 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factors: FICO and 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 is > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:36:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100489- |  | 35941447 | XXXX | XX/XX/XXXX | 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 (2026-03-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:36:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100489- |  | 35941451 | XXXX | XX/XX/XXXX | 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: FICO and 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 is > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:36:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100489- |  | 36027159 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for 6 of 7 units being refinanced. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:48:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100487- |  | 35941465 | XXXX | XX/XX/XXXX | 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. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 1:48:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100487- |  | 35941466 | XXXX | XX/XX/XXXX | 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 XXX. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XXX. Comp factor: LTV. |  |  | XX/XX/XXXX 1:44:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100486- |  | 35941041 | XXXX | XX/XX/XXXX | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 12:12:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100486- |  | 35946970 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Underwritten vacancy of 4% (per analyst review) is < guideline min vacancy assumption of 5%. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for vacancy factor. Comp factor. LTV.<br>Buyer Comment (2026-03-19): Corrected Uploaded<br>Reviewer Comment (2026-03-17): Exception remains. Updated approval did not provide a comp factor for exception.<br>Buyer Comment (2026-03-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:13:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100485- |  | 35941509 | XXXX | XX/XX/XXXX | 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: 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 2:42:57 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100485- |  | 35941511 | XXXX | XX/XX/XXXX | 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: 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 2:45:03 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100484- |  | 35998959 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for loan < $100,000 on traditional property type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:26:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100483- |  | 35961713 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner-user traditional I mixed use refinance with loan > $500,000. Comp factors: seasoned business and seasoned investor. | Borrower's Experience/Track Record | Seasoned business, seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for DSCR < 1.0x on owner-user traditional I mixed use refinance with loan > $500,000. Comp factors: seasoned business and seasoned investor. |  |  | XX/XX/XXXX 9:53:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100481- |  | 35941002 | XXXX | XX/XX/XXXX | 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: 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 (2026-03-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 10:14:09 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100481- |  | 35941003 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exceptions at origination for first time investor and first time buyer with LTV > 70% on owner user traditional 1 purchase. 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 (2026-03-02): Approved exceptions at origination for first time investor and first time buyer with LTV > 70% on owner user traditional 1 purchase. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 10:42:11 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100481- |  | 35941004 | XXXX | XX/XX/XXXX | 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 plumbing repairs and gas leak (UTD where gas leak is) with holdback in files for repairs to be made post-closing and listed on HUD. Comp factor, signed holdback agreement and amount on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): VCC completed a 365 day holdback for $5,000 for the permit for the plumbing repair and gas leak. Amount is reflected on the HUD. This is a purchase transaction for an occupied property. VCC expects the borrower to complete the repairs within the holdback period.<br>Reviewer Comment (2026-04-09): Approved exception at origination for plumbing repairs and gas leak with holdback in files for repairs to be made post-closing and listed on HUD. Comp factor, signed holdback agreement and amount on HUD.<br>Buyer Comment (2026-04-08): Seller commentary: VCC completed a 365 day holdback for $5,000 for the permit for the plumbing repair and gas leak. Amount is reflected on the HUD |  |  | XX/XX/XXXX 1:26:29 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100479- |  | 35961443 | XXXX | XX/XX/XXXX | 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. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 5:37:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100478- |  | 35941604 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves. |  |  | XX/XX/XXXX 10:57:30 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100478- |  | 35941606 | XXXX | XX/XX/XXXX | 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: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. |  |  | XX/XX/XXXX 10:57:45 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100478- |  | 35941608 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. |  |  | XX/XX/XXXX 10:57:57 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100478- |  | 35941609 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind/hail deductible of 5% is > $25k. 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 (2026-03-17): Approved exception at origination for wind/hail deductible of 5% is > $25k. Comp factor; FICO.<br>Buyer Comment (2026-03-16): Corrected Uploaded |  |  | XX/XX/XXXX 4:03:48 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100477- |  | 35941566 | XXXX | XX/XX/XXXX | 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 (roof repair) > $30k. Comp factors: seasoned business and DSCR which is not supported as underwritten DSCR is < 1.0x. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Seller Comment (2026-04-24): Appraisal made as-is and property condition considered in value. For the roof conditon: Roof Type/Cover: Flat and Pitched / Rubber Membrane (reportedly some new, some older and going to be replaced) and Asphalt Shingles, respectively. The age of the roof is unknown, but the owner reports they are in the process of completing a roof replacement in stage. Property is occupied with the owner's business and while VCC hasn't confirmed the status of the roof repair, it is expected that the borrower will complete it, especially considering the owner use for business purpose.<br>Reviewer Comment (2026-03-06): Approved exception at origination for deferred maintenance (roof repair) > $30k. Comp factors: seasoned business and DSCR which is not supported as underwritten DSCR is < 1.0x. |  |  | XX/XX/XXXX 4:41:27 PM | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100476- |  | 35941574 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for owner-user traditional 1 mixed use located in NJ. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-03): Approved exception at origination for override of statewide exclusion for owner-user traditional 1 mixed use located in NJ. Comp factor: LTV. |  |  | XX/XX/XXXX 9:17:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100475- |  | 35966637 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOM-subject and VOR-primary; Missing 12 month pay history receipts to supplement VOM/VOR summaries from private lender/landlord respectively. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-17): Exception waived. Updated approval provided in trailing documents approving exceptions for incomplete VOM and VOR. Comp factor, seasoned business.<br>Buyer Comment (2026-03-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:08:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100474- |  | 35941591 | XXXX | XX/XX/XXXX | 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 roof repairs/water damage. Comp factors., signed holdback agreement and amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): VCC completed a 180-day holdback for $5,850 to complete the rood repair. The borrower is expected to complete the repairs within the holdback period.<br>Reviewer Comment (2026-03-06): Approved exception at origination for roof repairs/water damage. Comp factors., signed holdback agreement and amount reflected on HIUD. |  |  | XX/XX/XXXX 4:56:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B A | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100473- |  | 35941552 | XXXX | XX/XX/XXXX | 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 | Fair condition-issues include general clean-up, electrical wiring concerns, HAC rigid ductwork adjustments. inadequate lighting, plumbing fixture repairs, electrical fixture replacement., flooring improvements, and interior paint restoration. Cost estimate $25,000. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition (including deferred maintenance) considered in value/LTV. Per borrower LOE, the cash-out proceeds for this loan will be used towards a complete "guts out" renovation for the subject property. The unit needing repairs was vacant and ready for renovations at the time of appraisal. VCC hasn't confirmed the status of repairs, but the borrower is expected to fulfill their commitment, especially so they can rent out the unit. VCC further comforted by the low LTV and borrower's investor experience. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100473- |  | 35941553 | XXXX | XX/XX/XXXX | 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 | Fair condition-issues include general clean-up, electrical wiring concerns, HAC rigid ductwork adjustments. inadequate lighting, plumbing fixture repairs, electrical fixture replacement., flooring improvements, and interior paint restoration. Cost estimate $25,000. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: XX% LTV. Appraisal made as-is and property condition (including deferred maintenance) considered in value/LTV. Per borrower LOE, the cash-out proceeds for this loan will be used towards a complete "guts out" renovation for the subject property. The unit needing repairs was vacant and ready for renovations at the time of appraisal. VCC hasn't confirmed the status of repairs, but the borrower is expected to fulfill their commitment, especially so they can rent out the unit. VCC further comforted by the low LTV and borrower's investor experience. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100471- |  | 35941407 | XXXX | XX/XX/XXXX | 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. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: reserves. |  |  | XX/XX/XXXX 1:20:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100471- |  | 35941408 | XXXX | XX/XX/XXXX | 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. Comp factors: FICO and 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 > guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Approved exception at origination for first time investor with LTV > 70% on investor traditional 1. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 1:20:49 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100468- |  | 35966607 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 1x30 days late on mortgage accounts within 12 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 (2026-03-04): Approved exception at origination for > 1x30 days late on mortgage accounts within 12 months. Comp factor: LTV. |  |  | XX/XX/XXXX 11:10:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100467- |  | 35961865 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate peeling paint on exterior, peeling ceiling on the interior, ceiling HVAC equipment with missing ceiling tile, interior storage room with visible wear on the ceiling, missing ceiling tiles in the kitchen, suspended ceiling tile in the kitchen, interior storage room showing ceiling deterioration, side exterior wall with deteriorated masonry and patch repairs. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in value/LTV. The borrower indicated plans to install a new roof/repair the roof and to extensively remodel the interior post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment, especially so they can increase rental income value. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100467- |  | 35961895 | XXXX | XX/XX/XXXX | 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 | Subject is in Fair condition per appraisal and third party inspection report. Subject photos indicate peeling paint on exterior, peeling ceiling on the interior, ceiling HVAC equipment with missing ceiling tile, interior storage room with visible wear on the ceiling, missing ceiling tiles in the kitchen, suspended ceiling tile in the kitchen, interior storage room showing ceiling deterioration, side exterior wall with deteriorated masonry and patch repairs. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in value/LTV. The borrower indicated plans to install a new roof/repair the roof and to extensively remodel the interior post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment, especially so they can increase rental income value. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100463- |  | 35965945 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner user traditional II with with LTV > 65%. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for first time investor on owner user traditional II with with LTV > 65%. Comp factor: seasoned business. |  |  | XX/XX/XXXX 10:59:07 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100462- |  | 35997123 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner-user traditional II with LTV > 65% . Comp factors: FICO, and reserves which is not supported as verified post closing reserves are < 1 month of P&I in excess of 3 month P&I guideline minimum requirement for FT investor. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for first time investor on owner-user traditional II with LTV > 65% . Comp factors: FICO, and reserves which is not supported as verified post closing reserves are < 1 month of P&I in excess of 3 month P&I guideline minimum requirement for FT investor. |  |  | XX/XX/XXXX 1:54:33 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100462- |  | 36093243 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject photos indicate peeling exterior siding, faded siding and bent gutter in the rear. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-18): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor. FICO. |  |  | XX/XX/XXXX 4:34:39 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-2-100461- |  | 36009574 | XXXX | XX/XX/XXXX | 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 XXX. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-18): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factor; seasoned investor.<br>Buyer Comment (2026-03-17): Corrected Uploaded |  |  | XX/XX/XXXX 5:10:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100460- |  | 35967102 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor Trad I multifamily refinance with loan > $500,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-04): Approved exception at origination for DSCR < 1.20x on investor Trad I multifamily refinance with loan > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 12:23:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100460- |  | 35967105 | XXXX | XX/XX/XXXX | 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 (2026-03-04): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:40:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100460- |  | 35967145 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate patched ceiling in the mechanical and laundry rooms with damaged/not patched portion in the mechanical room. |  |  |  | Buyer Comment (2026-04-13): Seller commentary:XX% LTV, appraisal made as-is and property condition is considered in value/LTV. Ceiling damage is present, but building is structurally secure and there are no active leaks. Per borrower LOE, cash-out proceeds to be used towards the basement repair. VCC hasn't confirmed the status, but does expect the borrower to complete repairs. VCC is further comforted by the low LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100459- |  | 35996642 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner-user traditional II with LTV > 65%. 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 (2026-03-09): Approved exception at origination for first time investor on owner-user traditional II with LTV > 65%. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 5:05:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100459- |  | 35996816 | XXXX | XX/XX/XXXX | 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 in Fair condition with deferred maintenance > $25k. 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 | Seller Comment (2026-04-24): Deferred maintenance includes: trees and landscaping, exterior paint/repairs, interior paint/floors, and kitchen babinetry. VCC completed a 365 day holdback for $13,500 for roof repair. This is a purchase transaction of a vacant property. The remaining items were considered deferred maintenance within VCC guidelines. VCC expects the borrower to complete all of the necessary repairs so they can rent the property.<br>Reviewer Comment (2026-03-09): Approved exception at origination for subject in Fair condition with deferred maintenance > $25k. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 5:05:16 PM | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100459- |  | 35996826 | XXXX | XX/XX/XXXX | 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 is considered in Fair condition with deferred maintenance > $25k. including roof repair, new flooring, kitchen cabinetry, interior and exterior painting, and trees and landscaping. Holdback for roof repairs provided, other items not included. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. VCC completed a 365-day holdback for $13,500 to complete the roof repair. The remaining deferred maintenance includes painting/flooring/landscaping and VCC felt comfortable proceeding as the borrower retained strong reserves post-close and will be able to complete the remaining repairs. VCC hasn't confirmed the status, but expects the borrower to complete the remaining repairs so they can rent out the property.<br>Reviewer Comment (2026-03-18): Exception remains. Approval provided does not reference this exception.<br>Buyer Comment (2026-03-17): Exception noted on uploaded approval |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100458- |  | 36000537 | XXXX | XX/XX/XXXX | 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 MI. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for override of statewide exclusion for traditional property located in MI. Comp factor: LTV. |  |  | XX/XX/XXXX 11:06:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100458- |  | 36000550 | XXXX | XX/XX/XXXX | 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 (2026-03-10): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:06:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100458- |  | 36000560 | XXXX | XX/XX/XXXX | 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 (2026-03-10): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:06:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100457- |  | 36007388 | XXXX | XX/XX/XXXX | 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. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. |  |  | XX/XX/XXXX 12:58:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100457- |  | 36007395 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for Incomplete leases-missing signature pages. 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>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for Incomplete leases-missing signature pages. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 12:58:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100456- |  | 36008695 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 50% vacancy per appraisal (executed leases provided in file). Comp factors: LTV and reserves which is not supported as approval assets section is not completed. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-11): Approved exception at origination for 50% vacancy per appraisal (executed leases provided in file). Comp factors: LTV and reserves which is not supported as approval assets section is not completed. |  |  | XX/XX/XXXX 1:40:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100456- |  | 36008713 | XXXX | XX/XX/XXXX | 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. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 2:18:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100455- |  | 36002039 | XXXX | XX/XX/XXXX | 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 XXX. 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. | FICO is > guidelines.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for override of statewide exclusion for traditional property located in XXX. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 12:05:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100455- |  | 36002449 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on Investor traditional 1 mixed use with LTV > 70%. 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. | FICO is > guidelines.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-10): Approved exception at origination for first time investor on Investor traditional 1 mixed use with LTV > 70%. Comp factors: FICO and DSCR. |  |  | XX/XX/XXXX 12:05:23 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100455- |  | 36015711 | XXXX | XX/XX/XXXX | 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. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-18): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, FICO.<br>Buyer Comment (2026-03-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:24:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100454- |  | 35997508 | XXXX | XX/XX/XXXX | 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 (2026-03-09): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 7:24:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100454- |  | 35997521 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $100,000 on traditional property type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception at origination for loan amount < $100,000 on traditional property type. Comp factor: LTV.<br>Buyer Comment (2026-03-17): Corrected Uploaded |  |  | XX/XX/XXXX 5:26:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100454- |  | 35997525 | XXXX | XX/XX/XXXX | 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 (2026-03-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 7:27:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100450- |  | 35998973 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 35.7% vacancy (XXX)/missing lease agreements. 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 (2026-03-11): Approved exception at origination for 35.7% vacancy (XXX)/missing lease agreements. Comp factor: LTV.<br>Reviewer Comment (2026-03-11): Revised comment |  |  | XX/XX/XXXX 2:28:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100450- |  | 35999040 | XXXX | XX/XX/XXXX | 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 missing handrails on multiple stairwells (stairs to 2nd floor, 3rd floor, and basement). No proof of installation of handrails provided. |  |  |  | Buyer Comment (2026-04-07): XX% LTV. Property condition considered in value/LTV. VCC generally doesn't view missing handrails as material to underwriting, and was further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100449- |  | 36011425 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan. 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 (2026-03-12): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 6:30:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100449- |  | 36011450 | XXXX | XX/XX/XXXX | 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 (2026-03-12): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 6:30:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100449- |  | 36044445 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing liability coverage. 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 (2026-04-13): Approved exception at origination for missing liability coverage. Comp factor, FICO.<br>Buyer Comment (2026-04-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:14:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100448- |  | 36011849 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major trades on credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for < 2 active major trades on credit report. Comp factor: seasoned investor.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 10:35:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100448- |  | 36011896 | XXXX | XX/XX/XXXX | 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-subject; missing 12 months payment receipts for privately held mortgage, and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 10:34:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100447- |  | 35999667 | XXXX | XX/XX/XXXX | 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. | 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 (2026-03-20): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: seasoned investor and FICO.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 10:39:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100447- |  | 35999674 | XXXX | XX/XX/XXXX | 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 month pay history receipts provided to supplement VOM summary from private lender. 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 (2026-03-20): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) Incomplete VOM-subject; < 12 month pay history receipts provided to supplement VOM summary from private lender. Comp factors: seasoned investor and FICO.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 10:39:32 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100446- |  | 36012490 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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 (2026-03-12): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 8:38:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100445- |  | 35997620 | XXXX | XX/XX/XXXX | 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 refinance on property currently listed. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for cash out refinance on property currently listed. Comp factor: seasoned business.<br>Buyer Comment (2026-03-19): Corrected Uploaded |  |  | XX/XX/XXXX 10:44:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100444- |  | 35998356 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 120 days late on mortgage account within 24 months. 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-11): Approved exception at origination for 1x 120 days late on mortgage account within 24 months. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 1:30:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100444- |  | 36037479 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease on SFR refinance (subject is listed as a ST rental). | 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. | CF- LTV<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, LTV and FICO.<br>Buyer Comment (2026-03-21): Corrected Uploaded<br>Reviewer Comment (2026-03-20): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:30:28 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100444- |  | 36037509 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property (population 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. CF- LTV<br>The representative FICO score exceeds the guideline minimum by XX points. SitusAMC,Originator<br>SitusAMC,Originator Pre-Close Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV and FICO.<br>Buyer Comment (2026-03-21): Corrected Uploaded<br>Reviewer Comment (2026-03-20): Exception remains. No approval uploaded.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval<br> XX/XX/XXXX 11:31:23 AM 2 B XX/XX/XXXX XX Refinance - Cash-out - Other B B A No |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | VCC 2026-2-100443- |  | 36081606 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for 1) first time investor purchase of 1-unit SFR with an LTV > 70% and 2) reserves < 3 months principal and interest for first time investor. Comp factors: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait. | 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 (2026-03-17): Approved exception at origination for 1) first time investor purchase of 1-unit SFR with an LTV > 70% and 2) reserves < 3 months principal and interest for first time investor. Comp factors: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 10:23:23 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100443- |  | 36081653 | XXXX | XX/XX/XXXX | 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 and strong market trends which is unable to verified as a non-quantitative subjective trait. | 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 (2026-03-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and strong market trends which is unable to verified as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 10:16:51 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100442- |  | 36013629 | XXXX | XX/XX/XXXX | 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 | SitusAMC,Originator | Reviewer Comment (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |  |  | XX/XX/XXXX 10:07:09 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100442- |  | 36013659 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for 1) derogatory credit, 2) charge-offs in excess of $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 | SitusAMC,Originator | Reviewer Comment (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |  |  | XX/XX/XXXX 10:07:16 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100442- |  | 36013676 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 Days. 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 | SitusAMC,Originator | Reviewer Comment (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |  |  | XX/XX/XXXX 10:07:28 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100441- |  | 36035232 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing evidence of condo association master policy. | 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 | Reviewer Comment (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master policy. Comp factor. LTV.<br>Buyer Comment (2026-03-20): Uploaded |  |  | XX/XX/XXXX 12:00:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100441- |  | 36035649 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy even though the subject is identified as tenant occupied. Lease is missing. 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 | Reviewer Comment (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | XX/XX/XXXX 1:35:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100440- |  | 36037183 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for open foreclosure-notice of foreclosure sale on subject property profile. 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 (2026-03-16): Approved exception at origination for open foreclosure-notice of foreclosure sale on subject property profile. Comp factor LTV. |  |  | XX/XX/XXXX 12:10:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100440- |  | 36073215 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. 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 (2026-03-16): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 12:11:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100440- |  | 36073406 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease agreement. 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 (2026-03-16): Approved exception at origination for missing lease agreement. Comp factor: LTV. |  |  | XX/XX/XXXX 12:13:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100440- |  | 36073606 | XXXX | XX/XX/XXXX | 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 photos reflect evidence of water damage in first floor bathroom ceiling (hole in ceiling) and missing trim. Cost to cure is $4,000; no proof of repair provided. |  |  |  | Buyer Comment (2026-04-14): Seller commentary: XX% LTV. Appraisal made as-is, property condition considered in value/LTV. Per the appraisal, "The subject has been adequately maintained and requires only minimal repairs to building components and cosmetic repairs". - Since these repairs were deemed cosmetic, the cited repairs are items of deferred maintenance and within VCC's guidelines. This doesn't seem like it should be a C grade exception. VCC was further comforted by the LTV.<br>Reviewer Comment (2026-04-10): Exception remains. Appraiser states he is unable to determine the full extent or source of the water damage. Recommended inspection by a qualified processional. Does not indicate leak was repaired which makes this a health issue.<br>Buyer Comment (2026-04-09): XX% LTV. Appraisal made as-is, property condition considered in value/LTV. Per the appraisal, "The subject has been adequately maintained and requires only minimal repairs to building components and cosmetic repairs". - Since these repairs were deemed cosmetic, the cited repairs are items of deferred maintenance and within VCC's guidelines. This doesn't seem like it should be a C grade exception |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100439- |  | 36014172 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 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 | Reviewer Comment (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | XX/XX/XXXX 10:27:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100437- |  | 36076129 | XXXX | XX/XX/XXXX | 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 (2026-03-16): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:13:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100437- |  | 36085392 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/vacant property on a refi. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-17): Approved exception at origination for missing lease/vacant property on a refi/ Comp factor, seasoned investor. |  |  | XX/XX/XXXX 4:46:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100436- |  | 36044535 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for value seasoning. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Seller Comment (2026-04-24): The borrower inherited the subject property in November XXXX and took out this cash-out refinance in February of XXXX. VCC felt comfortable as this borrower is a seasoned investor with prior VCC loans, which are performing. Borrower had strong reserves prior to closing, and took out the cash-out to make improvements at the subject.<br>Reviewer Comment (2026-03-13): Seasoned investor |  |  | XX/XX/XXXX 4:00:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100436- |  | 36044544 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy in excess of guideline. Comp factors; 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 | SitusAMC,Originator | Reviewer Comment (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |  |  | XX/XX/XXXX 4:00:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100435- |  | 36035012 | XXXX | XX/XX/XXXX | 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. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp Factor: reserves. |  |  | XX/XX/XXXX 11:32:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100435- |  | 36072999 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for cash out refi with seasoning < 3 months. Comp Factors: 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 (2026-03-16): Approved exception at origination for cash out refi with seasoning < 3 months. Comp Factors: reserves. |  |  | XX/XX/XXXX 3:33:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100435- |  | 36074844 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property/missing lease. 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 (2026-03-16): Approved exception at origination for vacant property/missing lease. Comp factor, reserves. |  |  | XX/XX/XXXX 3:34:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100434- |  | 36064012 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for < 650 FICO. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-17): Approved exception at origination for < 650 FICO. Comp factor: LTV. |  |  | XX/XX/XXXX 6:49:52 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100434- |  | 36078843 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on cash out 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 (2026-03-17): Approved exception at origination for 100% vacancy on cash out refinance. Comp Factor: LTV. |  |  | XX/XX/XXXX 6:51:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100434- |  | 36078871 | XXXX | XX/XX/XXXX | 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 subject listed on a cash out 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 (2026-03-17): Approved exception at origination for subject listed on a cash out refinance. Comp Factor: LTV. |  |  | XX/XX/XXXX 6:52:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100432- |  | 36015355 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy. Comp factors: Property condition which is unable to be validated as a non-quantifiable trait, 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 | Reviewer Comment (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | XX/XX/XXXX 11:11:10 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100431- |  | 36036747 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factors: LTV. DCR. | 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. | 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. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): DCR and LTV |  |  | XX/XX/XXXX 3:11:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100431- |  | 36036757 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy in excess of guideline. Comp factors: LTV, DCR. | 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. | 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. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): DCR and LTV |  |  | XX/XX/XXXX 3:11:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100431- |  | 36036761 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rurality. Comp factors; Seasoned Investor, LTV, DCR. | 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. | 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. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): DCR and LTV |  |  | XX/XX/XXXX 3:12:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100430- |  | 36049517 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect the following issues: damaged stairs, dampness/water intrusion in the basement due to recent snow, ceiling damage in front right 2nd floor bedroom and ceiling in kitchen; no proof of repair provided - XXXXXXXXXXXXXXX. Signed holdback agreement in file and amount reflected on HUD for kitchen ceiling damage repairs. |  |  |  | Buyer Comment (2026-04-15): VCC completed a 90-day holdback for $5,000 to cover the health and safety items. The water intrusion was included in the holdback amount and included in the Repair and Invoice statement provided by a licensed vendor. The appraiser cited the damaged stairs as deferred maintenance and not health and safety. The borrower is expected to complete any necessary repairs and updates to the subject property.<br>Reviewer Comment (2026-04-13): Exception remains. Holdback does not cover the damaged stairs. Also, water intrusion is not indicated as part of the holdback.<br>Buyer Comment (2026-04-13): VCC completed a 90-day holdback for $5,000. The ceiling repair includes the following: patch/tape/prep and finish drywall for kitchen ceiling and the water intrusion cleanup and repair (dry/disinfect/clean/waterproof surface). VCC received a vendor quote which confirms that the holdback covers the cost of repairs with a surplus. VCC is comforted as the health and safety items will be remedied through the holdback. The ceiling damage in the bedroom is cosmetic and was not listed as a health and safety item by the appraiser. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100429- |  | 36032733 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy in excess of guideline. Comp factors: seasoned business. | Borrower's Experience/Track Record | seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for vacancy in excess of guideline. Comp factors: seasoned business.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 12:06:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100429- |  | 36032739 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOR form - no canceled checks. Comp factor: seasoned business. | Borrower's Experience/Track Record | seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for VOR form - no canceled checks. Comp factor: seasoned business.<br>Buyer Comment (2026-03-20): Correceted Uploaded |  |  | XX/XX/XXXX 12:07:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100427- |  | 36014832 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-03-13): Seasoned investor |  |  | XX/XX/XXXX 10:42:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100426- |  | 36035945 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp Factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp Factor: seasoned investor. |  |  | XX/XX/XXXX 11:55:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100425- |  | 36034967 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator | Reviewer Comment (2026-03-13): Seasoned Investor |  |  | XX/XX/XXXX 1:00:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100424- |  | 36047297 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 1:19:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100424- |  | 36073915 | XXXX | XX/XX/XXXX | 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 (2026-03-16): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 1:20:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100423- |  | 36016201 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. 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. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. |  |  | XX/XX/XXXX 11:58:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100423- |  | 36060713 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  |  | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:48:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100422- |  | 36042281 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing mortgage payments for the subject property for 4 months. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing prior VOM. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:51:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100421- |  | 36039236 | XXXX | XX/XX/XXXX | 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 continuous handrails on interior stairs. Also, missing handrails to basement stairs. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: Purchase transaction. Property condition is considered in the value/LTV. Property is in good condition, and the missing handrails weren't deemed as material to underwriting. It is VCC's expectation that the borrower will complete any necessary repairs/installations at the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100420- |  | 36052953 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for Rural property. Comp factor: seasoned investor. | Borrower has owned the subject property for at least 5 years. |  | SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for Rural property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:06:27 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100419- |  | 36042194 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV >75%. Comp factor seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-16): Approved exception at origination for LTV >75%. Comp factor seasoned business. |  |  | XX/XX/XXXX 3:28:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100418- |  | 36037082 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors: LTV and property condition which cannot be substantiated. | 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 | Reviewer Comment (2026-03-13): LTV |  |  | XX/XX/XXXX 3:45:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100418- |  | 36037115 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rurality. Comp factors; LTV and property condition which cannot be substantiated. | 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 | Reviewer Comment (2026-03-13): LTV |  |  | XX/XX/XXXX 3:45:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100416- |  | 36074461 | XXXX | XX/XX/XXXX | 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 factor, AA mortgage history. | Borrower has a clean housing payment history | Housing payment history clean. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor, AA mortgage history.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 4:24:10 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100416- |  | 36074472 | XXXX | XX/XX/XXXX | 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 value seasoning, cash out on property listed within the past 6 months. Comp factor. AA mortgage history. | Borrower has a clean housing payment history | Housing payment history clean. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Approved exception at origination for value seasoning, cash out on property listed within the past 6 months. Comp factor. AA mortgage history.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 4:25:12 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100414- |  | 36046198 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 50% vacancy of subject property and no lease provided for occupied unit. Comp factors: LTV and DCR. | 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. | DCR > guidelines.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for 50% vacancy of subject property. Comp factors: LTV and DCR. |  |  | XX/XX/XXXX 12:52:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100414- |  | 36046268 | XXXX | XX/XX/XXXX | 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 | Appraiser states breaker panels have no cover installed and missing smoke/carbon monoxide detectors that are required in all jurisdiction for the state. Property is zoned for 1 commercial unit on first floor and residential apartment on the 2nd floor, missing occupancy certification permitting 2 residential units. 1 unit is occupied and 1 unit is vacant. |  |  |  | Seller Comment (2026-04-24): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100414- |  | 36046300 | XXXX | XX/XX/XXXX | 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 Safety issues visible in the photos of the appraisal are as follows: Bedroom 2/F XXX has floorboards coming up. The basement pictures show building materials all over the floor posing a potential safety hazard. Appraiser states breaker panels have no cover installed and missing smoke/carbon monoxide detectors that are required in all jurisdiction for the state. 1 unit is occupied and 1 unit is vacant. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. The subject is a two-unit building, one-unit occupied and the unit needing repairs was vacant at origination. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them prior to tenants moving-in. VCC is comforted by the low LTV and strong DCR.<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV, appraisal made as-is and property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards property improvement, and the borrower is expected to remedy these issues. VCC hasn't confirmed the status of updates, but the borrower is expected to complete them. VCC is comforted by the low LTV and strong DCR |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100414- |  | 36073722 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for cash out with borrower on title < 3 months. Comp Factors: LTV and DCR. | 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. | DCR > guidelines.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for cash out with borrower on title < 3 months. Comp Factors: LTV and DCR. |  |  | XX/XX/XXXX 12:55:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100413- |  | 36048047 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination 100% vacancy/missing lease agreement. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-16): Approved exception at origination 100% vacancy/missing lease agreement. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:01:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100413- |  | 36074166 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | 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 (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 4:29:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100412- |  | 36037552 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp Factors: seasoned investor and LTV-not valid when at max permitted. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp Factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 12:32:23 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100412- |  | 36037557 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance premium not paid in full at closing. Comp Factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for Insurance premium not paid in full at closing. Comp Factor: seasoned investor. |  |  | XX/XX/XXXX 12:31:34 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100412- |  | 36090668 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property/missing lease on a refi. Comp factors,. seasoned investor and LTV-is not valid at max permitted. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception at origination for vacant property/missing lease on a refi. Comp factors,. seasoned investor and LTV. |  |  | XX/XX/XXXX 11:44:35 AM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100411- |  | 36066771 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 |  | Approved exception at origination for loan amount <$75,000. 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 | Reviewer Comment (2026-03-13): The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | XX/XX/XXXX 7:20:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100409- |  | 36042252 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for minimum tradeline requirement. Comp Factors reserves and DCR. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The DSCR is greater than the minimum required DSCR. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Approved exception at origination for minimum tradeline requirement. Comp Factors reserves and DCR.<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 2:20:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100409- |  | 36178001 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property. Comp factors, reserves and DCR. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The DSCR is greater than the minimum required DSCR. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-30): Approved exception at origination for vacant property. Comp factors, reserves and DCR. |  |  | XX/XX/XXXX 12:34:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100407- |  | 36073856 | XXXX | XX/XX/XXXX | 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 business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:41:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100406- |  | 36090792 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | XXXXXXXX property is < XXX square feet. | 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 (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for square feet. Comp factors, LTV and FICO.<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:51:13 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100405- |  | 36076211 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: DCR and LTV. | 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. | DCR is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: DCR and LTV. |  |  | XX/XX/XXXX 7:41:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100405- |  | 36076212 | XXXX | XX/XX/XXXX | 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 that lives rent free. Comp factors: DCR and LTV. | 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. | DCR is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factors: DCR and LTV. |  |  | XX/XX/XXXX 7:42:09 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100404- |  | 36061905 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for borrower having only 1 FICO score. Comp Factors: LTV and DCR. | 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>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-17): Approved exception at origination for borrower having only 1 FICO score. Comp Factors: LTV and DCR. |  |  | XX/XX/XXXX 6:30:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100403- |  | 36076244 | XXXX | XX/XX/XXXX | 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: 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 (2026-03-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: FICO.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 4:54:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100403- |  | 36076245 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 70%. 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 (2026-03-20): Approved exception at origination for first time investor with LTV > 70%. Comp factor: FICO.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 4:56:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100402- |  | 36052840 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $X,XXX,XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount > $2 Million. 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 (2026-03-16): Approved exception at origination for loan amount > $2 Million. Comp Factor: reserves. |  |  | XX/XX/XXXX 6:45:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100402- |  | 36076169 | XXXX | XX/XX/XXXX | 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 442, appraisal completed subject to completion of repairs Subject photos indicate deferred maintenance, with ceiling plaster damage throughout with water intrusion and subject to source of leak being stopped. |  |  |  | Buyer Comment (2026-04-17): Seller commentary: XX% LTV. Appraisal made as-is and property condition is considered in value/LTV. Per appraisal, "all home systems (structural and mechanical etc.) appear to be intact and in average condition, some deferred maintenance has been documented" Deferred maintenance is for ceiling repair from previous water intrusion. This is cosmetic in nature and no active leak observed. Given the low LTV and that the borrower maintained strong reserves post-close VCC felt comfortable proceeding. VCC hasn't confirmed the status of repairs, but the borrower is expected to complete them.<br>Reviewer Comment (2026-04-15): Exception remains. Updated appraisal provided, 442 no longer required. However, deferred maintenance is still noted without an amount, unable to verify if it is within guidelines.<br>Buyer Comment (2026-04-15): Appraisal revised to be as-is. Value and LTV have been updated in the tape accordingly. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100402- |  | 36090972 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacancy/missing lease. 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 (2026-03-18): Approved exception at origination for vacancy/missing lease. Comp factor, reserves. |  |  | XX/XX/XXXX 12:35:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100401- |  | 36076232 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 8:34:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100400- |  | 36076228 | XXXX | XX/XX/XXXX | 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 (2026-03-16): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 8:26:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100400- |  | 36076229 | XXXX | XX/XX/XXXX | 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 that lives rent free. Comp factor: LTV, 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. | LTV is < guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: LTV, reserves. |  |  | XX/XX/XXXX 8:27:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100399- |  | 36058464 | XXXX | XX/XX/XXXX | 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 indicates property is missing a smoke detector. |  |  |  | Buyer Comment (2026-04-09): Seller commentary:XX% LTV. Given the low LTV this was not viewed as material to underwriting. However it is generally VCC's expectation that the borrower will complete any necessary repairs/updates to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100398- |  | 36082189 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for no proof of legal US residency provided (Application for renewal of work authorization 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. | SitusAMC,Originator Pre-Close | Seller Comment (2026-04-24): Borrower provided proof that their petition for their renewal had been approved, so VCC felt comfortable proceeding.<br>Reviewer Comment (2026-03-20): Approved exception at origination for no proof of legal US residency provided. Comp factor: LTV<br>Buyer Comment (2026-03-20): Valid exception. Work authorization card provided is expired |  |  | XX/XX/XXXX 5:07:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100398- |  | 36082325 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Pay history for subject reflects > 1x30 days late mortgage payments and within the last 90 days. | 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 (2026-03-20): Exception waived. Updated approval provided in trailing documents approving exception for late payment. Comp factor. LTV/<br>Buyer Comment (2026-03-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:09:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100396- |  | 36047270 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.00 on a refinance of a Traditional II owner/user occupied loan with balance > $500,000. Comp factors: LTV, reserves. | 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. | Reserves > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for DCR < 1.00 on a refinance of a Traditional II owner/user occupied loan with balance > $500,000. Comp factors, LTV and reserves. |  |  | XX/XX/XXXX 4:13:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100396- |  | 36059755 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for late payments in last 90 days on mortgage loans. Comp factors: LTV and reserves. | 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. | Reserves > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for late payments in last 90 days on mortgage loans. Comp factors: LTV and reserves.<br> Comment: |  |  | XX/XX/XXXX 4:13:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100394- |  | 36045995 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exceptions at origination for cash out on property 1) listed within 6 months and 2) purchased within 12 months and using valuation > original purchase price. 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 (2026-03-15): Approved exceptions at origination for cash out on property 1) listed within 6 months and 2) purchased within 12 months and using valuation > original purchase price. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 8:52:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100394- |  | 36045997 | XXXX | XX/XX/XXXX | 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 receipt for most recent monthly payment. 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 (2026-03-15): Approved exception at origination for Incomplete VOM-subject; missing pay history receipt for most recent monthly payment. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 8:53:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100394- |  | 36045999 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination to allow LTV > 75% on investor traditional I refinance. 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 (2026-03-15): Approved exception at origination to allow LTV > 75% on investor traditional I refinance. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 8:52:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100394- |  | 36046095 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate open spaces at basement electrical panel, stained section of basement ceiling (basement is a living space), litter in rear yard and bent fencing, missing smoke detector in residential unit XX, worn carpet on stairs in residential common area, peeling and bare trim at rear, damaged section of front sidewalk. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. The appraiser didn't cite these as deferred maintenance or assign a cost-to-cure. These items are assumed to have a relatively low cost-to-cure and the borrower maintained strong reserves post-close. VCC hasn't confirmed the status of repairs but it is expected to complete any necessary repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100393- |  | 36042160 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate stained ceiling, worn flooring and uncovered electrical outlets. |  |  |  | Buyer Comment (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Per the appraisal, property is in average condition. No cost to cure assigned for the cited items, but it assumed that these will have a relatively low cost to cure. Borrower is expected to complete any necessary repairs, and given the low CTC VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100393- |  | 36042165 | XXXX | XX/XX/XXXX | 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 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. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 3:00:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100393- |  | 36058071 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 60% on a Trad II. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for first time investor with LTV > 60% on a Trad II. Comp factor: FICO. |  |  | XX/XX/XXXX 3:01:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100392- |  | 36064651 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Cash out on property listed within recent 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 (2026-03-13): Approved exception at origination for Cash out on property listed within recent 6 months. Comp factor. LTV. |  |  | XX/XX/XXXX 2:49:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100391- |  | 36063778 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for value seasoning/cashout on property acquired within 1 year utilizing the appraised value not the acquisition cost. Comp Factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-15): Approved exception at origination for value seasoning/cashout on property acquired within 1 year utilizing the appraised value not the acquisition cost. Comp Factor: FICO. |  |  | XX/XX/XXXX 10:22:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100390- |  | 36046712 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | DCR is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for 100% vacancy on a refi. Comp factor: DCR. |  |  | XX/XX/XXXX 2:41:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100390- |  | 36046720 | XXXX | XX/XX/XXXX | 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 factor: DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | DCR is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: DCR. |  |  | XX/XX/XXXX 2:42:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100390- |  | 36046730 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for < 2 major tradelines. Comp factor: DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | DCR is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-20): Approved exception at origination for < 2 major tradelines. Comp factor: DCR.<br>Buyer Comment (2026-03-20): The exceptoin is valid. It is written for <2 major Tradelines, which is accurate |  |  | XX/XX/XXXX 5:14:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100390- |  | 36046736 | XXXX | XX/XX/XXXX | 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 (2026-03-13): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:42:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100389- |  | 36158826 | XXXX | XX/XX/XXXX | 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 door is missing from electrical panel. |  |  |  | Buyer Comment (2026-04-13): The missing panel cover was not deemed as material to underwriting. Electric panel is located in the basement which is only used for utility. The borrower is still expected to remedy any issues with the subject property. VCC is further comforted by the low ltv XX% LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100388- |  | 36048542 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 44.7% vacancy/missing lease agreement. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | DCR is > guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for 44.7% vacancy/missing lease agreement. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 6:58:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100388- |  | 36048546 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV > 75%. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | DCR is > guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for LTV > 75%. Comp factor: DSCR and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 6:59:32 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100388- |  | 36048571 | XXXX | XX/XX/XXXX | 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 report photos reflect visible interior area showing exposed framing, exposed wiring and unfinished surfaces. No proof of repair/completion provided. |  |  |  | Seller Comment (2026-04-24): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Borrower is working on making repairs and renting out the remaining units. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them prior to tenants. Building is structurally sounds and weather tight.<br>Buyer Comment (2026-04-08): Seller commentary: Appraisal made as-is and property condition is considered in value/LTV. Borrower is working on making repairs and renting out the remaining units. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them. Building is structurally sounds and weather tight. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100386- |  | 36047902 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp Factors: seasoned business and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for FICO < 650. Comp Factors: seasoned business and LTV. |  |  | XX/XX/XXXX 12:26:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100386- |  | 36047910 | XXXX | XX/XX/XXXX | 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) and VOM-subject with processor cert.; Comp Factors: seasoned business and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for missing VOR-primary (guarantor lives rent free) and VOM-subject with processor cert.; Comp Factors: seasoned business and LTV. |  |  | XX/XX/XXXX 12:25:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100385- |  | 36047294 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacancy. Comp factors: FICO, DCR. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | FICO is > guidelines.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for vacancy. Comp factors: FICO, DCR. |  |  | XX/XX/XXXX 5:13:35 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100385- |  | 36047334 | XXXX | XX/XX/XXXX | 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 identifies a potential source of water intrusion in the basement, front elevation showing brick exterior with ivy growth and snow covered entry deck, metal door exhibiting surface rust and snow accumulation, removed flooring in the interior, exposed plumbing and ceiling tile damage with wear and tear. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. No active leak or structural issues identified. Per borrower LOE, property is being purchased so they can rent out the residential unit and occupying the commercial unit with their business. Also, the borrower said they wil be finishing flooring/painting/remodeling within an estimated 90 days post-close. VCC hasn't confirmed the status of repairs, but is expected to fulfill their commitment, especially considering the owner-user nature of the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100383- |  | 36213617 | XXXX | XX/XX/XXXX | 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 | Exposed electrical connection at the HVAC (loose ground wire, immediate safety issue) and video camera handing by a wire (needs remounting). Appraisal also indicates deferred maintenance. weathered board requiring replacement. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: XX% LTV, property condition considered in value/LTV (including the minor deferred maintenance). Given the low LTV, these items were not considered material to underwriting; however, VCC generally expects the borrower to complete any necessary repairs to the property. Electrical junction box located outside. The appraiser didn't cite as an immediate safety issue so VCC didn't consider it an immediate issue (although it's expected to be remedied)<br>Buyer Comment (2026-04-09): Seller commentary: XX% LTV, property condition considered in value/LTV (including the minor deferred maintenance). Given the low LTV, these items were not considered material to underwriting; however, VCC generally expects the borrower to complete any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100382- |  | 36047987 | XXXX | XX/XX/XXXX | 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 that lives rent free. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX 5:10:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100381- |  | 36057013 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing most recent two months VOM/primary. 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 > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for missing most recent two months VOM/primary. Comp Factors: Reserves and FICO. |  |  | XX/XX/XXXX 8:42:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100381- |  | 36067002 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp Factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception at origination for expired credit report. Comp Factor: FICO. |  |  | XX/XX/XXXX 8:42:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100380- |  | 36052892 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user 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 (2026-03-16): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factor: reserves. |  |  | XX/XX/XXXX 9:22:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100380- |  | 36052900 | XXXX | XX/XX/XXXX | 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-subject; missing pay history receipts to supplement processor cert from private lender and 2) missing VOR-primary; borrower lives rent free. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exceptions at origination for 1) incomplete VOM-subject; missing pay history receipts to supplement processor cert from private lender and 2) missing VOR-primary; borrower lives rent free. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 9:22:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100380- |  | 36052901 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 9:22:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100377- |  | 36055683 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Traditional 1 property with liability coverage of $300,000.00. 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.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for Traditional 1 property with liability coverage of $300,000.00. Comp Factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:19:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100376- |  | 36049129 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower has owned the subject property for at least 5 years. | FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2026-03-13): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 4:47:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100376- |  | 36065725 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for Trad II owner user located in MI. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-20): Approved exception at origination for override of statewide exclusion for Trad II owner user located in MI. Comp factor, FICO.<br>Buyer Comment (2026-03-20): Corrected Uploaded |  |  | XX/XX/XXXX 5:29:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100375- |  | 36065105 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $100,000 on a Trad I. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for loan amount < $100,000 on a Trad I. Comp factor: LTV. |  |  | XX/XX/XXXX 4:36:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100374- |  | 36052922 | XXXX | XX/XX/XXXX | 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 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 9:37:07 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100374- |  | 36052923 | XXXX | XX/XX/XXXX | 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 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 9:37:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100374- |  | 36052924 | XXXX | XX/XX/XXXX | 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; missing evidence listing agreement has expired/cancelled. | 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 (2026-03-31): Exception waived. Updated approval provided in trailing documents approving exception for recently listed property. Comp factor, LTV.<br>Buyer Comment (2026-03-30): Exception noted on uploaded approval<br>Reviewer Comment (2026-03-24): The Commercial Appraisal, Analyst Review form, and additional valuation materials all indicate that the property is currently listed for sale at a specific asking price, which is indicative of a sale rather than a sublease.<br>Buyer Comment (2026-03-20): Uploaded marketing flyer from loopnet showing property listed for sublease, not sale |  |  | XX/XX/XXXX 10:32:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100371- |  | 36049596 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. 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 (2026-03-16): Approved exception at origination for < 2 active major tradelines. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 1:24:34 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100371- |  | 36049601 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for Trad I investment located in XXX. 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 (2026-03-16): Approved exception at origination for override of statewide exclusion for Trad I investment located in XXX. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 1:24:19 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100370- |  | 36064558 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp Factors: FICO, seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp Factors: FICO, seasoned business. |  |  | XX/XX/XXXX 12:49:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100369- |  | 36064914 | XXXX | XX/XX/XXXX | 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 is under renovation with an estimated $50,000 to cure. unfished flooring and water stained ceiling tiles, missing tiles, missing trim. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Purchase transaction. Appraisal made as-is, property condition considered in value/LTV.The borrower will complete repairs and then occupy the subject with their business post-close. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them, especially considering the owner-user nature of the property (office). |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100367- |  | 36057496 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for 1) VOR/primary; borrower's live rent free and 2) VOM/subject; private VOM /no canceled checks. 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>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-15): Approved exception for 1) VOR/primary; borrower's live rent free and 2) VOM/subject; private VOM /no canceled checks. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 9:11:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100367- |  | 36057507 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-15): Approved exception at origination for DCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 9:12:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100367- |  | 36057519 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp Factors: 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 | Reserves > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-15): Approved exception at origination for FICO < 650. Comp Factors: reserves and seasoned business. |  |  | XX/XX/XXXX 9:12:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100366- |  | 36052169 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for state exclusion override. 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. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for state exclusion override. Comp Factors: LTV and FICO. |  |  | XX/XX/XXXX 6:23:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100364- |  | 36051986 | XXXX | XX/XX/XXXX | 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 DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp factor: LTV. | 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. | LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2026-03-13): Approved exception at origination for DSCR < 1.25 on a Trad II investment refinance with loan amount > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 5:34:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100363- |  | 36050559 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination insurance on basic form. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-25): Approved exception at origination insurance on basic form. Comp factor, FICO.<br>Buyer Comment (2026-03-20): Uploaded |  |  | XX/XX/XXXX 12:16:53 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100363- |  | 36050743 | XXXX | XX/XX/XXXX | 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 that lives rent free. 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 (2026-03-13): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp Factors: reserves and FICO. |  |  | XX/XX/XXXX 6:00:18 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100362- |  | 36055485 | XXXX | XX/XX/XXXX | 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp factor: LTV |  |  | XX/XX/XXXX 10:39:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100362- |  | 36055575 | XXXX | XX/XX/XXXX | 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 and property inspection photos reflect prior patch repairs on ceiling, open ceiling penetration near light fixture, exposed ductwork and incomplete drywall installation in commercial space. As well as ceiling with recessed light opening on 2nd floor residential and missing handrails for first floor stairwell and open junction box in crawl space. Open junction box is an immediate safety issue. |  |  |  | Seller Comment (2026-04-24): Buyer Comment (2026-04-09): Seller commentary: Property conditon considered in value/LTV. These items were not viewed as material in terms of underwriting; however it is generally VCC's expectation that the borrower will complete any necessary repairs to the property. Open junction box is located in a crawl space. The appraiser didn't cite as an immediate safety issue so VCC didn't consider it an immediate issue (although it's expected to be remedied)<br>Buyer Comment (2026-04-09): Seller commentary: Property conditon considered in value/LTV. These items were not viewed as material in terms of underwriting; however it is generally VCC's expectation that the borrower will complete any necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100359- |  | 36051963 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and DCR. | 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>DCR > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-13): Approved exception at origination for FICO < 650. Comp factors: LTV and DCR. |  |  | XX/XX/XXXX 4:31:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100354- |  | 36055943 | XXXX | XX/XX/XXXX | 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 | Subject photos indicate a section of fascia at the third-floor roof line is missing and was being replaced at the time of inspection, mismatched colors on exterior and discoloration, garage front opening is covered by plywood, and the roof is gone with garbage/debris in yard. In addition, basement stairwell is missing handrails and electrical panel is missing cover. No proof of repair/completion provided. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: XX% LTV. Property condition is considered in value/LTV. Building is structurally sound and these cited issues are deferred maintenance items. Given the low LTV, VCC felt comfortable proceeding. VCC hasn't confirmed the status, but does expect the borrower to complete any necessary repairs to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100350- |  | 36057214 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on a Trad II investment refinance with loan amount > $500,000. 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-17): Approved exception at origination for DSCR < 1.25x on a Trad II investment refinance with loan amount > $500,000. Comp factor: FICO. |  |  | XX/XX/XXXX 8:31:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100350- |  | 36057221 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 4 of 7 leases expired, appraisal confirmed 100% occupied. 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-03-17): Approved exception at origination for 4 of 7 leases expired, appraisal confirmed 100% occupied. Comp factor: FICO. |  |  | XX/XX/XXXX 8:14:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100350- |  | 36057285 | XXXX | XX/XX/XXXX | 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 indicate exposed/damaged ceiling in utility/storage room, exposed ceiling in vacant room, storefront facade with peeling paint, front eave section with loose sagging soffit panels and front parking lot with asphalt paving has visible potholes and cracking. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: Property condition is considered in value/LTV. The deferred maintenance is factored into the property rating, and was conisdered minimal by the appraiser, so no deduction was warranted. Property is in overall average condition per both inspection and appraisal. Building structurally sounds. VCC expects the borrower to complete any necessary repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100349- |  | 36041905 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Tax transcripts do not reasonably support the income. |  | Approved exception at origination for waiver of FYXX transcript verification for both business and personal tax returns. (per change memo #1 item 1). Comp factor, LTV and principals 29 years experience with industry. | 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 (2026-03-12): Approved exception at origination for waiver of FY22 transcript verification for both business and personal tax returns. (per change memo #1 item 1). Comp factor, LTV and principals 29 years experience with industry. |  |  | XX/XX/XXXX 10:54:47 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100349- |  | 36042233 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Tax transcripts do not reasonably support the income. |  | Approved exception at origination for missing Required business and personal transcripts per approval condition 1)a-b. (XXXX-XX only per change Memo #1-1). Comp factor, LTV and principals 29 years experience with industry. | 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 (2026-03-12): Approved exception at origination for missing Required business and personal transcripts per approval condition 1)a-b. (2023-24 only per change Memo #1-1). Comp factor, LTV and principals 29 years experience with industry. |  |  | XX/XX/XXXX 10:55:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100347- |  | 36030542 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for subject underwritten as an Investor loan although it is 37.06% owner/user occupied. Comp factors: LTV, DSCR, and guarantor support/liquidity. | 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. | DSCR is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-12): Approved exception at origination for subject underwritten as an Investor loan although it is 37.06% owner/user occupied. Comp factors: LTV, DSCR, and guarantor support/liquidity. |  |  | XX/XX/XXXX 4:33:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100344- |  | 36034558 | XXXX | XX/XX/XXXX | 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 need of repairs on the third floor including the roof and flooring as well as new drywall needed with an estimated cost to cure of $40,000. No holdback 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 | Seller Comment (2026-04-24): XX% LTV. Given the low LTV and that the property condition was considered in the value/LTV, New Day underwriter didn't feel the hodlback was necessary.<br>Reviewer Comment (2026-04-01): Exception waived. Updated approval provided in trailing documents approving exception for property needing repairs. Comp factor, LTV and new 3rd lien on guarantors primary residence.<br>Buyer Comment (2026-04-01): Change memo to address this. |  |  | XX/XX/XXXX 2:51:50 PM | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100340- |  | 36079529 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for waiver of outstanding small claims judgment. (per Change Memo #1- item 2) Comp factors: seasoned investor, DSCR, and LTV. | 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- LTV<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception at origination for waiver of outstanding small claims judgment. (per Change Memo #1- item 2) Comp factors: seasoned investor, DSCR, and LTV. |  |  | XX/XX/XXXX 4:08:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100339- |  | 36040264 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for waiver of BPP insurance requirement (per Change memo #2). 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 (2026-03-12): Approved exception at origination for waiver of BPP insurance requirement (per Change memo #2). Comp factors, LTV and FICO. |  |  | XX/XX/XXXX 10:36:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100339- |  | 36040324 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for waiver of VOM/pay history requirements for 3x business loans (per Change memo #1-item 2). 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 (2026-03-12): Approved exception at origination for waiver of VOM/pay history requirements for 3x business loans (per Change memo #1-item 2). Comp factors, LTV and FICO. |  |  | XX/XX/XXXX 10:37:08 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100336- |  | 36083388 | XXXX | XX/XX/XXXX | 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 exterior steps missing handrails and cracked stucco at rear of subject. Cost to cure is $2,500; no proof of repair provided. |  |  |  | Buyer Comment (2026-04-20): VCC generally doesn't view handrails as material to underwriting; however, it is expected that the borrower will remedy any issues at the subject property. Property condition is considered in value/LTV.<br>Reviewer Comment (2026-04-16): Exception remains. Evidence of stucco repair provided; however, missing handrail remains.<br>Buyer Comment (2026-04-15): Evidence of stucco repair attached.<br>Reviewer Comment (2026-04-13): Exception re-opened. Client requested exception be re-opened so comments could be added.<br>Buyer Comment (2026-04-10): Seller commentary: Property condition considered in valueLTV. Given the minimal cost-to-cure these items were not considered material in terms of underwriting; however, it is generally VCC's expectation that the borrower will remedy any issues with the property. |  |  | XX/XX/XXXX 4:33:41 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100336- |  | 36083434 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for borrower vested on title < 12 months. Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait. | 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 (2026-03-17): Approved exception at origination for borrower vested on title < 12 months. Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait. |  |  | XX/XX/XXXX 1:22:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100336- |  | 36083484 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement (subsequently executed lease provided). Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait. | 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 (2026-03-17): Approved exception at origination for 100% vacancy/missing lease agreement (subsequently executed lease provided). Comp factors: FICO and property condition which is unable to be validated as a non-qualitative subjective trait. |  |  | XX/XX/XXXX 1:23:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36065554 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The mirror is broken in the bathroom in XXX. The floor linoleum is coming up along tub and near vent in floor in the bathroom in XXX. |  |  |  | Buyer Comment (2026-04-15): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. These are minor deferred maintenance items within VCC guidelines. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them.<br>Reviewer Comment (2026-04-14): Exception remains. Exception is a grade 2 for property damage. No evidence these items have been repaired has been provided.<br>Buyer Comment (2026-04-13): These are all minor deferred maintenance items within VCC guidelines. No cost-to-cure provided by the appraiser. |  |  |  | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36065594 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 12:27:38 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36082644 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Approved exception at origination for basic form policy/coverage type. Comp factor: seasoned business.<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 12:28:00 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36082937 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | First time investor on 2 family purchase with LTV > 70%. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for LTV > 70% on a FTI. Comp factor, seasoned business.<br>Buyer Comment (2026-03-21): Exception noted |  |  | XX/XX/XXXX 12:30:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36082997 | XXXX | XX/XX/XXXX | 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 verified post closing reserves < 3 months P&I. (verified funds of $23.2k less funds to close per final HUD of $21.9k results in total reserves of $X.Xk or <1.5 months P&I) | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing verified assets. Comp factor, seasoned business.<br>Buyer Comment (2026-03-21): Exception written |  |  | XX/XX/XXXX 12:30:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100335- |  | 36092864 | XXXX | XX/XX/XXXX | 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 indicates XXX does not have kitchen appliances., 2nd floor ceiling needs repair, 2nd floor bath fiberglass surround and wall needs repair and smoke detectors installed. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: Purchase transaction. Appraisal made as-is and property condition is considered in the value/LTV. XXX was vacant at the time of the appraisal. Borrower intends to complete the necessary repairs prior to renting out the unit. VCC hasn't confirmed the status of repairs, but expects the borrower to complete them so they can rent out their unit. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100334- |  | 36065219 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Lease Agreement in file is not signed by the Tenant. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factor, reserves.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:35:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100334- |  | 36083289 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; bank statements provided; however, due to multiple electronic withdrawals on bank statements, unable to determine rental payment. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, reserves.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:36:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100333- |  | 36083265 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Incomplete lease on SFR refinance; Lease in file(D0154) does not contain signatures. (non-authenticated e-sign (typed name listed in signature field in matching font/ format to document text). | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for unsigned lease. Comp factor, seasoned business.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:10:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100333- |  | 36083297 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; a Utility bill along with 12 months bank stmts is provided, however there is no LOE nor documentation of lease terms/ which payments on the 20-30+ pg stmts are corresponding to VOR-primary. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR. Comp factor, seasoned business.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:11:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100332- |  | 36070755 | XXXX | XX/XX/XXXX | 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.<br>Borrower has owned the subject property for at least 5 years. | LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> Compensating Factor(s) cited for re-grade: |  |  | XX/XX/XXXX 8:08:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100332- |  | 36070888 | XXXX | XX/XX/XXXX | 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: LTV. | 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. | LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2026-03-16): Approved exception for missing VOR - primary. Borrower lives rent free. Comp Factor: LTV. |  |  | XX/XX/XXXX 8:08:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100332- |  | 36070890 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount below $100,000. Comp Factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for loan amount below $100,000. Comp Factor: LTV. |  |  | XX/XX/XXXX 8:09:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100332- |  | 36070907 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exceptions at origination for 1) State exclusion (MI), 2) Value Seasoning; cashout on property owned less than 12 months using appraised value rather than acquisition cost. Comp Factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exceptions at origination for 1) State exclusion (MI), 2) Value Seasoning; cashout on property owned less than 12 months using appraised value rather than acquisition cost. Comp Factor: LTV. |  |  | XX/XX/XXXX 8:09:30 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100332- |  | 36070992 | XXXX | XX/XX/XXXX | 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 | Upper-level apartment is in fair condition, and renovation is currently underway while tenant remains in place. Appraisal show renovations being done but does not provide description of room/work being done (no photo of bathrooms provided). Deferred maintenance shown in photos of garage showing deteriorated ceiling with staining and exposed framing with gaps in CMU wall above overhead door. |  |  |  | Buyer Comment (2026-04-13): Seller commentary: XX% LTV. Borrower provided reciept for roof repair. Per borrower LOE, cash-out proceeds to be used to complete improvements at the subject property. Renovations underway at the time of the appraisal. Given the low LTV and the borrower actively renovating the property, VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100331- |  | 36091779 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for missing evidence of legal US residency (Form I-797C application to establish permanent residency in file with application and credit report reflecting US address). 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 | Seller Comment (2026-04-24): Borrower mailing address within the US per their loan application. Borrower also provided a copy of their application to register permanent residence or adjust status immigration letter, showing it was in process. VCC hasn't confirmed the application status post-funding,<br>Reviewer Comment (2026-03-25): Approved exception at origination for missing evidence of legal US residency. Comp factor: FICO.<br> Comment:<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 2:24:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100331- |  | 36095643 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOM-primary; 5 of 12 months payment receipts. | 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 (2026-03-25): Exception waived. updated approval provided in trailing documents approving exception for incomplete VOM Comp factor, FICO.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:25:29 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100331- |  | 36095678 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject property unit number. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing unit # on HOA master policy. Comp factor, FICO.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:28:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100330- |  | 36148817 | XXXX | XX/XX/XXXX | 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, 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 (2026-03-26): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan amount > $500,000. Comp factors, seasoned investor and FICO. |  |  | XX/XX/XXXX 6:40:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100330- |  | 36152958 | XXXX | XX/XX/XXXX | 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 report reflects basement stairwell is missing handrails, ceiling titles are missing and brick wall with visible water stain on ceiling on the interior, interior utility area with unfinished walls, basement with clutter. No proof of repair provided. |  |  |  | Buyer Comment (2026-04-15): Seller commentary: Appraisal made as-is, and the property condition is considered in the value/LTV. VCC confirmed via the appraisal that the basement stairs have handrail present. The appraiser did not cite health and safety or deferred maintenance, just signs of normal wear and tear. Property is in overall average condition.<br>Reviewer Comment (2026-04-15): Exception remains. Appraisal has basement picture that is not clear but can see railing on the bottom portion of the basement stairs. The top of the basement stairs not visible in appraisal and shown in the property inspection has no handrail.<br>Buyer Comment (2026-04-14): Please refer to page 32 of the appraisal PDF. Basement stairs shown in the photo and handrail is present.<br>Reviewer Comment (2026-04-10): Exception remains. Agree the appraisal is the superior document and should be used as verification any issues in the inspection have been resolved. Unfortunately, the inspection has more pictures of the property than what the appraisal is showing. The appraisal does not show the stairwell with the missing handrail. The appraisal is showing the interior stairs which are not the stairs to the basement.<br>Buyer Comment (2026-04-09): Appraisal made as-is and property condition considered in value/LTV. The appraisal, dated two months post the inspection report clearly shows handrails on the basement stairwell in the photos. The appraiser did not cite health and safety or deferred maintenance. Per the appraisal, just signs normal wear and tear and the property is in average condition. The appraisal is a superior product to the inspection and is more recent. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100329- |  | 36078751 | XXXX | XX/XX/XXXX | 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 | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:47:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100329- |  | 36079952 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for > 2 credit score reported. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-25): Approved exception at origination for > 2 credit score reported. Comp factor: seasoned investor.<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 1:48:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100328- |  | 36095835 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Missing HOA Questionnaire. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA questionnaire. Comp factor, reserves.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:50:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100328- |  | 36096043 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA mater policy is missing subject property unit number. | 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 (2026-03-25): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master HOA policy. Comp factor, reserves.<br>Buyer Comment (2026-03-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:50:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100327- |  | 36074070 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for premium not paid in full - on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 4:54:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100326- |  | 36073746 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for State Exclusion. 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 (2026-03-31): Approved exception at origination for State Exclusion. Comp factor, reserves.<br>Buyer Comment (2026-03-30): Corrected Uploaded<br>Reviewer Comment (2026-03-25): Exception remains. Approval provided does not state a comp factor.<br>Buyer Comment (2026-03-21): Corrected Uploaded |  |  | XX/XX/XXXX 11:09:53 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100325- |  | 36071177 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full - on payment plan and named insured tenant. Comp Factor: seasoned investor. | Borrower has owned the subject property for at least 5 years. |  | SitusAMC | Reviewer Comment (2026-03-16): Approved exception at origination for premium not paid in full - on payment plan and named insured tenant. Comp Factor: seasoned investor. |  |  | XX/XX/XXXX 3:53:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100325- |  | 36071183 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor, reserves. | 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. | Reserves > guidelines. | SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for DSCR < 1.25x guideline minimum for investor traditional 2 property with loan > $500k. Comp Factors: seasoned investor, reserves. |  |  | XX/XX/XXXX 3:54:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100324- |  | 36088622 | XXXX | XX/XX/XXXX | 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 | Fair to average condition. Appraisal indicates commercial unit XXX is completely gutted; cost to cure $135,000, unit XX requires installation of some cabinetry and fixtures: cost to cure $2,500 and unit XX requires painting and new floor coverings. or hardwood floor refinishing; cost to cure is $5,000. No proof of completion provided |  |  |  | Buyer Comment (2026-04-08): XX% LTV. Appraisal made as-is and property condition is considered in the value and LTV. Borrower has owned the subject for 10+ years and the property was undergoing renovations at the time of the appraisal. No major health and safety items were cited and the borrower is expected to complete repairs. VCC is further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100324- |  | 36088793 | XXXX | XX/XX/XXXX | 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 report handrails missing from interior stairwell leading to upper residential units. Additionally, appraisal indicates commercial unit XXXX is completely gutted; cost to cure $135,000, unit XXrequires installation of some cabinetry and fixtures: cost to cure $2,500 and unitXXrequires painting and new floor coverings. or hardwood floor refinishing; cost to cure is $5,000. No proof of completion provided |  |  |  | Buyer Comment (2026-04-08): XX% LTV. Appraisal made as-is and property condition is considered in the value and LTV. Borrower has owned the subject for 10+ years and the property was undergoing renovations at the time of the appraisal. No major health and safety items were cited and the borrower is expected to complete repairs. VCC is further comforted by the low LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100324- |  | 36148564 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for state exclusion override (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 (2026-03-31): Approved exception at origination for state exclusion override (IL). Comp factor, LTV.<br>Buyer Comment (2026-03-30): Corrected Uploaded |  |  | XX/XX/XXXX 11:17:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100323- |  | 36084527 | XXXX | XX/XX/XXXX | 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 indicates the building has a leaking roof and rooftop HVAC system needs repair. A seller concession was included in the sales contract to address the issue; no proof of repair was provided. |  |  |  | Buyer Comment (2026-04-09): Seller commentary: Purchase transaction. Property condition is considered in the value/LTV. A seller credit was included in the purchase contract to remedy the leaking rooftop and HVAC system. VCC hasn't confirmed the status of repairs but the borrower is expected to complete them. The borrower is a seasoned business owner and intends to occupy the subject with their business. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100322- |  | 36074374 | XXXX | XX/XX/XXXX | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 5:43:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100322- |  | 36074376 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for insufficient major trade lines < $5k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-03-16): Approved exception at origination for insufficient major trade lines < $5k. Comp factor: LTV. |  |  | XX/XX/XXXX 5:43:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100320- |  | 36083379 | XXXX | XX/XX/XXXX | 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 for waiver of verified post closing reserve minimum requirement of 3 months P&I. (per Change Memo 2) Comp factors: LTV and payment/credit history. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-03-18): Approved exception for waiver of verified post closing reserve minimum requirement of 3 months P&I. (per Change Memo 2) Comp factors: LTV and payment/credit history. |  |  | XX/XX/XXXX 12:57:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100316- |  | 36176028 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject property unit number and borrower name. | 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 (2026-04-07): Exception waived. Change memo received in trailing documents approving exception for missing unit number and borrower name on master HOA policy. Comp factors. LTV and FICO.<br>Buyer Comment (2026-04-06): Change memo addressing this attached.<br>Reviewer Comment (2026-04-02): Exception remains. HOA Master policy does indicate it covers the entire complex; however, the borrower's name should be listed as an additional insured or loss payee. If not listed, this would be an exception. There usually is an endorsement that will list all owners names as part of the insurance if not listed on binder. With the owners policy less than the loan amount, it is required they be on the master policy.<br>Buyer Comment (2026-04-01): Most Master policies for Condo Associations will not add unit number or borrower name as they are not the insured for the policy- the Condo Association just has to provide the master policy that shows that the building is insured. |  |  | XX/XX/XXXX 10:39:55 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100315- |  | 36176483 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV < 65% on an investor full doc cash out refinance. Comp factors: reserves and 2 additional collateral properties. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-30): Approved exception at origination for LTV < 65% on an investor full doc cash out refinance. Comp factors: reserves and 2 additional collateral properties. |  |  | XX/XX/XXXX 11:33:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100315- |  | 36177015 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for DSCR. Comp factors: reserves and 2 additional collateral properties. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-03-30): Approved exception at origination for DSCR. Comp factors: reserves and 2 additional collateral properties. |  |  | XX/XX/XXXX 11:33:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100312- |  | 36236763 | XXXX | XX/XX/XXXX | 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 (2026-04-06): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:50:09 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100312- |  | 36236971 | XXXX | XX/XX/XXXX | 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 2 of 12 months deposit receipts. 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 (2026-04-06): Approved exception at origination for incomplete VOR-primary; missing 2 of 12 months deposit receipts. Comp factor: LTV |  |  | XX/XX/XXXX 10:49:45 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100312- |  | 36238391 | XXXX | XX/XX/XXXX | 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 | Appraiser states evidence of water infiltration on the 2nd floor area. Cost to cure $1,000. Also, the finished attic does not have a working heat source. |  |  |  | Buyer Comment (2026-04-15): Seller commentary:XX% LTV, purchase transaction. No active leak confirmed. Given the low LTV and low cost-to-cure this was not viewed as material to underwriting; however, it is expected that the borrower will complete any necessary repairs/updates to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100311- |  | 36221052 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Missing HOA master policy and borrower hazard insurance policy. | 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 (2026-04-13): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA master policy. Comp factor, LTV.<br>Buyer Comment (2026-04-13): Uploaded<br>Reviewer Comment (2026-04-09): Exception remains. Approved exception for master HOA policy but we are also missing the HO6 Policy. Cannot waive exception until we have the owners policy.<br>Buyer Comment (2026-04-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:59:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100311- |  | 36221090 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement (signed lease agreement subsequently 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 (2026-04-08): Approved exception at origination for 100% vacancy/missing lease agreement (signed lease agreement subsequently provided). Comp factor: LTV.<br>Buyer Comment (2026-04-07): Corrected Uploaded |  |  | XX/XX/XXXX 11:21:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100311- |  | 36236344 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Mortgage statement reflects late payments in the last 90 days. | 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 (2026-04-08): Exception waived. Updated approval provided in trailing documents approving exception for mortgage late payments. Comp factor, LTV.<br>Buyer Comment (2026-04-07): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:18:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100311- |  | 36237924 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Missing HOA questionnaire. | 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 (2026-04-09): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA Cert. Comp factor, LTV.<br>Buyer Comment (2026-04-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:50:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100310- |  | 36251969 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOI AM Best rating, A or better. 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 (2026-04-13): Approved exception at origination for HOI AM Best rating, A or better. Comp factor: LTV.<br>Buyer Comment (2026-04-13): Corrected Uploaded |  |  | XX/XX/XXXX 3:43:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100310- |  | 36251977 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. | 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 (2026-04-08): Approved exception at origination for rural property. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. |  |  | XX/XX/XXXX 12:42:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100310- |  | 36251991 | XXXX | XX/XX/XXXX | 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 a non-quantitative trait that cannot be substantiated. | 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 (2026-04-08): Approved exception at origination for FICO < 650. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. |  |  | XX/XX/XXXX 12:43:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100310- |  | 36252002 | XXXX | XX/XX/XXXX | 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 property condition which is a non-quantitative trait that cannot be substantiated. | 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 (2026-04-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. |  |  | XX/XX/XXXX 12:45:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100310- |  | 36257573 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement (short term rental). Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. | 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 (2026-04-08): Approved exception at origination for 100% vacancy/missing lease agreement (short term rental). Comp factors: LTV and property condition which is a non-quantitative trait that cannot be substantiated. |  |  | XX/XX/XXXX 12:50:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100309- |  | 36237788 | XXXX | XX/XX/XXXX | 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 photos reflect security bars on windows; no proof of quick release latches. |  |  |  | Buyer Comment (2026-04-17): Seller commentary: XX% LTV, property condition is considered in the value/LTV. The appraiser didn't cite the bars as a health and safety issues, so they were not deemed as material to underwriting. VCC expects the borrower to complete any necessary updates/repairs to the property. VCC is further comforted by the low LTV.<br>Reviewer Comment (2026-04-16): Exception remains. Rear of subject property on page 17 of appraisal has bars on the windows, not the neighboring property.<br>Buyer Comment (2026-04-15): Can you re-review this? Looks like the photo you are referencing is for the neighboring property, not the subject property. I'm looking at page 21 of the PDF. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100307- |  | 36252758 | XXXX | XX/XX/XXXX | 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 Pre-Close | Reviewer Comment (2026-04-08): Approved exception at origination for credit report aged > 60 days. Comp factor seasoned investor. |  |  | XX/XX/XXXX 5:10:01 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100307- |  | 36257696 | XXXX | XX/XX/XXXX | 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. | Address: XXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects damaged kitchen ceiling and bedroom electrical outlet appears faulty. Photo of ceiling repair and inspection of electrical panel found to be working properly; however, associated outlets were inspected but does not indicate they have been repaired. - XXXXXXXXXXXXX. |  |  |  | Buyer Comment (2026-04-09): Seller Commentary: XX% LTV, property condition considered in value/LTV. VCC received an electrical inspection confirming that the outlet was faulty due to overuse, not due to any issues with the electrical box. Borrower is expected to replace the outlet box, VCC has not confirmed the status at this point. No major safety concerns cited by the appraiser or electrical inspector. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100307- |  | 36258065 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. |  | Appraisal photo reflects shed is in need of repair - XXXXXXXXXXXXX. |  |  |  | Buyer Comment (2026-04-14): The value of the shed was not enough to have an impact on the overall property value. VCC did not view this as material to underwriting.<br>Reviewer Comment (2026-04-10): Exception remains. In-house review notes the condition of the shed with the appraiser stating that the shed does not have a significant value. Do not see where no value was given. This exception is a grade 2 and is not a health and safety issue.<br>Buyer Comment (2026-04-09): The small shed on the property was not considered in the value. Shed is completely detached from the property. No damages were cited to the actual property that was given value. This doesn't seem like a valid exception. |  |  |  | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100306- |  | 36220870 | XXXX | XX/XX/XXXX | 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 (2026-04-06): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 8:53:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100306- |  | 36236021 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Lease agreement provided has expired. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-04-13): Exception waived. Updated approval provided in trailing documents approving exception for expired lease. Comp factor, seasoned business.<br>Buyer Comment (2026-04-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:11:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100305- |  | 36254711 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy missing unit number. | 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 (2026-04-15): Exception waived. Updated approval provided in trailing documents approving exception for missing unit number on master policy. Comp factor, LTV.<br>Buyer Comment (2026-04-15): change memo addressing this attached. |  |  | XX/XX/XXXX 12:22:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-2-100303- |  | 36250482 | XXXX | XX/XX/XXXX | 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 interior stairwell/entrance to radio station is missing handrail. |  |  |  | Buyer Comment (2026-04-14): XX% LTV. Property condition is considered in value/LTV. Missing handrails are generally not considered material to underwriting, but it is expected that the borrower will remedy any issues with the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100303- |  | 36250969 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for guarantor's ownership in the company < 20%. 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 (2026-04-07): Approved exception at origination for guarantor's ownership in the company < 20%. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 3:17:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-2-100302- |  | 36239146 | XXXX | XX/XX/XXXX | Credit | Asset | Asset Documentation | Asset | Missing Document: Account Statements not provided |  | Missing 6 months consecutive bank statements for lite doc purchase transaction. | 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 (2026-04-20): Exception waived. Change memo provided in trailing documents approving exception for missing bank statements. Comp factor, FICO.<br>Buyer Comment (2026-04-20): cam with chamnge memo attached.<br>Reviewer Comment (2026-04-15): Exception remains. The HUD reflects the transaction as a purchase with a Purchase contract in file. Borrower held 19% in prior entity that owned the property and was purchasing the property in an entity name until right before closing when the contract was assigned to her individually.<br>Buyer Comment (2026-04-15): This is a rate and term refinance. VCC credit policy states: "For Investor Loan refinance loans, at least 3 months of consecutive bank statements are required. Exceptions may be made at the discretion of the Chief Credit Officer. In addition, for all Investor Loan refinance loans, the deposits should be reconciled to the rent roll."<br>Reviewer Comment (2026-04-14): Exception remains. Guidelines require 6 months bank statement on a purchase transaction.<br>Buyer Comment (2026-04-14): Only 3 months is required for a refi investor loan. There are 3 months of statements in file. |  |  | XX/XX/XXXX 1:27:17 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |

---

## Exhibit 99.09

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

 **Exhibit 99.09**

![](ex9909_001.jpg)

VCC 2026-2

Velocity Commercial Capital, LLC

Opus Capital Markets Consultants, LLC

5718 Westheimer Road - Suite 1000 \| Houston, TX 77057 \| www.opuscmc.com \| 224.632.1300<br>

**Executive Narrative**

**April 24, 2026**

**Performed by** 

**Opus Capital Markets Consultants, LLC**

**For** 

**Velocity Commercial Capital, LLC**

This report summarizes the results of a due diligence review performed on (385) 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 three hundred eighty-five (385) loans representing three hundred ninety-five (395) 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;4 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0 |

---

As detailed herein, the pool contains 86 small balance commercial loans and 299 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 February 13, 2026 through April 15, 2026 via imaged files and provided by the Client (the "Review.")

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;55 | &nbsp;&nbsp;86 | &nbsp;&nbsp;63.95% |
| &nbsp;&nbsp;Investor 1-4 Family | &nbsp;&nbsp;132 | &nbsp;&nbsp;299 | &nbsp;&nbsp;44.15% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**187** | &nbsp;&nbsp;**385** | &nbsp;&nbsp;**48.57%** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Program Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Guideline Review (Including Data Integrity) | &nbsp;&nbsp;504 1st | &nbsp;&nbsp;SBA | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Guideline Review (Including Data Integrity) |  |  |  |  | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total Guideline Review** |  |  | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Family (not included in Guideline Review) | &nbsp;&nbsp;167 | &nbsp;&nbsp;299 | &nbsp;&nbsp;55.85% |
| &nbsp;&nbsp;**Total NOO Review** |  | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**299** | &nbsp;&nbsp;**55.85%** |

---

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 132 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 three (3) SBA mortgage loans. Opus conducted a review of the 3 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 LTV/CLTV/HTLTV Property type

Loan characteristics Representative credit score, Property usage

DSCR (if applicable) Asset reserves 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 (iii) 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.

**Property Condition Review**

The purpose of the Property Condition Review is to assess the overall condition of the subject property and identify any material concerns or red flags. This review is conducted using valuation products provided by the Client, with a focus on the following key areas:

**Property Condition Assessment**

&nbsp;&nbsp;&nbsp;&nbsp;· The Consultant shall verify that the property is reported
to be in average or better condition

&nbsp;&nbsp;&nbsp;&nbsp;· If the property is identified as being in below average
or worse condition, a Finding shall be issued

**Property Damage Evaluation**

&nbsp;&nbsp;&nbsp;&nbsp;· The Consultant shall review the Appraiser's comments
and photos to determine if any significant damage is present

&nbsp;&nbsp;&nbsp;&nbsp;· A Finding shall be issued if the estimated cost
to cure exceeds 5% of the loan amount, up to a maximum of $20,000, or as otherwise specified in the applicable guidelines

**Health and Safety Review**

&nbsp;&nbsp;&nbsp;&nbsp;· Key Safety Aspects

Structural Integrity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The home must be structurally sound, with no visible signs of major issues
in the foundation, roof, or walls

**Hazardous Materials:**

&nbsp;&nbsp;&nbsp;&nbsp;· The property must be free of hazardous materials like asbestos and peeling
lead-based paint, especially in older homes

Pest Infestations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evidence of termites or other pest infestations

**Electrical Systems:**

&nbsp;&nbsp;&nbsp;&nbsp;· There should be no exposed electrical wires or loose wiring, and outlets must
be properly installed

**Consultant will identify potential safety hazards, including:** 

&nbsp;&nbsp;&nbsp;&nbsp;· Broken windows or doors

&nbsp;&nbsp;&nbsp;&nbsp;· Lack of handrails on stairs

&nbsp;&nbsp;&nbsp;&nbsp;· Signs of significant water damage or mold

Properties with cited health and safety/damage/deferred maintenance outside of VCC's guideline allowance can be graded with a property condition "B" if there is an escrow holdback listed on the Settlement Statement/CD that covers the cost to cure for repairs.

**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;Number of Units | &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;Occupancy |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;ARM Initial Interest Rate Cap | &nbsp;&nbsp;Interest Rate |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;ARM Initial Interest Rate Maximum | &nbsp;&nbsp;Qualifying Loan Amount |
| &nbsp;&nbsp;Primary Appraised Property Value | &nbsp;&nbsp;ARM Initial Interest Rate Minimum | &nbsp;&nbsp;Qualifying LTV |
| &nbsp;&nbsp;Borrower First Name | &nbsp;&nbsp;ARM Subsequent Interest Rate Cap | &nbsp;&nbsp;Initial Monthly P&I Or IO Payment |
| &nbsp;&nbsp;Borrower Last Name | &nbsp;&nbsp;ARM Lifetime Interest Rate Maximum | &nbsp;&nbsp;Term |
| &nbsp;&nbsp;Property City | &nbsp;&nbsp;ARM Lifetime Interest Rate Minimum | &nbsp;&nbsp;Prepayment Penalty Total Term |
| &nbsp;&nbsp;Sales Price | &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Prepayment Penalty Calculation |
| &nbsp;&nbsp;Calculated DSCR | &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;Loan Purpose |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;Final Qualifying Property Value | &nbsp;&nbsp;Purpose of Refinance |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;Margin | &nbsp;&nbsp;Qualifying FICO |
| &nbsp;&nbsp;ARM Rate Index Type | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;Property State |
| &nbsp;&nbsp;Interest Only Flag | &nbsp;&nbsp;Modification Flag | &nbsp;&nbsp;Property Address |
| &nbsp;&nbsp;ARM Subsequent Interest Rate Change Frequency | &nbsp;&nbsp;Note Date | &nbsp;&nbsp;Property Zip Code |

---

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were fifteen (15) 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;1 | &nbsp;&nbsp;99.47% |
| &nbsp;&nbsp;**Total Loans** | &nbsp;&nbsp;**187** |  |

---

**<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 April 24, 2026.

---

| | | |
|:---|:---|:---|
| **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;88 | &nbsp;&nbsp;47.06% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;94 | &nbsp;&nbsp;50.27% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| **Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;93 | &nbsp;&nbsp;49.73% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;94 | &nbsp;&nbsp;50.27% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| **Property Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;181 | &nbsp;&nbsp;96.79% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

**GUIDELINE CREDIT REVIEW RESULTS**

Of the one hundred eighty-seven (187) mortgage loans reviewed by Opus, ninety-four (94) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. A total of one hundred forty-nine (149) credit exceptions were granted.

Additionally, 49.73% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the one hundred eighty-seven (187) mortgage loans reviewed by Opus, one (1) was assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. A total of one (1) valuation exception was granted.

Of the one hundred eighty-seven (187) mortgage loans reviewed by Opus, five (5) were assigned a Valuation grade of "C".

Additionally, 96.79% of the mortgage loans reviewed received a Valuation grade of "A".

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

---

| | | |
|:---|:---|:---|
| **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;167 | &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% |
| **Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;167 | &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% |

---

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

Of the one hundred sixty-seven (167) mortgage loans reviewed by Opus, none (0) were assigned a property grade of "C".

Additionally, 100.00% of the mortgage loans reviewed received a Credit grade of "A".

**<u>Loans Reviewed:</u> 385**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;467267 | &nbsp;&nbsp;973800 | &nbsp;&nbsp;943839 | &nbsp;&nbsp;158577 | &nbsp;&nbsp;165930 | &nbsp;&nbsp;567140 | &nbsp;&nbsp;357834 | &nbsp;&nbsp;936747 | &nbsp;&nbsp;591652 |
| &nbsp;&nbsp;373863 | &nbsp;&nbsp;903168 | &nbsp;&nbsp;193420 | &nbsp;&nbsp;726871 | &nbsp;&nbsp;272891 | &nbsp;&nbsp;595960 | &nbsp;&nbsp;615644 | &nbsp;&nbsp;975209 | &nbsp;&nbsp;802163 |
| &nbsp;&nbsp;269856 | &nbsp;&nbsp;695019 | &nbsp;&nbsp;139205 | &nbsp;&nbsp;719742 | &nbsp;&nbsp;785035 | &nbsp;&nbsp;323907 | &nbsp;&nbsp;948279 | &nbsp;&nbsp;108003 | &nbsp;&nbsp;821104 |
| &nbsp;&nbsp;644807 | &nbsp;&nbsp;931528 | &nbsp;&nbsp;550299 | &nbsp;&nbsp;184839 | &nbsp;&nbsp;154461 | &nbsp;&nbsp;521230 | &nbsp;&nbsp;593004 | &nbsp;&nbsp;760138 | &nbsp;&nbsp;784600 |
| &nbsp;&nbsp;620090 | &nbsp;&nbsp;550584 | &nbsp;&nbsp;473631 | &nbsp;&nbsp;783722 | &nbsp;&nbsp;735839 | &nbsp;&nbsp;943380 | &nbsp;&nbsp;651295 | &nbsp;&nbsp;996341 | &nbsp;&nbsp;783225 |
| &nbsp;&nbsp;180778 | &nbsp;&nbsp;387535 | &nbsp;&nbsp;226738 | &nbsp;&nbsp;636221 | &nbsp;&nbsp;904905 | &nbsp;&nbsp;179867 | &nbsp;&nbsp;673311 | &nbsp;&nbsp;596749 | &nbsp;&nbsp;998535 |
| &nbsp;&nbsp;225475 | &nbsp;&nbsp;774786 | &nbsp;&nbsp;161944 | &nbsp;&nbsp;515145 | &nbsp;&nbsp;459315 | &nbsp;&nbsp;725407 | &nbsp;&nbsp;790306 | &nbsp;&nbsp;124690 | &nbsp;&nbsp;229540 |
| &nbsp;&nbsp;281178 | &nbsp;&nbsp;191131 | &nbsp;&nbsp;720300 | &nbsp;&nbsp;941962 | &nbsp;&nbsp;869056 | &nbsp;&nbsp;392260 | &nbsp;&nbsp;528292 | &nbsp;&nbsp;940385 | &nbsp;&nbsp;858702 |
| &nbsp;&nbsp;315044 | &nbsp;&nbsp;895513 | &nbsp;&nbsp;948749 | &nbsp;&nbsp;965108 | &nbsp;&nbsp;722046 | &nbsp;&nbsp;736968 | &nbsp;&nbsp;523890 | &nbsp;&nbsp;864227 | &nbsp;&nbsp;815399 |
| &nbsp;&nbsp;529410 | &nbsp;&nbsp;867372 | &nbsp;&nbsp;483570 | &nbsp;&nbsp;490766 | &nbsp;&nbsp;720941 | &nbsp;&nbsp;225680 | &nbsp;&nbsp;773635 | &nbsp;&nbsp;476973 | &nbsp;&nbsp;408003 |
| &nbsp;&nbsp;466549 | &nbsp;&nbsp;777439 | &nbsp;&nbsp;456418 | &nbsp;&nbsp;825821 | &nbsp;&nbsp;383323 | &nbsp;&nbsp;998391 | &nbsp;&nbsp;469665 | &nbsp;&nbsp;355063 | &nbsp;&nbsp;251036 |
| &nbsp;&nbsp;279767 | &nbsp;&nbsp;529660 | &nbsp;&nbsp;187415 | &nbsp;&nbsp;233507 | &nbsp;&nbsp;556300 | &nbsp;&nbsp;402629 | &nbsp;&nbsp;421837 | &nbsp;&nbsp;314541 | &nbsp;&nbsp;107243 |
| &nbsp;&nbsp;268706 | &nbsp;&nbsp;272290 | &nbsp;&nbsp;622960 | &nbsp;&nbsp;583967 | &nbsp;&nbsp;924355 | &nbsp;&nbsp;920582 | &nbsp;&nbsp;245248 | &nbsp;&nbsp;599031 | &nbsp;&nbsp;910873 |
| &nbsp;&nbsp;453654 | &nbsp;&nbsp;171000 | &nbsp;&nbsp;261364 | &nbsp;&nbsp;576054 | &nbsp;&nbsp;430105 | &nbsp;&nbsp;854923 | &nbsp;&nbsp;392531 | &nbsp;&nbsp;611517 | &nbsp;&nbsp;513931 |
| &nbsp;&nbsp;674077 | &nbsp;&nbsp;892258 | &nbsp;&nbsp;297750 | &nbsp;&nbsp;710739 | &nbsp;&nbsp;344152 | &nbsp;&nbsp;812689 | &nbsp;&nbsp;153241 | &nbsp;&nbsp;496679 | &nbsp;&nbsp;814539 |
| &nbsp;&nbsp;945650 | &nbsp;&nbsp;323067 | &nbsp;&nbsp;659681 | &nbsp;&nbsp;259103 | &nbsp;&nbsp;726395 | &nbsp;&nbsp;274182 | &nbsp;&nbsp;727492 | &nbsp;&nbsp;648599 | &nbsp;&nbsp;514511 |
| &nbsp;&nbsp;157199 | &nbsp;&nbsp;699274 | &nbsp;&nbsp;924215 | &nbsp;&nbsp;868005 | &nbsp;&nbsp;461920 | &nbsp;&nbsp;294797 | &nbsp;&nbsp;938534 | &nbsp;&nbsp;482911 | &nbsp;&nbsp;453497 |
| &nbsp;&nbsp;563131 | &nbsp;&nbsp;378936 | &nbsp;&nbsp;695142 | &nbsp;&nbsp;747534 | &nbsp;&nbsp;260112 | &nbsp;&nbsp;742850 | &nbsp;&nbsp;508863 | &nbsp;&nbsp;927128 | &nbsp;&nbsp;351728 |
| &nbsp;&nbsp;586717 | &nbsp;&nbsp;419924 | &nbsp;&nbsp;297004 | &nbsp;&nbsp;810167 | &nbsp;&nbsp;502582 | &nbsp;&nbsp;271042 | &nbsp;&nbsp;892904 | &nbsp;&nbsp;422672 | &nbsp;&nbsp;414098 |
| &nbsp;&nbsp;816291 | &nbsp;&nbsp;353308 | &nbsp;&nbsp;517634 | &nbsp;&nbsp;501358 | &nbsp;&nbsp;120542 | &nbsp;&nbsp;995985 | &nbsp;&nbsp;940849 | &nbsp;&nbsp;166706 | &nbsp;&nbsp;706630 |
| &nbsp;&nbsp;756605 | &nbsp;&nbsp;806000 | &nbsp;&nbsp;687688 | &nbsp;&nbsp;851877 | &nbsp;&nbsp;765923 | &nbsp;&nbsp;715399 | &nbsp;&nbsp;882785 | &nbsp;&nbsp;746839 | &nbsp;&nbsp;686888 |
| &nbsp;&nbsp;230746 | &nbsp;&nbsp;645252 | &nbsp;&nbsp;996391 | &nbsp;&nbsp;254519 | &nbsp;&nbsp;292057 | &nbsp;&nbsp;477295 | &nbsp;&nbsp;127464 | &nbsp;&nbsp;539520 | &nbsp;&nbsp;810768 |
| &nbsp;&nbsp;483280 | &nbsp;&nbsp;226699 | &nbsp;&nbsp;132367 | &nbsp;&nbsp;783400 | &nbsp;&nbsp;377828 | &nbsp;&nbsp;347510 | &nbsp;&nbsp;786431 | &nbsp;&nbsp;885450 | &nbsp;&nbsp;826513 |
| &nbsp;&nbsp;621676 | &nbsp;&nbsp;647747 | &nbsp;&nbsp;272975 | &nbsp;&nbsp;561160 | &nbsp;&nbsp;282432 | &nbsp;&nbsp;291337 | &nbsp;&nbsp;521651 | &nbsp;&nbsp;683387 | &nbsp;&nbsp;822139 |
| &nbsp;&nbsp;201084 | &nbsp;&nbsp;708717 | &nbsp;&nbsp;313256 | &nbsp;&nbsp;903788 | &nbsp;&nbsp;219471 | &nbsp;&nbsp;421992 | &nbsp;&nbsp;681216 | &nbsp;&nbsp;625199 | &nbsp;&nbsp;701328 |
| &nbsp;&nbsp;801098 | &nbsp;&nbsp;158414 | &nbsp;&nbsp;820424 | &nbsp;&nbsp;875939 | &nbsp;&nbsp;220228 | &nbsp;&nbsp;896775 | &nbsp;&nbsp;453097 | &nbsp;&nbsp;236796 | &nbsp;&nbsp;822243 |
| &nbsp;&nbsp;698407 | &nbsp;&nbsp;197339 | &nbsp;&nbsp;536078 | &nbsp;&nbsp;453588 | &nbsp;&nbsp;194407 | &nbsp;&nbsp;468605 | &nbsp;&nbsp;719977 | &nbsp;&nbsp;309166 | &nbsp;&nbsp;366054 |
| &nbsp;&nbsp;793130 | &nbsp;&nbsp;917025 | &nbsp;&nbsp;596029 | &nbsp;&nbsp;770066 | &nbsp;&nbsp;616573 | &nbsp;&nbsp;728956 | &nbsp;&nbsp;410568 | &nbsp;&nbsp;842221 | &nbsp;&nbsp;280755 |
| &nbsp;&nbsp;941104 | &nbsp;&nbsp;650855 | &nbsp;&nbsp;697857 | &nbsp;&nbsp;676218 | &nbsp;&nbsp;484694 | &nbsp;&nbsp;147026 | &nbsp;&nbsp;103868 | &nbsp;&nbsp;512586 | &nbsp;&nbsp;390009 |
| &nbsp;&nbsp;966774 | &nbsp;&nbsp;534777 | &nbsp;&nbsp;544363 | &nbsp;&nbsp;547236 | &nbsp;&nbsp;944394 | &nbsp;&nbsp;898809 | &nbsp;&nbsp;542817 | &nbsp;&nbsp;338542 | &nbsp;&nbsp;420624 |
| &nbsp;&nbsp;100206 | &nbsp;&nbsp;615389 | &nbsp;&nbsp;755414 | &nbsp;&nbsp;555694 | &nbsp;&nbsp;221860 | &nbsp;&nbsp;980466 | &nbsp;&nbsp;393352 | &nbsp;&nbsp;677056 | &nbsp;&nbsp;711167 |
| &nbsp;&nbsp;711944 | &nbsp;&nbsp;108439 | &nbsp;&nbsp;532291 | &nbsp;&nbsp;377808 | &nbsp;&nbsp;116363 | &nbsp;&nbsp;315987 | &nbsp;&nbsp;701006 | &nbsp;&nbsp;277938 | &nbsp;&nbsp;737158 |
| &nbsp;&nbsp;853658 | &nbsp;&nbsp;475002 | &nbsp;&nbsp;659540 | &nbsp;&nbsp;169787 | &nbsp;&nbsp;217191 | &nbsp;&nbsp;592837 | &nbsp;&nbsp;144791 | &nbsp;&nbsp;495214 | &nbsp;&nbsp;536150 |
| &nbsp;&nbsp;368912 | &nbsp;&nbsp;446915 | &nbsp;&nbsp;670468 | &nbsp;&nbsp;288154 | &nbsp;&nbsp;331154 | &nbsp;&nbsp;584778 | &nbsp;&nbsp;573009 | &nbsp;&nbsp;629285 | &nbsp;&nbsp;899313 |
| &nbsp;&nbsp;234701 | &nbsp;&nbsp;788272 | &nbsp;&nbsp;113143 | &nbsp;&nbsp;914749 | &nbsp;&nbsp;241732 | &nbsp;&nbsp;777258 | &nbsp;&nbsp;951755 | &nbsp;&nbsp;471294 | &nbsp;&nbsp;566235 |
| &nbsp;&nbsp;230359 | &nbsp;&nbsp;755948 | &nbsp;&nbsp;476041 | &nbsp;&nbsp;372951 | &nbsp;&nbsp;424144 | &nbsp;&nbsp;730199 | &nbsp;&nbsp;615186 | &nbsp;&nbsp;171969 | &nbsp;&nbsp;921648 |
| &nbsp;&nbsp;265869 | &nbsp;&nbsp;801196 | &nbsp;&nbsp;869632 | &nbsp;&nbsp;311960 | &nbsp;&nbsp;689217 | &nbsp;&nbsp;918789 | &nbsp;&nbsp;754423 | &nbsp;&nbsp;524058 | &nbsp;&nbsp;919536 |
| &nbsp;&nbsp;493955 | &nbsp;&nbsp;197354 | &nbsp;&nbsp;776430 | &nbsp;&nbsp;290224 | &nbsp;&nbsp;931048 | &nbsp;&nbsp;383301 | &nbsp;&nbsp;851039 | &nbsp;&nbsp;781012 | &nbsp;&nbsp;201316 |
| &nbsp;&nbsp;864465 | &nbsp;&nbsp;715101 | &nbsp;&nbsp;108215 | &nbsp;&nbsp;680054 | &nbsp;&nbsp;794724 | &nbsp;&nbsp;559905 | &nbsp;&nbsp;755534 | &nbsp;&nbsp;636625 | &nbsp;&nbsp;536894 |
| &nbsp;&nbsp;277888 | &nbsp;&nbsp;381236 | &nbsp;&nbsp;333532 | &nbsp;&nbsp;790059 | &nbsp;&nbsp;204461 | &nbsp;&nbsp;363117 | &nbsp;&nbsp;673579 | &nbsp;&nbsp;371071 | &nbsp;&nbsp;107515 |
| &nbsp;&nbsp;545312 | &nbsp;&nbsp;487896 | &nbsp;&nbsp;200346 | &nbsp;&nbsp;631780 | &nbsp;&nbsp;164234 | &nbsp;&nbsp;166107 | &nbsp;&nbsp;951480 | &nbsp;&nbsp;239637 | &nbsp;&nbsp;213605 |
| &nbsp;&nbsp;125987 | &nbsp;&nbsp;623732 | &nbsp;&nbsp;433437 | &nbsp;&nbsp;619356 | &nbsp;&nbsp;255072 | &nbsp;&nbsp;667551 | &nbsp;&nbsp;781823 | &nbsp;&nbsp;243849 | &nbsp;&nbsp;673530 |
| &nbsp;&nbsp;964248 | &nbsp;&nbsp;899065 | &nbsp;&nbsp;106585 | &nbsp;&nbsp;300517 | &nbsp;&nbsp;106112 | &nbsp;&nbsp;315503 | &nbsp;&nbsp;314221 |  |  |

---

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

## Exhibit 99.10

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.10**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Alt Loan ID** | **Seller Loan ID** | **Investor 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?** |
| XXXXX | XXXXXXXXX | 467267 |  |  | Closed | 2026-03-06 10:05 | 2026-03-23 16:46 | 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-materail. - Due Diligence Vendor-03/23/2026 <br>Ready for Review-Document Uploaded. change memo addresses this - Buyer-03/20/2026 <br>Open-Audited FICO of 623 is less than Guideline FICO of 650 Qualifying FICO of 623 is less than min. required FICO of 650 for Lite Doc program - Due Diligence Vendor-03/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-materail. - Due Diligence Vendor-03/23/2026<br>| XXXXX |  | Average FICO score of all borrowers of 668<br> Strong DSCR of 3.44<br> Low LTV of 40% | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 373863 |  |  | Closed | 2026-02-18 13:14 | 2026-04-24 08:12 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Open-Property Condition Does Not Meet Requirements. Appraisal notes that the property is in fair condition. The improvements appear to have been renovated in XXXX/XXXX with only turnover upgrades such as flooring replacement and fresh paint as needed. We observed no substantial recent improvements to the property. All of the units are considered to be in similarly fair condition. Although XXXX was not provided a Property Condition Assessment (PCA), a tour of the improvements did not reveal any significant maintenance issues. Our tour of the improvements included a cursory inspection of the buildings and parking area. No items of deferred maintenance were noted. The appraiser didn't cite any issues of deferred maintenance. The appraisal considered the property as fair condition. Per the appraisal "The improvements are in Fair overall condition. Overall, there are no known factors that adversely impact the marketability of the improvements." The property has not had any notable renovations (outside of flooring/paint as needed) and is overall dated. No other adverse items cited by the appraiser. - Due Diligence Vendor-02/18/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 58.7% LTV. The appraisal is made as-is and the property condition is considered in the value/LTV. The appraiser didn't cite any deferred maintenance or significant maintenance issues. Given the low LTV and no presence of major issues XXXX felt comfortable proceeding with the loan. <br> - Buyer-04/14/2026 <br> Counter-This is a securitization requirement, it is not about the guidelines. - Due Diligence Vendor-03/06/2026 <br> Ready for Review-XXXX credit policy doesn't specify what condition the property must be in, we focus on remaining economic life. - Buyer-02/27/2026 |  |  |  |  |  | XX | Investment | Purchase | NA | XXXX | Investor Post-Close | No |
| XXXXX | XXXXXXXXX | 269856 |  |  | Closed | 2026-03-06 19:28 | 2026-03-09 11:21 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 64.99% exceeds Guideline LTV of 60% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-03/07/2026 |  | Waived-Audited LTV of 64.99% exceeds Guideline LTV of 60% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-03/07/2026<br>|  |  | Guarantor Support / Liquidity | XX | Other | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 269856 |  |  | Closed | 2026-03-06 19:19 | 2026-03-06 19:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 646 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-03/07/2026 |  | Waived-Audited FICO of 646 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-03/07/2026<br>|  |  | Guarantor Support/Liquidity | XX | Other | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 225475 |  |  | Closed | 2026-03-12 16:24 | 2026-04-02 10:12 | Waived | 2 - Non-Material | Credit | Eligibility | Property Management Requirements not met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/02/2026 <br> Ready for Review-Document Uploaded. - Buyer-04/01/2026 <br> Counter-The guidelines require a third-party management agreement. - Due Diligence Vendor-03/26/2026 <br> Ready for Review-Unable to obtain property management contract, but here is the property management contact info:<br> XXXX<br> XXXX, XXXX, XX XXXXX<br> Attention: XXXXX<br> (XXX)XXX-XXXX<br> - Buyer-03/25/2026 <br> Open-Borrower/Property Manager does not meet any of the requirements set forth in the guidelines. Principal address is approx. 400 miles from subject property. Policy requires property management to be in place for principals residing more than 100 miles from collateral property. No property management contract found in file. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/02/2026<br>| XXXXX |  | Management company provided verbal confirmation<br> Sufficient DSCR based on market rents and expenses<br> XXXXX strong credit history<br> Low LTV of 60.57% | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 279767 |  |  | Closed | 2026-03-10 01:36 | 2026-04-20 14:35 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Open-Property Condition Does Not Meet Requirements. Property is required to be in average or better condition. Per the appraisal the subject property is in below average condition. No major deferred maintenance was noted, however the retail and residential units were in below average condition and could use better upkeep or a renovation in order to better compete within the market. The buildings are overall dated. Retail building is empty. The retail space is vacant. Compared to other buildings in the area, this building will need better upkeep and maintenance to remain competitive, which is why the appraiser cited the building in below average condition. No other details provided in appraisal. - Due Diligence Vendor-03/10/2026 <br> Acknowledged-The finding is acknowledged. - Due Diligence Vendor-04/20/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 50.51% LTV, appraisal made as-is and property condition is considered in the value and LTV. XXXX focuses on the remaining economic remaining life, which is 30+ years for this property. Given the low LTV and that no deferred maintenance or health and safety items were cited XXXX felt comfortable proceeding. The borrower is expected to make any necessary repairs/updates to the property. - Buyer-04/15/2026 <br> Counter-This is a securitization requirement requested by the investment banks, all properties below average condition are required to be flagged. - Due Diligence Vendor-03/20/2026 <br> Ready for Review-We do not have a requirement surrounding property condition at XXXX. we focus on remaining economic life, which is listed at 30 years for this property., - Buyer-03/19/2026 |  | Acknowledged-The finding is acknowledged. - Due Diligence Vendor-04/20/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Investor Post-Close | No |
| XXXXX | XXXXXXXXX | 268706 |  |  | Closed | 2026-03-27 17:15 | 2026-04-02 11:08 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/02/2026 <br> Ready for Review-This is addressed in the XXX under policy exceptions along with mitigation comments, page 13. - Buyer-04/01/2026 <br> Open-Housing History Does Not Meet Guideline Requirements Per policy no mortgage delinquency of 30 days or greater is allowed within the previous 12 months for debts being refinanced. VOM shows 3 late payments in the past 12 months. - Due Diligence Vendor-03/27/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/02/2026<br>|  |  | Additional collateral support<br> Low LTV<br> Extensive industry experience | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 453654 |  |  | Closed | 2026-03-30 17:58 | 2026-04-15 17:15 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-04/15/2026 <br> Acknowledged-XXXX felt comfortable proceeding given the low LTV and strong DCR. XXXX hasn't confirmed the status of repairs, but the buyer is expected to complete them. Client Acknowledges and downgrading findings - Due Diligence Vendor-04/15/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 51.2% LTV. Purchase transaction. Property condition is considered in the value/LTV (including the deferred maintenance). XXXX felt comfortable proceeding given the low LTV and strong DCR. XXXX hasn't confirmed the status of repairs, but the buyer is expected to complete them. <br> - Buyer-04/14/2026 <br> Counter-These condition findings are a requirement for the securitization from the investment banks, acknowledging the damage is not going to change the materiality of the finding. - Due Diligence Vendor-04/07/2026 <br> Ready for Review-Document Uploaded. - Buyer-04/06/2026 <br> Open-Property Damage Present. At the time of inspection, Unit XXXX was observed to have significantly deteriorated vinyl floor covering. In addition, the restroom fixtures were noted to be missing. Prior to occupancy by a new tenant, these items will require repair and replacement. An estimated cost to cure of $XXXXXX has been applied and deducted from both the Sales Comparison and Income Approach indications of value to account for the deferred maintenance. - Due Diligence Vendor-03/30/2026 |  | Acknowledged- - Due Diligence Vendor-04/15/2026 <br> Acknowledged-XXXX felt comfortable proceeding given the low LTV and strong DCR. XXXX hasn't confirmed the status of repairs, but the buyer is expected to complete them. Client Acknowledges and downgrading findings - Due Diligence Vendor-04/15/2026 | XXXXX |  |  | XX | Other | Purchase | NA | XXXX | Investor Post-Close | No |
| XXXXX | XXXXXXXXX | 945650 |  |  | Closed | 2026-04-09 15:47 | 2026-04-20 14:28 | Waived | 2 - Non-Material | Credit | Eligibility | Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/20/2026 <br> Ready for Review-Document Uploaded. - Seller-04/20/2026 <br> Counter-The XXX should have been updated when the interest rate changed, the correct DSCR calculation is below the guideline minimum. - Due Diligence Vendor-04/14/2026 <br> Ready for Review-At the time of the XXX approval, the all in rate was 10.55% which equals $39,562 monthly interest only payments. When we were writing up the XXX and received the approval, the DSCR was 1.15x and met the minimum guideline. - Buyer-04/13/2026 <br> Open-Debt Service Coverage Ratio of 1.13x is below guideline minimum of 1.15x. Audit DSCR of 1.13x differs from XXX DSCR due to audit i/o payment $XX,XXX.XX ($X.XMM\* .1078/12) for subject note compared to XXX i/o payment $XX,XXX.XX. - Due Diligence Vendor-04/09/2026 | Ready for Review-Document Uploaded. - Seller-04/20/2026<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/20/2026<br>| XXXXX |  | Low LTV of 50.56%<br> Strong personal net worth of $XXMM<br> Personal FICO scores of 724, 767, and 753 | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 816291 |  |  | Closed | 2026-02-17 09:18 | 2026-02-19 14:15 | 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-02/19/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in Rent free; However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/19/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in Rent free; However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 756605 |  |  | Closed | 2026-02-17 09:42 | 2026-03-12 09:05 | 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-03/12/2026 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-03/11/2026 <br> Counter-No document was provided. - Due Diligence Vendor-03/04/2026 <br> Ready for Review-Corrected Uploaded - Buyer-03/02/2026 <br> Open-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX. The Lender provided an approved exception dated prior to consummation, and all compensating factors were not met. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>| XXXXX |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 756605 |  |  | Closed | 2026-02-19 14:41 | 2026-02-25 16:46 | 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-02/25/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. Pending receipt of a secondary review product. - Due Diligence Vendor-02/19/2026 |  | 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-02/25/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 483280 |  |  | Closed | 2026-02-18 05:15 | 2026-02-23 14:45 | 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-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The 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-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The 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-02/18/2026<br>|  |  | Seasoned Investor<br> High Fico | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 621676 |  |  | Closed | 2026-02-18 08:59 | 2026-02-23 14:49 | Waived | 2 - Non-Material | Credit | Eligibility | Credit history does not meet guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br> Waived-limited open tradelines over $XXK Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br> Waived-limited open tradelines over $XXK Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 621676 |  |  | Closed | 2026-02-18 09:00 | 2026-02-23 14:49 | 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-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. lives rent free Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. lives rent free Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 621676 |  |  | Closed | 2026-02-18 09:25 | 2026-02-23 14:48 | 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-02/23/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 621676 |  |  | Closed | 2026-02-18 09:25 | 2026-02-23 14:48 | 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-02/23/2026 <br>Waived-Audited FICO of 607 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-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Audited FICO of 607 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-02/18/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 201084 |  |  | Closed | 2026-02-23 14:52 | 2026-03-04 12:34 | 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-03/04/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. BPO value not within tolerance, pending results of the CDA. - Due Diligence Vendor-02/23/2026 |  | 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-03/04/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 201084 |  |  | Closed | 2026-02-17 08:34 | 2026-02-23 14:54 | 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-02/23/2026 <br>Waived-Audited FICO of 614 is less than Guideline FICO of 650. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Audited FICO of 614 is less than Guideline FICO of 650. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 201084 |  |  | Closed | 2026-02-17 08:27 | 2026-02-23 14:53 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 801098 |  |  | Closed | 2026-02-17 16:16 | 2026-02-23 15:05 | Waived | 2 - Non-Material | Credit | Missing Doc | Ineligible Loan - Property State | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-As per guideline property State is in Exclusion state. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-As per guideline property State is in Exclusion state. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 801098 |  |  | Closed | 2026-02-17 16:18 | 2026-02-23 15:05 | 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-02/23/2026 <br>Waived-DSCR is less as per the guidelines for Commercial property. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-DSCR is less as per the guidelines for Commercial property. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 801098 |  |  | Closed | 2026-02-17 16:41 | 2026-02-23 15:05 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Credit report is 65 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Credit report is 65 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 793130 |  |  | Closed | 2026-02-17 15:33 | 2026-02-23 15:26 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>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-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>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-02/17/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 793130 |  |  | Closed | 2026-02-17 15:35 | 2026-02-23 15:26 | 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-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete for subject property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete for subject property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 941104 |  |  | Closed | 2026-02-17 08:58 | 2026-02-23 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-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing payment history for primary residence; rent free letter provided; Lender provided an exception dated prior to consummation and all compensating factors have been validate. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing payment history for primary residence; rent free letter provided; Lender provided an exception dated prior to consummation and all compensating factors have been validate. - Due Diligence Vendor-02/17/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 966774 |  |  | Closed | 2026-02-18 08:05 | 2026-02-23 15:53 | 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-02/23/2026 <br>Waived-Hazard Insurance Policy Partially Provided Basic policy form is not listed in GL Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Hazard Insurance Policy Partially Provided Basic policy form is not listed in GL Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/18/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 100206 |  |  | Closed | 2026-02-17 15:51 | 2026-03-04 12:42 | 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-02/23/2026 <br>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-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>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-02/17/2026<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 100206 |  |  | Closed | 2026-02-17 15:40 | 2026-02-23 16:09 | 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-02/23/2026 <br>Waived-Audited FICO of 618 is less than Guideline FICO of 650 . A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>Waived-Audited FICO of 618 is less than Guideline FICO of 650 . A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 711944 |  |  | Closed | 2026-02-18 11:05 | 2026-02-19 15:14 | 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-02/19/2026 <br>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, only a mortgage statement has been provided, and no complete 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.<br> - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/19/2026 <br>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, only a mortgage statement has been provided, and no complete 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.<br> - Due Diligence Vendor-02/18/2026<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 368912 |  |  | Closed | 2026-02-19 14:03 | 2026-02-23 16:25 | 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-02/23/2026 <br>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-02/19/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br>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-02/19/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 234701 |  |  | Closed | 2026-02-18 05:31 | 2026-03-18 09:12 | 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-03/04/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/02/2026 <br>Open-Audited FICO of 635 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 635. Lender provided approved exception dated prior to consummation however no compensating factors were provided. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/04/2026<br>| XXXXX |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 493955 |  |  | Closed | 2026-02-17 15:40 | 2026-02-24 15:42 | 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-02/24/2026 <br>Waived-Audited FICO of 636 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<br> - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Audited FICO of 636 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<br> - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 493955 |  |  | Closed | 2026-02-17 16:00 | 2026-02-24 15:42 | Waived | 2 - Non-Material | Credit | Eligibility | Credit history does not meet guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Lender guidelines require a minimum of 2 major tradelines reporting. Despite this requirement, the credit report only reflects no major active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Lender guidelines require a minimum of 2 major tradelines reporting. Despite this requirement, the credit report only reflects no major active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/17/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 277888 |  |  | Closed | 2026-02-20 16:00 | 2026-03-12 09:58 | 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-03/12/2026 <br>Ready for Review-Document Uploaded. - Buyer-03/11/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Mortgage (VOM) Document is Missing for subject property. - Due Diligence Vendor-02/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>| XXXXX |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 545312 |  |  | Closed | 2026-02-18 08:58 | 2026-03-04 09:40 | 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-03/04/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/02/2026 <br>Open-Audited LTV of 69.59% exceeds Guideline LTV of 65%. LTV is reduced 5% for First Time Investor. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/04/2026<br>| XXXXX |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 125987 |  |  | Closed | 2026-02-24 15:52 | 2026-03-04 13:05 | 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-03/04/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. BPO was out of tolerance, pending receipt of the desk review. - Due Diligence Vendor-02/24/2026 |  | 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-03/04/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 125987 |  |  | Closed | 2026-02-19 12:21 | 2026-02-24 15:57 | 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-02/24/2026 <br>Waived-Hazard Insurance Policy Partially Provided Hazard Insurance has balance due on Premium. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/19/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Hazard Insurance Policy Partially Provided Hazard Insurance has balance due on Premium. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-02/19/2026<br>|  |  | High FICO<br> LOW LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 125987 |  |  | Closed | 2026-02-19 12:13 | 2026-02-24 15:57 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>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-02/19/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>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-02/19/2026<br>|  |  | High FICO<br> LOW LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 783225 |  |  | Closed | 2026-02-16 13:05 | 2026-03-04 10:05 | 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-03/04/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/02/2026 <br>Open-Audited LTV of 75% exceeds Guideline LTV of 70% . The lender provided an approved exception dated prior to consummation; however, all compensating factors were not met. There was less than one month of verified reserves post closing. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/04/2026<br>| XXXXX |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 783225 |  |  | Closed | 2026-02-18 09:32 | 2026-02-24 16:01 | Waived | 2 - Non-Material | Credit | Debt | Number of Collections exceed guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Charge off collection Exceeds Guideline, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Charge off collection Exceeds Guideline, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/18/2026<br>|  |  | High FICO<br> Property Condition | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 229540 |  |  | Closed | 2026-02-17 06:34 | 2026-03-04 09:56 | 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-03/04/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/02/2026 <br> Open-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were not met. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/04/2026<br>| XXXXX |  | Excess Equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 931528 |  |  | Closed | 2026-03-09 15:26 | 2026-03-11 15:14 | 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-03/11/2026 <br>Waived-Audited FICO of 594 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-03/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Waived-Audited FICO of 594 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-03/09/2026<br>|  |  | Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 550584 |  |  | Closed | 2026-03-11 15:20 | 2026-03-11 15:23 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Open-The borrower has been on title less than 12 months. Per GL the acquisition cost of property plus verified improvements to be used to calculate LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026<br>|  |  | High FICO<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 550584 |  |  | Closed | 2026-03-11 11:18 | 2026-03-11 11:18 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower is an American citizen living and renting overseas, no VOR available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower is an American citizen living and renting overseas, no VOR available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 774786 |  |  | Closed | 2026-03-11 10:56 | 2026-03-11 10:56 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOR for Borrower 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOR for Borrower 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 191131 |  |  | Closed | 2026-02-17 12:27 | 2026-03-04 10:43 | 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-03/04/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/02/2026 <br> Open-Borrower photo ID expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/04/2026<br>| XXXXX |  | Seasoned business<br> Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 191131 |  |  | Closed | 2026-02-17 12:52 | 2026-02-24 16:14 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/17/2026<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 867372 |  |  | Closed | 2026-03-10 14:55 | 2026-03-18 10:15 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br> Open- - Due Diligence Vendor-03/11/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation, however the compensating factor of low LTV is not valid as the loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation, however the compensating factor of low LTV is not valid as the loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/11/2026 | XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 529660 |  |  | Closed | 2026-03-10 13:11 | 2026-04-20 14:53 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/10/2026<br>|  |  | Strong Marketing Trends<br> Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 529660 |  |  | Closed | 2026-03-17 12:06 | 2026-03-17 12:08 | 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 rated a B or non-material for S&P only. - Due Diligence Vendor-03/17/2026 <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-03/17/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be rated a B or non-material for S&P only. - Due Diligence Vendor-03/17/2026<br>|  |  |  | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 529660 |  |  | Closed | 2026-03-13 10:12 | 2026-03-13 10:17 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 1) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived- First time buyers are ineligible for investment 1-unit properties. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived- First time buyers are ineligible for investment 1-unit properties. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/13/2026<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 892258 |  |  | Closed | 2026-02-17 14:01 | 2026-02-24 16:16 | 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-02/24/2026 <br>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-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>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-02/17/2026<br>|  |  | High FICO<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 323067 |  |  | Closed | 2026-03-12 11:36 | 2026-03-12 17:33 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. The Social Security number on the credit report is incorrect per the documentation provided. Lender provided approved exception dated prior to consummation and all lender compensating factory have been documented and validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. The Social Security number on the credit report is incorrect per the documentation provided. Lender provided approved exception dated prior to consummation and all lender compensating factory have been documented and validated - Due Diligence Vendor-03/12/2026<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 323067 |  |  | Closed | 2026-03-10 13:38 | 2026-03-12 17:33 | 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-03/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 699274 |  |  | Closed | 2026-03-12 07:27 | 2026-03-12 17:36 | 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-03/12/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 645252 |  |  | Closed | 2026-02-24 16:29 | 2026-04-15 17:20 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Open-Property Damage Present. Interior observations indicate cosmetic maintenance items, including localized damage to flooring, minor drywall damage, and evidence of moisture intrusion observed and marked in one of the upstairs bedrooms. These items appear to be deferred maintenance in nature and do not appear to represent immediate structural failure within the main dwelling; however, repairs are recommended to prevent further deterioration. Based on observable conditions and typical market repair costs, the estimated cost to cure for the following cosmetic repairs within the main dwelling is approximately $XX,XXX.XX.<br>The property includes a second-floor accessory dwelling unit (ADU) of approximately XXX square feet, which is only accessible via an exterior stairway. At the time of inspection, safe access to the ADU was not possible due to significant deterioration and wood rot observed at the exterior stairway, landing, and front porch/landing area. The compromised condition of these elements created an unsafe condition, and as a result, the appraiser did not traverse or physically enter the ADU.<br>Limited interior photographs were obtained solely from the tenant, and based on available information, the ADU appears to be in poor condition. Additionally, deterioration was observed at the underside of the covered patio area, which also serves as the flooring system for the ADU above, raising concerns regarding the structural integrity of this component. The attached ADU has signigant damage to the access area (stairway) and the Flooring as the ceiling of the covered patio has significant damage - Due Diligence Vendor-02/24/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: Property condition is considered in the value/LTV.The ADU is detached and not given any value. The other items are considered deferred maintenance within XXX guidelines. Cash-out proceeds will be used to rehab the ADU, staircase and landing. XXX hasn't confirmed the status of repairs, but expects the borrower to complete them.<br> - Buyer-04/14/2026 |  |  |  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Investor Post-Close | No |
| XXXXX | XXXXXXXXX | 645252 |  |  | Closed | 2026-02-17 10:55 | 2026-02-24 16:31 | 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-02/24/2026 <br>Waived-Audited FICO of 629 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-02/17/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/24/2026 <br>Waived-Audited FICO of 629 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-02/17/2026<br>|  |  | Lease covers payment and no value given to ADU<br> Cashout proceeds will be used to rehab ADU, staircase, landing, which will increase value/equity position.<br>| XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 226699 |  |  | Closed | 2026-03-13 10:34 | 2026-03-13 10:34 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Subject property is rural and vacant. Lender exception in the file for rural, vacant property. - Due Diligence Vendor-03/13/2026 |  | Waived-Subject property is rural and vacant. Lender exception in the file for rural, vacant property. - Due Diligence Vendor-03/13/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 647747 |  |  | Closed | 2026-03-11 13:38 | 2026-03-11 16:14 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Documentation in file reflects the borrower had a foreclosure action less than the required 24 seasoned. The loan in question is now current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Documentation in file reflects the borrower had a foreclosure action less than the required 24 seasoned. The loan in question is now current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Seasoned business | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 197339 |  |  | Closed | 2026-03-10 12:55 | 2026-03-11 16:35 | 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-03/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower Lives rent-free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower Lives rent-free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 197339 |  |  | Closed | 2026-03-10 12:53 | 2026-03-11 16:34 | 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-03/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided As per the guideline Insurance must covered windstorm and hurricane However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided As per the guideline Insurance must covered windstorm and hurricane However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 917025 |  |  | Closed | 2026-03-12 10:10 | 2026-03-12 17:37 | 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-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 1.175 is below guideline minimum of 1.2 for a traditional 1 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 1.175 is below guideline minimum of 1.2 for a traditional 1 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 917025 |  |  | Closed | 2026-03-12 09:47 | 2026-03-12 17:37 | 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-03/12/2026 <br>Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of the 1st year premium paid in full. Despite this requirement, the hazard policy was verified on a payment plan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of the 1st year premium paid in full. Despite this requirement, the hazard policy was verified on a payment plan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 650855 |  |  | Closed | 2026-03-10 16:01 | 2026-03-12 17:40 | Waived | 2 - Non-Material | Property | Property | Property has been listed for sale in the past 6 months | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-the subject transaction is a 70% LTV cash out refinance, but the property was listed within 6 months from the closing date. Lender guidelines state the loan is only eligible as a rate term refinance. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-the subject transaction is a 70% LTV cash out refinance, but the property was listed within 6 months from the closing date. Lender guidelines state the loan is only eligible as a rate term refinance. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026<br>|  |  | Seasoned Business. | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 615389 |  |  | Closed | 2026-03-10 17:40 | 2026-03-13 15:32 | 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-03/13/2026 <br>Waived-Audited FICO of 605 is less than Guideline FICO of 650 A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Audited FICO of 605 is less than Guideline FICO of 650 A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-03/10/2026<br>|  |  | Low LTV<br> Strong DCR | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 615389 |  |  | Closed | 2026-03-13 10:46 | 2026-03-13 15:32 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Missing 12-month payment history. A verification of rent-free letter is present. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Missing 12-month payment history. A verification of rent-free letter is present. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/13/2026<br>|  |  | Low LTV<br> Strong DCR | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 615389 |  |  | Closed | 2026-03-13 11:09 | 2026-03-13 15:32 | 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-03/13/2026 <br>Waived-Tradeline count does not meet program requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Tradeline count does not meet program requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/13/2026<br>|  |  | Low LTV<br> Strong DCR | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 475002 |  |  | Closed | 2026-03-10 13:13 | 2026-03-23 15:50 | 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-03/23/2026 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-03/22/2026 <br> Counter-No document was provided. - Due Diligence Vendor-03/18/2026 <br> Ready for Review-Corrected Uploaded - Buyer-03/17/2026 <br> Open-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX A lender exception is present in the loan file, however the compensating factor is low LTV is not valid. The loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 446915 |  |  | Closed | 2026-03-04 16:05 | 2026-03-04 16:06 | 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-03/04/2026 <br>Open-S&P RA Only - Value grade 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-03/04/2026 |  | 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-03/04/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 788272 |  |  | Closed | 2026-03-12 05:52 | 2026-03-12 17:50 | 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-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 1.125 is below guideline minimum of 1.2 for a Traditional 1 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 1.125 is below guideline minimum of 1.2 for a Traditional 1 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 788272 |  |  | Closed | 2026-03-11 10:30 | 2026-03-12 17:50 | 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-03/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history when a VOR is completed by a private party. Despite this requirement a processor cert was provided in lieu of the required payment history. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history when a VOR is completed by a private party. Despite this requirement a processor cert was provided in lieu of the required payment history. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Strong reserves<br> High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 801196 |  |  | Closed | 2026-04-20 13:08 | 2026-04-20 13:09 | 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-04/20/2026 <br>Open-S&P RA Only - Value grade 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-04/20/2026 |  | 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-04/20/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 801196 |  |  | Closed | 2026-03-11 13:39 | 2026-03-12 17:56 | 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-03/12/2026 <br>Waived-Lender guidelines require a minimum of two major tradelines. Despite this requirement, the credit report is only reflecting one. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Lender guidelines require a minimum of two major tradelines. Despite this requirement, the credit report is only reflecting one. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 801196 |  |  | Closed | 2026-03-11 13:43 | 2026-03-12 13:14 | 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 However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Audited FICO of 649 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-03/11/2026<br>|  |  | Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 197354 |  |  | Closed | 2026-03-10 13:00 | 2026-03-10 15:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br>Waived-Audited FICO of 535 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-03/10/2026 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br>Waived-Audited FICO of 535 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-03/10/2026<br>|  |  | Strong Marketing Trends<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 197354 |  |  | Closed | 2026-03-10 13:37 | 2026-03-10 15:46 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br> Waived-Property type is ineligible due to The subject property is located in an area with a population of less than XXXXX. the closest metropolitan area has a population of less than XXXXX which classifies subject as a rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. The subject property is located in an area with a population of less than XXXXX. the closest metropolitan area has a population of less than XXXXX which classifies subject as a rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br> Waived-Property type is ineligible due to The subject property is located in an area with a population of less than XXXX. the closest metropolitan area has a population of less than XXXX which classifies subject as a rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. The subject property is located in an area with a population of less than XXXX. the closest metropolitan area has a population of less than XXXX which classifies subject as a rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/10/2026 |  |  | Strong Marketing trends<br> Property condition | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 715101 |  |  | Closed | 2026-03-10 09:40 | 2026-03-10 15:49 | 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-03/10/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-03/10/2026 |  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 487896 |  |  | Closed | 2026-03-10 11:01 | 2026-03-13 11:06 | 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-03/13/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX A lender exception is present in the loan file on page#225, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX A lender exception is present in the loan file on page#225, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-03/10/2026 |  |  | High Fico<br> Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 623732 |  |  | Closed | 2026-03-13 16:31 | 2026-03-13 16:32 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-The subject is in a rural location. Lender exception was provided and all comp factors have been validated. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-The subject is in a rural location. Lender exception was provided and all comp factors have been validated. - Due Diligence Vendor-03/13/2026<br>|  |  | Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 408003 |  |  | Closed | 2026-03-11 10:54 | 2026-03-17 16:05 | 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-03/17/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/17/2026 <br> Open-Borrower photo ID expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026<br>| XXXXX |  | Excess Equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 251036 |  |  | Closed | 2026-03-24 09:58 | 2026-04-01 08:25 | 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-04/01/2026 <br> Ready for Review-Exception noted on uploaded approval - Seller-03/31/2026 <br> Open-Borrower photo ID expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. - Due Diligence Vendor-03/24/2026 | Ready for Review-Exception noted on uploaded approval - Seller-03/31/2026<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/01/2026<br>|  |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 251036 |  |  | Closed | 2026-03-24 12:47 | 2026-04-01 08:24 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/01/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/31/2026 <br>Waived-Property type is ineligible due to Subject property is verified as rural per the lender guidelines . Lender provided approved exception dated prior to consummation however the compensating factor of low LTV is not valid as the loan was approved at the max for the documentation type. - Due Diligence Vendor-03/24/2026 <br>Open- - Due Diligence Vendor-03/24/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/01/2026 <br>Waived-Property type is ineligible due to Subject property is verified as rural per the lender guidelines . Lender provided approved exception dated prior to consummation however the compensating factor of low LTV is not valid as the loan was approved at the max for the documentation type. - Due Diligence Vendor-03/24/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 107243 |  |  | Closed | 2026-03-12 12:40 | 2026-03-16 10:07 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-As per GL 1x30 late payments allowed in 12 months but credit report reflects 2x30 late payments in 12 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. #208 - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-As per GL 1x30 late payments allowed in 12 months but credit report reflects 2x30 late payments in 12 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. #208 - Due Diligence Vendor-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 107243 |  |  | Closed | 2026-03-12 12:36 | 2026-03-16 10:06 | 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-03/16/2026 <br>Waived-Audited FICO of 635 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-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 635 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-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 910873 |  |  | Closed | 2026-03-12 14:29 | 2026-03-18 11:43 | 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-materail. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open-Commercial Debt Service Coverage Ratio of 0.732 is below guideline minimum of 1. Lender provided approved exception dated prior to consummation with satisfactory compensating factors, but exception was approved with a DSCR of 0.94. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-materail. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | High FICO <br> Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 910873 |  |  | Closed | 2026-03-12 14:37 | 2026-03-13 16:39 | 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-03/13/2026 <br>Waived-Audited LTV of 73% exceeds Guideline LTV of 70% The lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Audited LTV of 73% exceeds Guideline LTV of 70% The lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Seasoned Business<br> High FICO | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 910873 |  |  | Closed | 2026-03-12 14:34 | 2026-03-13 16:39 | 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-03/13/2026 <br>Waived-Hazard Insurance Policy Partially Provided No Replacement Cost improvement. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Hazard Insurance Policy Partially Provided No Replacement Cost improvement. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO<br> Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 513931 |  |  | Closed | 2026-03-24 07:27 | 2026-03-24 15:15 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be granted a B or non-material. - Due Diligence Vendor-03/24/2026 <br>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-03/24/2026 |  | Waived-Exception granted, the finding will be granted a B or non-material. - Due Diligence Vendor-03/24/2026 <br>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-03/24/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 513931 |  |  | Closed | 2026-03-24 07:23 | 2026-03-24 15:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be granted a B or non-material. - Due Diligence Vendor-03/24/2026 <br>Waived-Audited FICO of 626 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-03/24/2026 |  | Waived-Exception granted, the finding will be granted a B or non-material. - Due Diligence Vendor-03/24/2026 <br>Waived-Audited FICO of 626 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-03/24/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 193420 |  |  | Closed | 2026-03-13 11:58 | 2026-04-20 14:45 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/17/2026 <br> Open-The borrower acquired the property XX/XX/XXXX, which is less than 12 months seasoning, however the current appraised value was used to calculate the LTV. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026<br>| XXXXX |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 550299 |  |  | Closed | 2026-03-16 10:43 | 2026-04-20 14:50 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The property is in a rural location. An exception has been made prior to closing and all compensating factors have been documented. - Due Diligence Vendor-03/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The property is in a rural location. An exception has been made prior to closing and all compensating factors have been documented. - Due Diligence Vendor-03/16/2026<br>|  |  | Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 161944 |  |  | Closed | 2026-03-12 11:04 | 2026-03-13 16:43 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-HO-6 Insurance Policy Partially Provided As per Guideline, Insurance carrier with rating A or better is Eligible. AM Best B+ insurance rating have been provided. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-HO-6 Insurance Policy Partially Provided As per Guideline, Insurance carrier with rating A or better is Eligible. AM Best B+ insurance rating have been provided. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 720300 |  |  | Closed | 2026-03-11 12:19 | 2026-03-17 17:23 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026 <br>Ready for Review-Corrected UPlaoded - Buyer-03/17/2026 <br>Open-Subject property is vacant and loan purpose is refinance. A lender approved exception is in the file but missing compensating factors. <br> - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 720300 |  |  | Closed | 2026-03-11 12:14 | 2026-03-17 17:22 | 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-03/17/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open-Audited FICO of 648 is less than Guideline FICO of 650 A lender approved exception is in the file but missing compensating factors. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/17/2026<br>| XXXXX |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 948749 |  |  | Closed | 2026-03-19 12:00 | 2026-03-19 12:01 | 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-03/19/2026 <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-03/19/2026 |  | 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-03/19/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 483570 |  |  | Closed | 2026-03-11 16:40 | 2026-03-13 16:46 | 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-03/13/2026 <br>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-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>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-03/11/2026<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Other | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 622960 |  |  | Closed | 2026-03-10 15:52 | 2026-03-19 15:47 | 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-03/19/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. Pending receipt of the CDA. - Due Diligence Vendor-03/10/2026 |  | 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-03/19/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 622960 |  |  | Closed | 2026-03-10 10:41 | 2026-03-10 15:53 | 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-03/10/2026 <br>Waived-Audited FICO of 646 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 646. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br>- Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/10/2026 <br>Waived-Audited FICO of 646 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 646. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br>- Due Diligence Vendor-03/10/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 261364 |  |  | Closed | 2026-03-11 14:23 | 2026-03-12 10:50 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/11/2026 <br>Open-Housing History Does Not Meet Guideline Requirements Subject property payment history reporting 4x30 in the most recent 12 months which is greater than 1x30 with no lates in the most recent 90 days allowed by the GL. Lender provided approved exception dated prior to consummation, but no valid compensating factors were noted. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>| XXXXX |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 261364 |  |  | Closed | 2026-03-10 10:26 | 2026-03-12 10:50 | 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-03/12/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/11/2026 <br>Open-Audited FICO of 639 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation, but no compensating factors were noted. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>| XXXXX |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 297750 |  |  | Closed | 2026-03-10 08:48 | 2026-04-20 14:46 | 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-03/12/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-03/11/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. A valid VOM for the subject property was not provided. In addition, no verification of the Borrower's primary residence was provided. The property report was for the entire complex, not the Borrower's individual unit. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 297750 |  |  | Closed | 2026-03-10 09:03 | 2026-04-01 08:59 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Entity Documents | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/01/2026 <br> Ready for Review-Document Uploaded. Statement of information uploaded showing the parties signing the corporate resolution as the two directors of the corporation. (Please note the comment that states there are 0 vacancies on Board of Directors.) Also uploaded is an updated loan approval with an exception for corp. ownership percentage for guarantor. - Seller-03/31/2026 <br> Counter-The documents provided were already in the loan file. None of the corporate documents provided tie our guarantor XXXX, XXX. - Due Diligence Vendor-03/24/2026 <br> Ready for Review-Document Uploaded. - Due Diligence Vendor-03/24/2026 <br> Counter-No entity docs were ever provided. - Due Diligence Vendor-03/23/2026 <br> Ready for Review-Document Uploaded. Entity docs emailed to XXXX. Uploaded approval with an exception for unsigned bylaws - Seller-03/22/2026 <br> Counter-No documents were provided. - Due Diligence Vendor-03/18/2026 <br> Ready for Review-Document Uploaded. Emailed to XXXX. I am getting an error message<br> - Seller-03/11/2026 <br> Open-Missing Entity Documents. Lender guidelines require specific Corporation Formation documents to be provided Despite this requirement, only a partial and unexecuted copy of the by laws was provided. Missing evidence of complete certified corporate by-laws and any applicable shareholder agreement, a complete Shareholder, Director and Officer list, - Due Diligence Vendor-03/10/2026 | Ready for Review-Document Uploaded. Statement of information uploaded showing the parties signing the corporate resolution as the two directors of the corporation. (Please note the comment that states there are 0 vacancies on Board of Directors.) Also uploaded is an updated loan approval with an exception for corp. ownership percentage for guarantor. - Seller-03/31/2026 <br> Ready for Review-Document Uploaded. Entity docs emailed to XXXX. Uploaded approval with an exception for unsigned bylaws - Seller-03/22/2026 <br> Ready for Review-Document Uploaded. Emailed to XXXX. I am getting an error message<br> - Seller-03/11/2026 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/01/2026<br>| XXXXX |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 297750 |  |  | Closed | 2026-03-10 15:59 | 2026-03-19 16:02 | 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-03/19/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. Pending receipt of the CDA. - Due Diligence Vendor-03/10/2026 |  | 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-03/19/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 297750 |  |  | Closed | 2026-03-10 07:08 | 2026-03-12 08:35 | 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-03/12/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/11/2026 <br>Open-Missing rent comparable schedule form 1007 - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>| XXXXX |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 297750 |  |  | Closed | 2026-03-10 08:05 | 2026-03-10 08:05 | 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-03/10/2026 |  | 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-03/10/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 659681 |  |  | Closed | 2026-03-11 14:06 | 2026-03-18 10:44 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 1) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open- - Due Diligence Vendor-03/11/2026 <br>Waived-The borrower is a first-time home buyer which is ineligible for a 1–4-unit transaction. Lender provided approved exception dated prior to consummation however the compensating factor of low LTV is not valid as it was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Waived-The borrower is a first-time home buyer which is ineligible for a 1–4-unit transaction. Lender provided approved exception dated prior to consummation however the compensating factor of low LTV is not valid as it was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/11/2026<br>| XXXXX |  | Excess equity | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 924215 |  |  | Closed | 2026-04-20 13:38 | 2026-04-20 13:39 | 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-04/20/2026 <br>Open-S&P RA Only - Value grade 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-04/20/2026 |  | 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-04/20/2026<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 924215 |  |  | Closed | 2026-03-16 11:26 | 2026-03-16 11:29 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The property is in a rural location. Exception granted prior to closing and all compensating factors have been validated. - Due Diligence Vendor-03/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The property is in a rural location. Exception granted prior to closing and all compensating factors have been validated. - Due Diligence Vendor-03/16/2026<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 517634 |  |  | Closed | 2026-03-10 16:48 | 2026-04-20 14:54 | 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-03/13/2026 <br>Open-Audited FICO of 649 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-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 517634 |  |  | Closed | 2026-03-10 16:43 | 2026-04-20 14:54 | 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-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete for primary residence. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete for primary residence. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/10/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 517634 |  |  | Closed | 2026-03-13 15:25 | 2026-03-13 15:28 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-The subject property location is rural. Lender provided and exception pre-closing and all comp factors have been validated. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-The subject property location is rural. Lender provided and exception pre-closing and all comp factors have been validated. - Due Diligence Vendor-03/13/2026<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 687688 |  |  | Closed | 2026-03-12 08:58 | 2026-03-12 18:12 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. Based on the Borrower identification provided, the credit report reflects an incorrect date of birth. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. Based on the Borrower identification provided, the credit report reflects an incorrect date of birth. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 687688 |  |  | Closed | 2026-03-10 15:25 | 2026-03-12 18:12 | 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-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 0.97 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-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 0.97 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-03/10/2026<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 272975 |  |  | Closed | 2026-03-12 12:32 | 2026-03-18 11:12 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br> Open-Hazard Insurance Policy Partially Provided Lender guidelines require a minimum of $XX,XXX.XX in personal liability coverage. Despite this requirement, the Hazard policy only reflects coverage of $XX,XXX.XX. A lender exception was provided prior to consummation but was approved as unmitigated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | High FICO<br> Excess equity | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 313256 |  |  | Closed | 2026-03-13 17:04 | 2026-03-19 16:52 | 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-03/19/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. Pending receipt of the CDA. - Due Diligence Vendor-03/13/2026 |  | 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-03/19/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 313256 |  |  | Closed | 2026-03-12 12:32 | 2026-03-13 17:06 | 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-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 820424 |  |  | Closed | 2026-03-12 08:05 | 2026-03-12 18:18 | 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-03/12/2026 <br> Open-Commercial Debt Service Coverage Ratio of 0.773 is below guideline minimum of 1.25 for a Traditional 2 property with a loan amount greater than $XX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 536078 |  |  | Closed | 2026-03-11 10:25 | 2026-03-16 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-03/16/2026 <br>Waived-Audited FICO of 611 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-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 611 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-03/11/2026<br>|  |  | Strong reserves<br> Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 544363 |  |  | Closed | 2026-03-14 05:17 | 2026-03-18 14:03 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open-Property is vacant. There is a lender approved exception in the file. The compensating factor of low LTV is not a valid compensating factor. The LTV is 50% and the maximum LTV for this program is 50%. - Due Diligence Vendor-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 869632 |  |  | Closed | 2026-03-10 17:33 | 2026-03-16 12:56 | 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-03/16/2026 <br>Waived-Audited FICO of 641 is less than Guideline FICO of 650 FICO score is lower than lender guidelines. Lender approved exception is in the file. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 641 is less than Guideline FICO of 650 FICO score is lower than lender guidelines. Lender approved exception is in the file. - Due Diligence Vendor-03/10/2026<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 776430 |  |  | Closed | 2026-04-03 06:06 | 2026-04-14 10:57 | Waived | 2 - Non-Material | Credit | Missing Doc | Incomplete Purchase Contract | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/14/2026 <br>Ready for Review-Document Uploaded. Uploaded executed purchase contract. Exception written for unexecuted addendum - Buyer-04/13/2026 <br>Open-All pages of the purchase contract were not provided. The Purchase Contract was not executed by the Seller and the Addendum was not executed by the Buyer - Due Diligence Vendor-04/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/14/2026<br>| XXXXX |  | High FICO<br> Seasoned business | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 776430 |  |  | Closed | 2026-03-30 08:30 | 2026-04-03 12:31 | 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-04/03/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is lives rent free, Primary under wife and pay the mortgage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/30/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/03/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is lives rent free, Primary under wife and pay the mortgage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/30/2026<br>|  |  | High FICO<br> Seasoned Business | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 776430 |  |  | Closed | 2026-04-03 06:08 | 2026-04-03 12:31 | 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-04/03/2026 <br>Waived-Commercial Debt Service Converge Ratio of 1.173 is below guideline minimum of 1.25. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-04/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-04/03/2026 <br>Waived-Commercial Debt Service Converge Ratio of 1.173 is below guideline minimum of 1.25. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-04/03/2026<br>|  |  | High FICO<br> Strong reserves | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 108215 |  |  | Closed | 2026-03-09 15:43 | 2026-03-13 15:30 | 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-03/13/2026 <br>Waived-Audited FICO of 634 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 634. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Audited FICO of 634 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 634. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/09/2026<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 200346 |  |  | Closed | 2026-03-11 13:00 | 2026-03-16 13:01 | 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-03/16/2026 <br> 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-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>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-03/11/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 200346 |  |  | Closed | 2026-03-11 12:58 | 2026-03-16 13:01 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. DOB Mismatch, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. DOB Mismatch, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/11/2026<br>|  |  | Strong Marketing Trends<br>| XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 200346 |  |  | Closed | 2026-03-14 05:57 | 2026-03-16 13:01 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Subject is located in a rural area. Lender provided an approved exception with compensating factors. - Due Diligence Vendor-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Subject is located in a rural area. Lender provided an approved exception with compensating factors. - Due Diligence Vendor-03/14/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 433437 |  |  | Closed | 2026-03-11 13:20 | 2026-03-16 13:08 | 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-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. borrower living rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. borrower living rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/11/2026<br>|  |  | High FICO<br> Seasoned Business | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 453497 |  |  | Closed | 2026-03-11 13:31 | 2026-03-18 16:29 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br> Open- - Due Diligence Vendor-03/12/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX. The lender provided an exception dated prior to closing however the compensating factor was not valid. The loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX. The lender provided an exception dated prior to closing however the compensating factor was not valid. The loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/12/2026 | XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 158577 |  |  | Closed | 2026-03-11 09:58 | 2026-03-12 17:46 | 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-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 0.867 is less than 1.25 required for a T2 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/12/2026 <br>Waived-Commercial Debt Service Coverage Ratio of 0.867 is less than 1.25 required for a T2 property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/11/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 184839 |  |  | Closed | 2026-03-12 15:03 | 2026-03-13 17:13 | 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-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent missing for borrower 1 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent missing for borrower 1 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 515145 |  |  | Closed | 2026-03-12 05:42 | 2026-03-18 14:11 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/17/2026 <br> Open-Borrower photo ID expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 515145 |  |  | Closed | 2026-03-12 06:19 | 2026-03-18 14:11 | 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-03/18/2026 <br>Ready for Review-Corrected uploaded - Buyer-03/17/2026 <br>Open-Audited FICO of 638 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation but was approved as unmitigated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 941962 |  |  | Closed | 2026-03-12 08:11 | 2026-03-13 17:20 | 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-03/13/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% As per Guideline for First Time Investor, deducted 5% LTV from the Original LTV, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% As per Guideline for First Time Investor, deducted 5% LTV from the Original LTV, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 825821 |  |  | Closed | 2026-03-12 08:39 | 2026-03-18 16:23 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br> Open-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation, but the exception was approved as unmitigated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | High FICO | XX | Other | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 233507 |  |  | Closed | 2026-03-13 10:47 | 2026-03-18 15:30 | 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-03/18/2026 <br>Ready for Review-Corrected Uploaded - Seller-03/17/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require evidence of a 12-month payment history if a VOR was completed by a private party. Despite this requirement, no payment history was provided. The Borrower is a First-Time Homebuyer so therefore is also a first-time investor. The LTV of 70% reflects the 5% reduction required. Lender provided approved exception dated prior to consummation, but the compensating factor of low LTV is not valid. - Due Diligence Vendor-03/13/2026 | Ready for Review-Corrected Uploaded - Seller-03/17/2026<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>|  |  | Excess equity | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 233507 |  |  | Closed | 2026-03-13 10:27 | 2026-03-18 15:30 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 1) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Corrected Uploaded - Buyer-03/17/2026 <br>Open- The Borrower is a First-Time Homebuyer so therefore is also a first-time investor. The LTV of 70% reflects the 5% reduction required. Lender provided approved exception dated prior to consummation, but the compensating factor of low LTV is not valid. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>|  |  | Excess equity | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 233507 |  |  | Closed | 2026-03-12 08:46 | 2026-03-18 15:29 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Corrected Uploaded - Buyer-03/17/2026 <br>Open-Seller's credit of 3.25% is greater than maximum allowed of 3%. The Borrower is a First-Time Homebuyer so therefore is also a first-time investor. The LTV of 70% reflects the 5% reduction required. Lender provided approved exception dated prior to consummation, but the compensating factor of low LTV is not valid. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>|  |  | Excess equity | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 233507 |  |  | Closed | 2026-03-11 16:07 | 2026-03-18 15:24 | 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-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open-Audited FICO of 625 is less than Guideline FICO of 650 The Borrower is a First-Time Homebuyer so therefore is also a first-time investor. The LTV of 70% reflects the 5% reduction required. Lender provided approved exception dated prior to consummation, but the compensating factor of Low LTV is not valid. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | Excess equity | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 583967 |  |  | Closed | 2026-03-11 15:28 | 2026-03-18 14:45 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/17/2026 <br>Open-Subject property is vacant and loan purpose is refinance. Subject property is vacant with no lease. Lender exception is in the file. Compensating factor of 50% is not a valid compensating factor. The maximum LTV for this program is 50%. - Due Diligence Vendor-03/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 576054 |  |  | Closed | 2026-03-12 15:29 | 2026-03-19 10:04 | 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-03/19/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is lives in rent free, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is lives in rent free, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026<br>|  |  | High Fico<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 576054 |  |  | Closed | 2026-03-12 15:33 | 2026-03-19 10:04 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 747534 |  |  | Closed | 2026-03-12 07:23 | 2026-03-18 17:29 | 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-03/18/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/18/2026 <br> Open-Borrower photo ID expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. Borrower 1 Photo ID is expired. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 810167 |  |  | Closed | 2026-03-12 08:36 | 2026-03-16 14:10 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 4 months seasoning is not allowed. A refinance occurred within the last 12 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 4 months seasoning is not allowed. A refinance occurred within the last 12 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Property Condition<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 810167 |  |  | Closed | 2026-03-12 06:39 | 2026-03-16 14:10 | 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-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The primary address is a free and clear. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The primary address is a free and clear. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/12/2026<br>|  |  | Strong Marketing Trends<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 501358 |  |  | Closed | 2026-03-20 12:08 | 2026-03-23 16:24 | 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-03/23/2026 <br>Waived-Lender guidelines require borrower to have a minimum of two active major tradelines to be eligible. Despite this requirement, the credit report is only reflecting one tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026 <br>Waived-Lender guidelines require borrower to have a minimum of two active major tradelines to be eligible. Despite this requirement, the credit report is only reflecting one tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/20/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 501358 |  |  | Closed | 2026-03-20 12:06 | 2026-03-23 16:24 | 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-03/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower in Rent free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated<br> - Due Diligence Vendor-03/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower in Rent free However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated<br> - Due Diligence Vendor-03/20/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 501358 |  |  | Closed | 2026-03-20 12:15 | 2026-03-23 16:24 | 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-03/23/2026 <br>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-03/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026 <br>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-03/20/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 254519 |  |  | Closed | 2026-03-12 12:30 | 2026-03-16 14:18 | 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-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent is Incomplete. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent is Incomplete. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 254519 |  |  | Closed | 2026-03-12 12:28 | 2026-03-16 14:18 | 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-03/16/2026 <br>Waived-Audited FICO of 616 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-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 616 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-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 254519 |  |  | Closed | 2026-03-12 12:28 | 2026-03-16 14:18 | 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-03/16/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Loan amount is lower than lender guidelines. Approved lender exception is in the file. - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br> Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Loan amount is lower than lender guidelines. Approved lender exception is in the file. - Due Diligence Vendor-03/12/2026 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 547236 |  |  | Closed | 2026-03-13 07:05 | 2026-03-23 14:46 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/22/2026 <br>Counter-The provided approval still shows Low LTV as the only compensating factor. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/18/2026 <br>Open-Subject property is confirmed rural which is not eligible. Lender provided approved exception dated prior to consummation however the compensating factor was not valid. Low LTV was provided however the loan was approved at the maximum LTV for the documentation type. - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 914749 |  |  | Closed | 2026-03-13 08:11 | 2026-03-16 15:16 | 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-03/16/2026 <br>Waived-Audited FICO of 628 is less than Guideline FICO of 650 Lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 628 is less than Guideline FICO of 650 Lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-03/13/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 790059 |  |  | Closed | 2026-03-12 20:12 | 2026-03-23 15:27 | 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-03/23/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-03/22/2026 <br> Open-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $XX,XXX.XX Lender provided approved exception dated prior to consummation and was approved as mitigated. A compensating factor of Low LTV was noted which is not valid due to the XXXX document level - Due Diligence Vendor-03/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/23/2026<br>| XXXXX |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 383323 |  |  | Closed | 2026-03-12 09:30 | 2026-03-18 17:11 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-03/18/2026 <br>Open-Missing Condo Master Insurance Policy - Due Diligence Vendor-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/18/2026<br>| XXXXX |  | Low LTV<br> Strong reserves | XX | Investment | Purchase | NA | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 383323 |  |  | Closed | 2026-03-12 09:48 | 2026-03-13 17:54 | 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-03/13/2026 <br>Waived-Audited FICO of 647 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-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/13/2026 <br>Waived-Audited FICO of 647 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-03/12/2026<br>|  |  | Strong Marketing Trends<br> Low LTV | XX | Investment | Purchase | NA | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 344152 |  |  | Closed | 2026-03-10 07:16 | 2026-03-16 15:45 | 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-03/16/2026 <br>Waived-Tradeline count does not meet program requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Tradeline count does not meet program requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-03/10/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 726395 |  |  | Closed | 2026-03-14 15:24 | 2026-03-19 09:50 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. Subject is vacant. There is a lender approved exception in the file. - Due Diligence Vendor-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br>Waived-Subject property is vacant and loan purpose is refinance. Subject is vacant. There is a lender approved exception in the file. - Due Diligence Vendor-03/14/2026<br>|  |  | Property condition<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 726395 |  |  | Closed | 2026-03-14 15:23 | 2026-03-19 09:50 | 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-03/19/2026 <br> Waived-Borrower has less than 2 accts w/in 24 mos > $XX,XXX.XX. There is a lender approved exception in the file. - Due Diligence Vendor-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br> Waived-Borrower has less than 2 accts w/in 24 mos > $XX,XXX.XX. There is a lender approved exception in the file. - Due Diligence Vendor-03/14/2026 |  |  | Property condition<br> strong marketing trends | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 461920 |  |  | Closed | 2026-03-12 12:45 | 2026-04-15 17:32 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-Unable to Resolve- - Due Diligence Vendor-04/15/2026 <br> Acknowledged-Unable to Resolve-XXX is further comforted by the low LTV. Client acknowledges and downgrading findings. - Due Diligence Vendor-04/14/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 50% LTV, purchase transaction. Property condition considered in value/LTV. Per borrower LOE in file, they will rehab the property to make it tenant ready post-close. The borrower intends to have the property tenant-occupied within 3-months post-close. XXX has not confirmed the current status of repairs, but expects the borrower to complete them so they can rent out their property. XXX is further comforted by the low LTV. - Buyer-04/13/2026 <br> Open-Property Condition Does Not Meet Requirements. The appraiser listed the property as C5 due to evidence of hoarding in the home. Cost to Cure was listed as: Debris removal and clean up: $XX,XXX.XX; Contingency: $XX,XXX.XX; TOTAL "COST TO CURE" allowance: $XX,XXX.XX. - Due Diligence Vendor-03/12/2026 |  | Acknowledged-Unable to Resolve- - Due Diligence Vendor-04/15/2026 <br> Acknowledged-Unable to Resolve-XXX is further comforted by the low LTV. Client acknowledges and downgrading findings. - Due Diligence Vendor-04/14/2026 |  |  |  | XX | Investment | Purchase | NA | XXXX | Investor Post-Close | No |
| XXXXX | XXXXXXXXX | 944394 |  |  | Closed | 2026-04-20 13:19 | 2026-04-20 13:20 | 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 rated a B or non-material for S&P only. - Due Diligence Vendor-04/20/2026 <br>Open-S&P RA Only - Value grade 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-04/20/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be rated a B or non-material for S&P only. - Due Diligence Vendor-04/20/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 944394 |  |  | Closed | 2026-03-12 09:14 | 2026-03-16 16:42 | 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-03/16/2026 <br>Waived-Audited FICO of 633 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-03/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-Audited FICO of 633 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-03/12/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 944394 |  |  | Closed | 2026-03-14 09:53 | 2026-03-16 16:42 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The subject transaction is a cash out refinance which is not allowed if the borrower had 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-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/16/2026 <br>Waived-The subject transaction is a cash out refinance which is not allowed if the borrower had 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-03/14/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX | 217191 |  |  | Closed | 2026-03-14 08:09 | 2026-03-19 11:21 | 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-03/19/2026 <br>Ready for Review-Corrected Uploaded - Buyer-03/18/2026 <br>Open-Commercial Debt Service Coverage Ratio of 1.07 is below guideline minimum of 1.2 for a T-1 property. Lender provided approved exception dated prior to consummation and was approved as mitigated. No compensating factors were provided. - Due Diligence Vendor-03/14/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026<br>|  |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 217191 |  |  | Closed | 2026-03-14 07:58 | 2026-03-19 11:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Citizenship Documentation Not Provided | Open-Borrower 1 Citizenship Documentation Is Missing Borrower is a Non-Permanent Resident Alien, and the required residency documentation was not provided. Lender provided approved exception dated prior to consummation and was approved as mitigated. No compensating factors were provided. XXX obtained a copy of the borrower's driver's license and ITIN to verify the borrower's identity. - Due Diligence Vendor-03/14/2026 <br> Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026 <br> Ready for Review-Corrected Uploaded - Buyer-03/18/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026<br>|  |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |
| XXXXX | XXXXXXXXX | 217191 |  |  | Closed | 2026-03-14 07:46 | 2026-03-19 11:19 | 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-03/19/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Seller-03/18/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free therefore the required 12-month payment history is not available. Lender provided approved exception, stating as mitigated, but no compensating factors were provided. - Due Diligence Vendor-03/14/2026 | Ready for Review-Document Uploaded. Corrected Uploaded - Seller-03/18/2026<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-03/19/2026<br>| XXXXX |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXX | Originator Post-Close | No |

---

## Exhibit 99.11

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.11**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **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** | **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXXXXX | 467267 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 373863 |  |  | $XXXXXXX A |  |  |  |  | - C |
| XXXXXXX | 269856 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 644807 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 620090 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 180778 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 225475 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 281178 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 315044 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 529410 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 466549 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 279767 |  |  | $XXXXXXX A |  |  |  |  | - C |
| XXXXXXX | 268706 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 453654 |  |  | $XXXXXXX A |  |  |  |  | - C |
| XXXXXXX | 674077 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 945650 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 157199 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 563131 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 586717 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 816291 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 756605 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 230746 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 483280 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 621676 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 201084 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 801098 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 698407 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 793130 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 941104 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 966774 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 100206 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 711944 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 853658 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 368912 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 234701 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 230359 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 265869 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 493955 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 864465 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 277888 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 545312 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 125987 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 591652 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 802163 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 821104 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 784600 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 783225 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 998535 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 229540 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 973800 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 903168 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 695019 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 931528 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 550584 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 387535 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 774786 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 191131 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 895513 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 867372 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 777439 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 529660 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 272290 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 171000 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 892258 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 323067 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 699274 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 378936 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 419924 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 353308 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 806000 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 645252 |  |  | $XXXXXXX B |  |  |  |  | - C |
| XXXXXXX | 226699 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 647747 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 708717 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 158414 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 197339 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 917025 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 650855 |  |  | $XXXXXXX A |  |  |  |  | - B |
| XXXXXXX | 534777 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 615389 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 108439 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 475002 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 446915 |  |  | $XXXXXXX A |  |  |  |  | - A B |
| XXXXXXX | 788272 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 755948 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 801196 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 197354 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 715101 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 381236 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 487896 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 623732 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 858702 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 815399 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 408003 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 251036 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 107243 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 910873 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 513931 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 943839 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 193420 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 139205 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 550299 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 473631 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 226738 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 161944 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 720300 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 948749 |  |  | $XXXXXXX A |  |  |  |  | - A B |
| XXXXXXX | 483570 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 456418 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 187415 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 622960 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 261364 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 297750 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 659681 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 924215 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 695142 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 297004 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 517634 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 687688 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 132367 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 272975 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 313256 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 820424 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 536078 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 596029 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 697857 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 544363 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 755414 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 532291 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 113143 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 869632 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 776430 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 108215 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 333532 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 200346 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 433437 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 514511 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 453497 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 414098 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 706630 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 686888 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 158577 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 726871 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 719742 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 184839 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 783722 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 515145 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 941962 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 965108 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 490766 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 825821 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 233507 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 583967 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 576054 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 868005 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 747534 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 810167 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 501358 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 254519 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 783400 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 770066 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 547236 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 914749 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 372951 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 290224 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 680054 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 790059 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 631780 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 822243 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 785035 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 383323 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 556300 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 924355 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 344152 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 726395 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 461920 |  |  | $XXXXXXX A |  |  |  |  | - C |
| XXXXXXX | 260112 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 502582 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 120542 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 292057 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 282432 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 944394 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 217191 |  |  | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX | 331154 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 566235 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 773635 |  |  | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX | 521651 |  |  | $XXXXXXX A |  |  |  |  | - A |

---

## Exhibit 99.12

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.12**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Transaction ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXXXXXX | 446915 |  |  | 0741-001 | Amortization Term | notePage | 360 | 324 | Audit value pulled from documents located in the loan file. Methodology difference |

---

## Exhibit 99.13

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.13**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Alt 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** |
| XXXXXXX | 816291 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .1128 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1128 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 756605 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 35.94 | 35.94 | $XXXXXXX | $XXXXX | -.2800 | Broker Price Opinion (BPO) | $XXXXX | $XXXXX | -.0313 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | $XXXXX | -.0312 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.2800 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 230746 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 45.62 | 45.62 | $XXXXXXX | $XXXXX | -.0792 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0792 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 483280 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0901 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0901 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 621676 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.0 | 60.0 | $XXXXXXX | $XXXXX | -.0374 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0374 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 201084 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 52.24 | 52.24 | $XXXXXXX | $XXXXX | -.3247 | Broker Price Opinion (BPO) | $XXXXX | $XXXXX | -.0970 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | $XXXXX | -.0970 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.3247 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 698407 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0481 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0481 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 793130 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 73.86 | 73.86 | $XXXXXXX | $XXXXX | -.0435 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0435 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 941104 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | .0294 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0294 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 100206 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | .0000 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0000 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 853658 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0570 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0570 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 368912 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0749 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0749 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 234701 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0102 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0102 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 230359 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0580 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0580 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 265869 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0275 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0275 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 493955 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.0 | 60.0 | $XXXXXXX | $XXXXX | -.0749 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0749 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 864465 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0088 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0088 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 277888 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0062 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0062 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 125987 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 48.91 | 48.91 | $XXXXXXX | $XXXXX | -.1170 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.1170 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 591652 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .1118 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1118 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 802163 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0786 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0786 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 821104 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0063 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0063 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 715101 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .2377 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .2377 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 536078 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | -.0805 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0805 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 697857 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0000 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0000 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 544363 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0000 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0000 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 726871 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | .1115 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1115 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 184839 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0625 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0625 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 783722 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0539 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0539 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 515145 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 62.65 | 62.65 | $XXXXXXX | $XXXXX | .0000 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0000 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 941962 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 85.0 | $XXXXXXX | $XXXXX | -.0350 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0350 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 233507 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0173 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0173 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 583967 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .1881 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1881 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 576054 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0591 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0591 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX | 810167 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0484 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0484 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 254519 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | -.0424 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0424 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 783400 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0315 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0315 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 770066 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0535 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0535 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 547236 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0826 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0826 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 372951 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0063 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0063 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 290224 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0010 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0010 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 680054 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0010 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0010 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 790059 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0290 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0290 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 631780 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | .0035 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0035 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 822243 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0658 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0658 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 785035 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 56.9 | 56.9 | $XXXXXXX | $XXXXX | .0250 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0250 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 383323 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0069 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0069 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 556300 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 924355 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0470 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0470 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 344152 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0121 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0121 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 726395 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0976 | Broker Price Opinion (BPO) | $XXXXX | $XXXXX | -.0714 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | $XXXXX | -.0714 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0976 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 461920 |  |  | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0129 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0129 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 260112 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0715 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0715 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 502582 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 26.09 | 26.09 | $XXXXXXX | $XXXXX | .0765 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0765 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 120542 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0325 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0325 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 282432 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0092 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0092 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 944394 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 59.06 | 59.06 | $XXXXXXX | $XXXXX | -.1244 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.1244 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 331154 |  |  | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0460 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0460 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.14

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.14**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Loan ID** | **Alt 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** | **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** |
| XXXXXXX | 867372 |  |  | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 53.06 | $XXXXX | $XXXXX | .XXXX | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .XXXX | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 867372 |  |  | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 47.27 | $XXXXX | $XXXXX | .XXXX | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .XXXX | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 914749 |  |  | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 65 | $XXXXX | $XXXXX | .XXXX | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .XXXX | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX | 914749 |  |  | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 65 | $XXXXX | $XXXXX | .XXXX | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .XXXX | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.15

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.15**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **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** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** |
| **Loan ID** | **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXXX | 430105 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 826513 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 259103 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 351728 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 555694 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 710739 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 636221 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 311960 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 814539 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 875939 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 561160 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 390009 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 323907 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 869056 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 676218 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 453588 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 996391 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 476041 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 670468 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 616573 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 165930 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 392260 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 810768 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 720941 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 765923 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 903788 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 169787 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 288154 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 619356 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 822139 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 701328 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 366054 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 280755 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 272891 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 154461 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 735839 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 904905 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 722046 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 377828 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 220228 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 484694 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 221860 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 116363 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 424144 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 931048 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 794724 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 204461 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 536150 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 899313 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 595960 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 812689 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 347510 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 592837 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 584778 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 730199 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 363117 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 921648 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 673530 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 651295 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 523890 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 938534 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 508863 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 393352 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 851039 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 936747 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 689217 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 164234 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 255072 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 420624 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 711167 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 737158 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 521230 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 943380 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 179867 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 725407 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 736968 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 225680 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 998391 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 402629 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 920582 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 854923 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 271042 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 468605 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 898809 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 383301 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 667551 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 948279 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 790306 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 528292 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 421837 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 153241 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 940849 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 127464 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 681216 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 103868 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 542817 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 755534 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 673579 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 781823 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 760138 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 355063 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 599031 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 611517 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 496679 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 648599 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 482911 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 274182 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 742850 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 995985 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 477295 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 896775 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 728956 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 147026 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 315987 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 918789 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 919536 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 536894 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 107515 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 593004 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 673311 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 469665 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 392531 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 727492 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 892904 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 882785 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 453097 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 719977 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 410568 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 701006 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 144791 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 573009 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 754423 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 951480 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 314221 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 315503 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 300517 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 106585 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 899065 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 964248 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 975209 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 108003 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 996341 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 596749 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 124690 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 940385 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 476973 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 314541 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 927128 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 422672 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 166706 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 746839 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 885450 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 236796 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 309166 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 842221 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 512586 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 338542 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 677056 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 277938 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 495214 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 629285 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 471294 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 171969 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 524058 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 636625 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 371071 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXX | 243849 |  |  | A |  |  |  |  |  |  |  |  |  | - A |

---

## Exhibit 99.16

[Velocity Commercial Capital Loan Trust 2026-2 ABS-15G](vcc-abs15g.htm)

**Exhibit 99.16**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| XXXXX | 996391 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 659540 | Commercial Appraisal | Warehouse | As Is | Fair | Yes | The appraiser did not go into detail of why the property is considered in poor to average conditions. There appears to be some missing glass in the garage doors and damage to the ceiling in the garage bays. | No |  | 1 |
| XXXXX | 670468 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 476041 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 814539 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 351728 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 636221 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 710739 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 259103 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 851877 | Commercial Appraisal | Commercial Condo | As Is | Fair | Yes | The appraiser rated the condition as below average but did not list any items of deferred maintenance. He gave the property an effective age of 25-30 years. Although no items of deferred maintenance were noted, the appraiser recommended comprehensive office renovations including new flooring, paint, and ceiling tiles. | No |  | 1 |
| XXXXX | 561160 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 903788 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 875939 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 453588 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 676218 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 555694 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 377808 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 169787 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 288154 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 311960 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 619356 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 810768 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 826513 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 822139 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 701328 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 366054 | 1073 Individual Condo Report | Condominium | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 280755 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 165930 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 272891 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 154461 | 1073 Individual Condo Report | Condominium | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 735839 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 904905 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 459315 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXX | 869056 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 722046 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 720941 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 430105 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 765923 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 377828 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 219471 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Fair | Yes | Some signs of deferred maintenance were evident from the inspection. This includes broken windows in a couple units. There was some evidence of moisture damage on the bathroom ceiling of one unit we inspected suggesting a possible leak, but management and the tenant stated the leak had been fixed but the ceiling had not been fully repaired. Other minor issues noted include some areas where siding in the soffits need to be re-attached and some cracks in the exterior walkway concrete that needs to be patched/filled. The correction of these items is assumed to be reflected in the contract price reduction of $XX,XXX.XX. This cost has been deducted as outstanding work (see extraordinary assumption). | No |  | 1 |
| XXXXX | 220228 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 194407 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXX | 616573 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 484694 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 221860 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 116363 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 241732 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 424144 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 689217 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 931048 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 794724 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 3 |
| XXXXX | 204461 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 164234 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 255072 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 390009 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 420624 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 711167 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 737158 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 536150 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 899313 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 567140 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXX | 595960 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 323907 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 521230 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXX | 943380 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 179867 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 725407 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 392260 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 736968 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 225680 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 998391 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 402629 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 920582 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | Yes | The appraiser noted the roof appears worn however there was no signs of water damage on the interior. Additionally, there is some paint chipping and peeling on the exterior of the property. 50% LTV. Property condition is considered in the value/LTV. No signs of water damage on the interior or active leaks confirmed. These were considered deferred maintenance within XXX guidelines. XXX hasn't confirmed the status of repairs but expects the borrower to complete them.XXX was further comforted by the low LTV. | No |  | 1 |
| XXXXX | 854923 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXX | 812689 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 274182 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 294797 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 742850 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 271042 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 995985 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXXX | 715399 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXXX | 477295 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 347510 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 291337 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 421992 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXX | 896775 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXX | 468605 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 728956 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 147026 | 1073 Individual Condo Report | Condominium | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 898809 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 980466 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXX | 315987 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 592837 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 584778 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 777258 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXX | 730199 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 918789 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 383301 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 559905 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXX | 363117 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 166107 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 667551 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 921648 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 919536 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 201316 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 536894 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 107515 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 213605 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXX | 673530 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 357834 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXX | 615644 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXX | 948279 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXX | 593004 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 651295 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 673311 | 1004 URAR | Single Family Detached | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXX | 790306 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 528292 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 523890 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 469665 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 421837 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 245248 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | Yes | Appraised noted Deferred Maintenance - Paint Damage, Damaged Window Ledge, Damaged Tub Glaze, however property condition average | No |  | 1 |
| XXXXX | 392531 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 4 |
| XXXXX | 153241 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 727492 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 938534 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 508863 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 892904 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 940849 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 882785 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 127464 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 786431 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXX | 681216 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 453097 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 719977 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 410568 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 103868 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 542817 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 393352 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 701006 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 144791 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 573009 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 951755 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXXX | 615186 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Fair | Yes | The subject has several items of deferred maintenance including missing roof tiles, rotted wood on exterior window frames, rotted wood on the second floor bay. a sealed and boarded window, loose bricks, an open barge cover, debris and overgrown vegetation in rear yard, a deteriorated side porch, deteriorated and damaged bathroom floors, broken and missing kitchen floor tiles and deteriorated interior wood window frames. | No |  | 1 |
| XXXXX | 754423 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 851039 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 755534 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 673579 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 951480 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 781823 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | Yes | The attic unit kitchen tile flooring has several cracks and is in need of replacement. The subject's exterior siding paint is peeling in several locations and in need of scrape/paint. A cost to cure adjustment will be made for the above-mentioned items that includes labor & materials as follows: replace attic unit kitchen flooring: $XX,XXX.XX. Scrape/paint peeling paint on exterior siding: $XX,XXX.XX. Seller Commentary: 66% LTV, Purchase transaction. Appraisal made as-is and property condition is considered in value/LTV (including deferred maintenance). The deferred maintenance was considered cosmetic in nature and there was no safety concerns cited. The property was vacant at origination and in overall average condition. While XXX hasn't confirmed the status of repairs, the borrower is expected to complete them so they can rent out the unit. XXX was further comforted by the low LTV. | No |  | 1 |
| XXXXX | 314221 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 315503 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 106112 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXX | 300517 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 106585 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 899065 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 964248 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 936747 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 975209 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 108003 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 760138 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 996341 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 596749 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 124690 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 940385 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 864227 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXX | 476973 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 355063 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 314541 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 599031 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 611517 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 496679 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 648599 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 482911 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 927128 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 422672 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 166706 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 746839 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 539520 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXX | 885450 | 1004 URAR | Single Family Detached | As Is | Good | No |  | No |  | 1 |
| XXXXX | 683387 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXX | 625199 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXX | 236796 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 309166 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 842221 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 512586 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 338542 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 677056 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 277938 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 495214 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 629285 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 471294 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 171969 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 524058 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 781012 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXX | 636625 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXX | 371071 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXX | 239637 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXX | 243849 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |

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